IRIS Accounts Production v24.1.0.578 03338081 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 0.25000 Ordinary 0.05450 Ordinary 0.25000 0.25000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033380812022-12-31033380812023-12-31033380812023-01-012023-12-31033380812021-12-31033380812022-01-012022-12-31033380812022-12-3103338081ns15:EnglandWales2023-01-012023-12-3103338081ns14:PoundSterling2023-01-012023-12-3103338081ns10:Director12023-01-012023-12-3103338081ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103338081ns10:SmallEntities2023-01-012023-12-3103338081ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103338081ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103338081ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103338081ns10:FullAccounts2023-01-012023-12-310333808112023-01-012023-12-3103338081ns10:OrdinaryShareClass12023-01-012023-12-3103338081ns10:OrdinaryShareClass22023-01-012023-12-3103338081ns10:OrdinaryShareClass32023-01-012023-12-3103338081ns10:OrdinaryShareClass3132023-01-012023-12-3103338081ns10:Director22023-01-012023-12-3103338081ns10:Director32023-01-012023-12-3103338081ns10:Director42023-01-012023-12-3103338081ns10:RegisteredOffice2023-01-012023-12-3103338081ns5:CurrentFinancialInstruments2023-12-3103338081ns5:CurrentFinancialInstruments2022-12-3103338081ns5:Non-currentFinancialInstruments2023-12-3103338081ns5:Non-currentFinancialInstruments2022-12-3103338081ns5:ShareCapital2023-12-3103338081ns5:ShareCapital2022-12-3103338081ns5:SharePremium2023-12-3103338081ns5:SharePremium2022-12-3103338081ns5:RetainedEarningsAccumulatedLosses2023-12-3103338081ns5:RetainedEarningsAccumulatedLosses2022-12-3103338081ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103338081ns5:PlantMachinery2023-01-012023-12-3103338081ns5:FurnitureFittings2023-01-012023-12-3103338081ns5:ComputerEquipment2023-01-012023-12-3103338081ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3103338081ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3103338081ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3103338081ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3103338081ns5:PlantMachinery2022-12-3103338081ns5:FurnitureFittings2022-12-3103338081ns5:ComputerEquipment2022-12-3103338081ns5:PlantMachinery2023-12-3103338081ns5:FurnitureFittings2023-12-3103338081ns5:ComputerEquipment2023-12-3103338081ns5:PlantMachinery2022-12-3103338081ns5:FurnitureFittings2022-12-3103338081ns5:ComputerEquipment2022-12-3103338081ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103338081ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103338081ns5:WithinOneYear2023-12-3103338081ns5:WithinOneYear2022-12-3103338081ns5:BetweenOneFiveYears2023-12-3103338081ns5:BetweenOneFiveYears2022-12-3103338081ns5:AllPeriods2023-12-3103338081ns5:AllPeriods2022-12-3103338081ns5:Secured2023-12-3103338081ns5:Secured2022-12-3103338081ns10:OrdinaryShareClass12023-12-3103338081ns10:OrdinaryShareClass22023-12-3103338081ns10:OrdinaryShareClass32023-12-310333808112023-01-012023-12-31
REGISTERED NUMBER: 03338081 (England and Wales)















RCV Engines Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






RCV Engines Limited (Registered number: 03338081)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RCV Engines Limited

Company Information
for the year ended 31 December 2023







Directors: Mr J B Adkins
Mr E Hill
Mr K T Lawes
Mr L J Gould





Registered office: 4 Telford Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7QL





Registered number: 03338081 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

RCV Engines Limited (Registered number: 03338081)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 157,635 129,880
Tangible assets 5 64,020 29,791
221,655 159,671

Current assets
Stocks 430,462 249,765
Debtors 6 110,583 98,438
Cash at bank and in hand 50,380 120,952
591,425 469,155
Creditors
Amounts falling due within one year 7 605,538 494,086
Net current liabilities (14,113 ) (24,931 )
Total assets less current liabilities 207,542 134,740

