Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-09-28falseMaintenance and repair of motor vehicles2falsetrue 14384214 2022-09-27 14384214 2022-09-28 2023-09-30 14384214 2021-09-28 2022-09-27 14384214 2023-09-30 14384214 c:Director1 2022-09-28 2023-09-30 14384214 d:PlantMachinery 2022-09-28 2023-09-30 14384214 d:PlantMachinery 2023-09-30 14384214 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-28 2023-09-30 14384214 d:OfficeEquipment 2022-09-28 2023-09-30 14384214 d:OfficeEquipment 2023-09-30 14384214 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-28 2023-09-30 14384214 d:OwnedOrFreeholdAssets 2022-09-28 2023-09-30 14384214 d:Goodwill 2022-09-28 2023-09-30 14384214 d:Goodwill 2023-09-30 14384214 d:CurrentFinancialInstruments 2023-09-30 14384214 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 14384214 d:ShareCapital 2023-09-30 14384214 d:RetainedEarningsAccumulatedLosses 2023-09-30 14384214 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 14384214 c:FRS102 2022-09-28 2023-09-30 14384214 c:AuditExemptWithAccountantsReport 2022-09-28 2023-09-30 14384214 c:FullAccounts 2022-09-28 2023-09-30 14384214 c:PrivateLimitedCompanyLtd 2022-09-28 2023-09-30 14384214 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-09-28 2023-09-30 14384214 2 2022-09-28 2023-09-30 14384214 d:Goodwill d:OwnedIntangibleAssets 2022-09-28 2023-09-30 14384214 e:PoundSterling 2022-09-28 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 14384214










R C AUTOMOTIVE HERTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

 
R C AUTOMOTIVE HERTS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF R C AUTOMOTIVE HERTS LIMITED
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R C Automotive Herts Limited for the period ended 30 September 2023 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of R C Automotive Herts Limited, as a body, in accordance with the terms of our engagement letter dated 11th May 2023Our work has been undertaken solely to prepare for your approval the financial statements of R C Automotive Herts Limited and state those matters that we have agreed to state to the Board of directors of R C Automotive Herts Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R C Automotive Herts Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that R C Automotive Herts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R C Automotive Herts Limited. You consider that R C Automotive Herts Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of R C Automotive Herts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



McColes & Co (Herts) Ltd
 
First Floor
28 Whitehorse Street
Baldock
Herts
SG7 6QQ
2 April 2024
Page 1

 
R C AUTOMOTIVE HERTS LIMITED
REGISTERED NUMBER: 14384214

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
£

Fixed assets
  

Intangible assets
 4 
17,100

Tangible assets
 5 
3,770

  
20,870

Current assets
  

Stocks
 6 
5,500

Debtors: amounts falling due within one year
 7 
17,950

Cash at bank and in hand
  
24,623

  
48,073

Creditors: amounts falling due within one year
 8 
(53,180)

Net current (liabilities)/assets
  
 
 
(5,107)

Total assets less current liabilities
  
15,763

Provisions for liabilities
  

Deferred tax
 9 
(716)

  
 
 
(716)

Net assets
  
15,047


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
14,947

  
15,047


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Page 2

 
R C AUTOMOTIVE HERTS LIMITED
REGISTERED NUMBER: 14384214
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

2 April 2024.




M Keen
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 6

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 7

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)


1.13
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are
Page 8

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)


1.13
Financial instruments (continued)

subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
1.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 14384214
Its Registered Office is:
First Floor
28 Whitehorse Street
Baldock
Herts
SG7 6QQ

Page 9

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
            No.






Directors
2


4.


Intangible assets



Goodwill

£



Cost


Additions
19,000



At 30 September 2023

19,000



Amortisation


Charge for the period on owned assets
1,900



At 30 September 2023

1,900



Net book value



At 30 September 2023
17,100



Page 10

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


Additions
3,582
1,618
5,200



At 30 September 2023

3,582
1,618
5,200



Depreciation


Charge for the period on owned assets
896
534
1,430



At 30 September 2023

896
534
1,430



Net book value



At 30 September 2023
2,686
1,084
3,770


6.


Stocks

2023
£

Finished goods and goods for resale
5,500

5,500



7.


Debtors

2023
£


Other debtors
11,300

Prepayments and accrued income
6,650

17,950


Page 11

 
R C AUTOMOTIVE HERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
416

Corporation tax
13,292

Other taxation and social security
5,507

Other creditors
32,115

Accruals and deferred income
1,850

53,180



9.


Deferred taxation



2023


£






Charged to profit or loss
(716)



At end of year
(716)

The deferred taxation balance is made up as follows:

2023
£


Accelerated capital allowances
(716)

(716)


10.


Related party transactions

The amount due to the directors M Keen and M Niall totalled £114. The loan does not attract a rate of interest and is repayable on demand.

 
Page 12