IRIS Accounts Production v23.4.0.336 01154113 Board of Directors Board of Directors 1.11.22 31.10.23 31.10.23 26.2.24 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011541132022-10-31011541132023-10-31011541132022-11-012023-10-31011541132021-10-31011541132021-11-012022-10-31011541132022-10-3101154113ns15:EnglandWales2022-11-012023-10-3101154113ns14:PoundSterling2022-11-012023-10-3101154113ns10:Director12022-11-012023-10-3101154113ns10:Director22022-11-012023-10-3101154113ns10:CompanyLimitedByGuarantee2022-11-012023-10-3101154113ns10:SmallEntities2022-11-012023-10-3101154113ns10:Audited2022-11-012023-10-3101154113ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3101154113ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3101154113ns10:FullAccounts2022-11-012023-10-310115411312022-11-012023-10-3101154113ns10:Director42022-11-012023-10-3101154113ns10:Director52022-11-012023-10-3101154113ns10:Director62022-11-012023-10-3101154113ns10:Director72022-11-012023-10-3101154113ns10:Director92022-11-012023-10-3101154113ns10:Director102022-11-012023-10-3101154113ns10:RegisteredOffice2022-11-012023-10-3101154113ns5:CurrentFinancialInstruments2023-10-3101154113ns5:CurrentFinancialInstruments2022-10-3101154113ns5:FurtherSpecificReserve1ComponentTotalEquity2023-10-3101154113ns5:FurtherSpecificReserve1ComponentTotalEquity2022-10-3101154113ns5:RetainedEarningsAccumulatedLosses2023-10-3101154113ns5:RetainedEarningsAccumulatedLosses2022-10-3101154113ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3101154113ns5:ComputerSoftware2022-11-012023-10-3101154113ns5:PlantMachinery2022-11-012023-10-3101154113ns5:FurnitureFittings2022-11-012023-10-3101154113ns5:ComputerEquipment2022-11-012023-10-3101154113ns5:IntangibleAssetsOtherThanGoodwill2022-10-3101154113ns5:IntangibleAssetsOtherThanGoodwill2023-10-3101154113ns5:IntangibleAssetsOtherThanGoodwill2022-10-3101154113ns5:PlantMachinery2022-10-3101154113ns5:FurnitureFittings2022-10-3101154113ns5:ComputerEquipment2022-10-3101154113ns5:PlantMachinery2023-10-3101154113ns5:FurnitureFittings2023-10-3101154113ns5:ComputerEquipment2023-10-3101154113ns5:PlantMachinery2022-10-3101154113ns5:FurnitureFittings2022-10-3101154113ns5:ComputerEquipment2022-10-3101154113ns5:CostValuation2022-10-3101154113ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3101154113ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3101154113ns5:WithinOneYear2023-10-3101154113ns5:WithinOneYear2022-10-3101154113ns5:BetweenOneFiveYears2023-10-3101154113ns5:BetweenOneFiveYears2022-10-3101154113ns5:MoreThanFiveYears2023-10-3101154113ns5:MoreThanFiveYears2022-10-3101154113ns5:AllPeriods2023-10-3101154113ns5:AllPeriods2022-10-31
REGISTERED NUMBER: 01154113 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

R.R.E.C. LIMITED
COMPANY LIMITED BY GUARANTEE

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R.R.E.C. LIMITED
COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION
For The Year Ended 31 October 2023







DIRECTORS: P A Brooks
R Bunger
J P D Foster
R D Fuller
A S Davidoff
D G G Wyld
P J Hegarty
P T Hopson





REGISTERED OFFICE: The Hunt House
Paulerspury
Towcester
Northamptonshire
NN12 7NA





REGISTERED NUMBER: 01154113 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 58,992 72,792
Tangible assets 5 12,043 13,673
Investments 6 38,850 38,850
109,885 125,315

