REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
R & G Automotives Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
R & G Automotives Ltd |
R & G Automotives Ltd (Registered number: 05518388) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
R & G Automotives Ltd |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Pera Business Park |
Nottingham Road |
Melton Mowbray |
Leicestershire |
LE13 0PB |
R & G Automotives Ltd (Registered number: 05518388) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
R & G Automotives Ltd (Registered number: 05518388) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
R & G Automotives Ltd (Registered number: 05518388) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
R & G Automotives Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable from goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each assets over its expected useful life, as follow: |
Motor Vehicles - 25% Reducing Balance Basis |
Computer equipment - 20% Reducing Balance Basis |
Plant and equipment - 20% Reducing Balance Basis |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
R & G Automotives Ltd (Registered number: 05518388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | STOCKS |
31.7.23 | 31.7.22 |
£ | £ |
Stocks |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
R & G Automotives Ltd (Registered number: 05518388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | PROVISIONS FOR LIABILITIES |
31.7.23 | 31.7.22 |
£ | £ |
Deferred tax | 8,172 | 10,504 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 July 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary A | 1 | 2 | 2 |
Ordinary B | 1 | 2 | 2 |
4 | 4 |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors is an amount of £1,607 (2022: £1,705) due to Mr J P D Gant and £4,107 (2022: £1,705) due to Mr M E W Read. The amounts due to the directors are interest free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling parties are Mr J P D Gant and Mr M E W Read the directors of the company who own an equal 50% share of the issued share capital. |