0 false false false false false false false false false true false false false false false false No description of principal activity 2022-08-03 Sage Accounts Production Advanced 2021 - FRS102_2021 342,000 342,000 62,700 62,700 279,300 165,791 1,542 164,249 15,056 15,056 149,193 3,000 3,000 3,000 xbrli:pure xbrli:shares iso4217:GBP 14272827 2022-08-03 2023-08-31 14272827 2023-08-31 14272827 core:NetGoodwill 2022-08-03 2023-08-31 14272827 core:FurnitureFittings 2022-08-03 2023-08-31 14272827 bus:Director2 2022-08-03 2023-08-31 14272827 core:NetGoodwill 2023-08-31 14272827 core:FurnitureFittings 2023-08-31 14272827 core:WithinOneYear 2023-08-31 14272827 core:ShareCapital 2023-08-31 14272827 core:RetainedEarningsAccumulatedLosses 2023-08-31 14272827 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-08-31 14272827 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 14272827 core:Non-currentFinancialInstruments 2023-08-31 14272827 bus:SmallEntities 2022-08-03 2023-08-31 14272827 bus:AuditExempt-NoAccountantsReport 2022-08-03 2023-08-31 14272827 bus:FullAccounts 2022-08-03 2023-08-31 14272827 bus:SmallCompaniesRegimeForAccounts 2022-08-03 2023-08-31 14272827 bus:PrivateLimitedCompanyLtd 2022-08-03 2023-08-31
COMPANY REGISTRATION NUMBER: 14272827
Rush Group Products Ltd
Filleted Unaudited Financial Statements
31 August 2023
Rush Group Products Ltd
Financial Statements
Period from 3 August 2022 to 31 August 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Rush Group Products Ltd
Statement of Financial Position
31 August 2023
31 Aug 23
Note
£
Fixed assets
Intangible assets
4
279,300
Tangible assets
5
149,193
Investments
6
3,000
---------
431,493
Current assets
Debtors
7
1,455,528
Cash at bank and in hand
2,473
------------
1,458,001
Creditors: amounts falling due within one year
8
1,724,590
------------
Net current liabilities
266,589
---------
Total assets less current liabilities
164,904
---------
Net assets
164,904
---------
Capital and reserves
Called up share capital
2
Profit and loss account
164,902
---------
Shareholders funds
164,904
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rush Group Products Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Andreas Panayiotis Phouli
Director
Company registration number: 14272827
Rush Group Products Ltd
Notes to the Financial Statements
Period from 3 August 2022 to 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25a George Street, Croydon, Surrey, CR0 1LB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Goodwill
£
Cost
Additions
342,000
---------
At 31 August 2023
342,000
---------
Amortisation
Charge for the period
62,700
---------
At 31 August 2023
62,700
---------
Carrying amount
At 31 August 2023
279,300
---------
5. Tangible assets
Fixtures and fittings
£
Cost
At 3 August 2022
Additions
165,791
Disposals
( 1,542)
---------
At 31 August 2023
164,249
---------
Depreciation
At 3 August 2022
Charge for the period
15,056
---------
At 31 August 2023
15,056
---------
Carrying amount
At 31 August 2023
149,193
---------
6. Investments
Shares in group undertakings
£
Cost
At 3 August 2022
Additions
3,000
-------
At 31 August 2023
3,000
-------
Impairment
At 3 August 2022 and 31 August 2023
-------
Carrying amount
At 31 August 2023
3,000
-------
7. Debtors
31 Aug 23
£
Trade debtors
159,705
Amounts owed by group undertakings and undertakings in which the company has a participating interest
151,617
Other debtors
1,144,206
------------
1,455,528
------------
8. Creditors: amounts falling due within one year
31 Aug 23
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
117,955
Corporation tax
21,868
Social security and other taxes
62,100
Other creditors
1,522,667
------------
1,724,590
------------
9. Related party transactions
The transactions with related parties are summarised below: i) Rush Support Limited The company is a subsidiary. At the end of the period, amount owed by this company was £137,385 ii) Rush Franchising Limited The company is a subsidiary. At the end of the period, amount owed by this company was £14,232 iii) Rush Operations Limited The company is a subsidiary. At the end of the period, amount owed to this company was £117,955