Creditors
Amounts falling due after more than one
year

8

113,181

829,752
Net assets/(liabilities) 94,361 (695,012 )

Capital and reserves
Called up share capital 11 918,698 879,130
Share premium 12 1,595,227 1,579,795
Retained earnings 12 (2,419,564 ) (3,153,937 )
Shareholders' funds 94,361 (695,012 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

RCV Engines Limited (Registered number: 03338081)

Balance Sheet - continued
31 December 2023


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

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 18 April 2024 and were signed on its behalf by:





Mr E Hill - Director


RCV Engines Limited (Registered number: 03338081)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

RCV Engines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company meets its day to day working capital requirements through the support of the directors and shareholders of the company. On this basis, the directors and shareholders consider it appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable where certain performance obligations are met, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten and twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 50% on cost
Computer equipment - 50% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

RCV Engines Limited (Registered number: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, convertible loan notes and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets and liabilities - classified as basic financial instruments

(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

RCV Engines Limited (Registered number: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. Employees and directors

The average number of employees during the year was 13 (2022 - 11 ) .

4. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2023 199,165
Additions 44,640
At 31 December 2023 243,805
Amortisation
At 1 January 2023 69,285
Amortisation for year 16,885
At 31 December 2023 86,170
Net book value
At 31 December 2023 157,635
At 31 December 2022 129,880

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 January 2023 108,285 64,364 10,228 182,877
Additions 64,963 868 - 65,831
At 31 December 2023 173,248 65,232 10,228 248,708
Depreciation
At 1 January 2023 86,983 58,785 7,318 153,086
Charge for year 22,680 6,012 2,910 31,602
At 31 December 2023 109,663 64,797 10,228 184,688
Net book value
At 31 December 2023 63,585 435 - 64,020
At 31 December 2022 21,302 5,579 2,910 29,791

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 139 37,248
Other debtors 110,444 61,190
110,583 98,438

RCV Engines Limited (Registered number: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,099 9,849
Payments on account 223,625 287,799
Trade creditors 150,312 76,886
Taxation and social security 49,720 9,120
Other creditors 171,782 110,432
605,538 494,086

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 16,513 26,612
Other creditors 96,668 803,140
113,181 829,752

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 42,000 42,000
Between one and five years 94,500 136,500
136,500 178,500

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Callen-Lenz Associates Ltd 111,000 -

The creditor is secured by a fixed and floating charge over all the property or undertaking of the company.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
3,373,832 Ordinary £0.25 843,458 843,458
654,531 Ordinary £0.0545 35,672 35,672
158,273 Ordinary £0.25 39,568 -
918,698 879,130

158,273 Ordinary shares of £0.25 each were allotted as fully paid at a premium of £0.0975 per share during the year.

During the year, a rights issue was approved to allot up to 863,310 ordinary shares of £0.25 each.

£55,000 was invested by shareholders during the year, shortly after the year end a further £164,000 was invested by shareholders as part of the 2023 rights issue.

RCV Engines Limited (Registered number: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 January 2023 (3,153,937 ) 1,579,795 (1,574,142 )
Profit for the year 734,373 734,373
Cash share issue - 15,432 15,432
At 31 December 2023 (2,419,564 ) 1,595,227 (824,337 )

13. Post balance sheet events

During the year, a rights issue was approved to allot up to 863,310 ordinary shares of £0.25 each.

£55,000 was invested by shareholders during the year.

After the year end, but before the date of this report, a further £164,000 was invested by shareholders as part of the 2023 rights issue.

14. Share-based payment transactions

The company has in place a Share Option Scheme whereby options are granted to directors and
employees to acquire ordinary shares of 25p each.



Number of share optionsWeighted average exercise
price
2023202220232022
NumberNumber££

Outstanding at 1 January426,000563,8280.380.38
Expired during the year(137,828)
Granted during the year
Outstanding at 31 December426,000426,0000.320.38

Exercisable at 31 December426,000426,0000.320.38

The options outstanding at 31 December 2023 had an exercise price of £0.32 and a remaining contractual life of up to 5 years.