RGS Motorbikes Ltd 10254721 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is that of maintenance and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true 10254721 2022-01-01 2022-12-31 10254721 2022-12-31 10254721 bus:OrdinaryShareClass1 2022-12-31 10254721 core:CurrentFinancialInstruments 2022-12-31 10254721 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10254721 core:Non-currentFinancialInstruments 2022-12-31 10254721 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 10254721 bus:SmallEntities 2022-01-01 2022-12-31 10254721 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 10254721 bus:FullAccounts 2022-01-01 2022-12-31 10254721 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10254721 bus:RegisteredOffice 2022-01-01 2022-12-31 10254721 bus:Director1 2022-01-01 2022-12-31 10254721 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10254721 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10254721 countries:England 2022-01-01 2022-12-31 10254721 2021-01-01 2021-12-31 10254721 2021-12-31 10254721 bus:OrdinaryShareClass1 2021-12-31 10254721 core:CurrentFinancialInstruments 2021-12-31 10254721 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 10254721 core:Non-currentFinancialInstruments 2021-12-31 10254721 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10254721

RGS Motorbikes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

RGS Motorbikes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

RGS Motorbikes Ltd

Company Information

Director

Mr B Ausden

Registered office

Unit 76 Leyland Trading Estate
Irthlingborough Road
Wellingborough
Northants
NN8 1RT

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

RGS Motorbikes Ltd

(Registration number: 10254721)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

42,495

42,495

Debtors

5

6,321

-

Cash at bank and in hand

 

599

22,155

 

49,415

64,650

Creditors: Amounts falling due within one year

6

(21,521)

(35,282)

Total assets less current liabilities

 

27,894

29,368

Creditors: Amounts falling due after more than one year

6

(15,000)

(21,000)

Net assets

 

12,894

8,368

Capital and reserves

 

Called up share capital

1

1

Retained earnings

12,893

8,367

Shareholders' funds

 

12,894

8,368

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 October 2023
 

.........................................
Mr B Ausden
Director

 

RGS Motorbikes Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 76 Leyland Trading Estate
Irthlingborough Road
Wellingborough
Northants
NN8 1RT
United Kingdom

These financial statements were authorised for issue by the director on 24 October 2023.

The company registration number is 10254721

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

RGS Motorbikes Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

RGS Motorbikes Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Stocks

2022
£

2021
£

Work in progress

17,675

17,675

Other inventories

24,820

24,820

42,495

42,495

5

Debtors

Note

2022
£

2021
£

Trade debtors

 

698

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

5,623

-

 

6,321

-

Current

Note

2022
£

2021
£

Trade debtors

 

698

-

Amounts owed by related parties

5,623

-

   

6,321

-

 

RGS Motorbikes Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

6,000

6,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

5,119

Taxation and social security

 

11,928

23,005

Accruals and deferred income

 

1,020

1,020

Other creditors

 

2,573

138

 

21,521

35,282

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

15,000

21,000

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

15,000

21,000

 

RGS Motorbikes Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

6,000

6,000