Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
36,594 | 35,765 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
1,250,656 | 1,503,615 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 219,396 | 30,744 | ||
Total assets less current liabilities | 255,990 | 66,509 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Repair Care International Limited (registered number:
J C F Van Den Berg
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Repair Care International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom and is registered in England and Wales. The address of the Company's registered office is Unit 19 Darwell Park, Mica Close, Amington, Tamworth, B77 4DR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
Plant and machinery |
|
Fixtures and fittings |
|
Computer equipment |
|
Other property, plant and equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Plant and machinery | Fixtures and fittings | Computer equipment | Other property, plant and equipment |
Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 December 2023 |
|
|
|
|
|
||||
At 31 December 2022 |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments |
|
|
|
VAT recoverable |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
(
|
|
Other creditors |
|
|
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
|
|
|
between one and five years |
|
|
|
|
|
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
|
|