CURRENT ASSETS
Stocks 7 7,259 6,734
Debtors 8 173,903 115,268
Cash at bank 9 968,427 988,490
1,149,589 1,110,492
CREDITORS
Amounts falling due within one year 10 237,046 211,595
NET CURRENT ASSETS 912,543 898,897
TOTAL ASSETS LESS CURRENT LIABILITIES 1,022,428 1,024,212

PROVISIONS FOR LIABILITIES 35,000 35,000
NET ASSETS 987,428 989,212

RESERVES
Capital reserve 4,500 4,500
Income and expenditure account 982,928 984,712
987,428 989,212

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 23 February 2024 and were signed on its behalf by:




D G G Wyld - Director



J P D Foster - Director


R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2023


1. STATUTORY INFORMATION

R.R.E.C. Limited is a private company, limited by guarantee , 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.

There were no material departures from that standard.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

Turnover
Turnover comprises members' subscriptions, publication and promotion income, advertising commissions, the invoiced value of goods and services supplied by the company and entry fees from events (excluding individual sections), excluding value added tax where applicable.

The company also acts as an intermediary for external events organised by members. The income and costs from these events is not recognised in the profit and loss account.

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.

Website costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Jigs and trophies - 20% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance
Computer equipment - 25% on reducing balance

Assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

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.


R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued
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.

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 surplus or deficit 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.

Fixed asset investments
Investments held as fixed assets are shown at cost less provision for permanent diminution in value.

Going concern
The directors have considered the impact of the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022 85,500
Additions 4,000
At 31 October 2023 89,500
AMORTISATION
At 1 November 2022 12,708
Charge for year 17,800
At 31 October 2023 30,508
NET BOOK VALUE
At 31 October 2023 58,992
At 31 October 2022 72,792

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Jigs and and Computer
trophies equipment equipment Totals
£    £    £    £   
COST
At 1 November 2022 6,741 38,809 3,894 49,444
Additions - - 1,865 1,865
At 31 October 2023 6,741 38,809 5,759 51,309
DEPRECIATION
At 1 November 2022 6,048 26,392 3,331 35,771
Charge for year 139 3,104 252 3,495
At 31 October 2023 6,187 29,496 3,583 39,266
NET BOOK VALUE
At 31 October 2023 554 9,313 2,176 12,043
At 31 October 2022 693 12,417 563 13,673

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 38,850
NET BOOK VALUE
At 31 October 2023 38,850
At 31 October 2022 38,850

7. STOCKS
2023 2022
£    £   
Stocks 7,259 6,734

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 32,046 67,271
Other debtors 141,857 47,997
173,903 115,268

9. CASH AT BANK

Cash at bank and in hand includes £0 (2022: £9,442) held in specific accounts which represent funds collected by the club on behalf of rally and events organisers. An equivalent amount is included within other creditors.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 86,793 64,915
Corporation tax 18,465 16,905
Social security and other taxes 1,955 1,844
Other creditors 5,555 10,396
Subscriptions in advance 108,212 99,181
Accrued expenses 16,066 18,354
237,046 211,595

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 45,450 45,450
Between one and five years 178,941 181,391
In more than five years 198,875 241,875
423,266 468,716

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antonia Aldridge-Brown FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

13. RELATED PARTY DISCLOSURES

(1) The Sir Henry Royce Memorial Foundation Limited

A company which has directors in common with R.R.E.C. Limited.

The Sir Henry Royce Memorial Foundation Limited (SHRMF) owns the following property

The Hunt House
Paulersbury
Towcester
Northamptonshire
NN12 7NA

R.R.E.C. Limited pays rent to occupy this building.

The amount paid in the year was £60,418 (2022: £43,000). The increase comes as a result of an additional rent review for 2021, 2022 and 2023.

In addition, there are various expense recharges between the two entities.

The total for the year ended 31 October 2023 was:

Income £70,274
Expenses £29,306

The balance with SHRMF at 31 October 2023 was £6,351 creditor (2022: £23,105 debtor).

14. ULTIMATE CONTROLLING PARTY

R.R.E.C. Limited is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.