REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
R.R.E.C. LIMITED |
COMPANY LIMITED BY GUARANTEE |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank | 9 |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
RESERVES |
Capital reserve |
Income and expenditure account |
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.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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Jigs and trophies | - |
Fixtures, fittings and equipment | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Jigs and | and | Computer |
trophies | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Corporation tax |
Social security and other taxes |
Other creditors |
Subscriptions in advance |
Accrued expenses |
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 |
Between one and five years |
In more than five years |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |