Registered number
07874830
RSB Autos Limited
Unaudited Filleted Accounts
31 December 2023
RSB Autos Limited
Registered number: 07874830
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 11,250
Tangible assets 4 56,654 49,273
66,654 60,523
Current assets
Stocks 4,500 22,500
Debtors 5 12,259 21,268
Cash at bank and in hand 224,869 220,285
241,628 264,053
Creditors: amounts falling due within one year 6 (43,555) (48,765)
Net current assets 198,073 215,288
Total assets less current liabilities 264,727 275,811
Creditors: amounts falling due after more than one year 7 (18,000) (26,000)
Provisions for liabilities (9,000) (8,000)
Net assets 237,727 241,811
Capital and reserves
Called up share capital 100 100
Profit and loss account 237,627 241,711
Shareholders' funds 237,727 241,811
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
RS Best
Director
Approved by the board on 26 July 2024
RSB Autos Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on written down value
Motor vehicles 25% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 25,000
At 31 December 2023 25,000
Amortisation
At 1 January 2023 13,750
Provided during the year 1,250
At 31 December 2023 15,000
Net book value
At 31 December 2023 10,000
At 31 December 2022 11,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 64,077 63,992 128,069
Additions 4,678 21,588 26,266
At 31 December 2023 68,755 85,580 154,335
Depreciation
At 1 January 2023 50,800 27,996 78,796
Charge for the year 4,489 14,396 18,885
At 31 December 2023 55,289 42,392 97,681
Net book value
At 31 December 2023 13,466 43,188 56,654
At 31 December 2022 13,277 35,996 49,273
5 Debtors 2023 2022
£ £
Trade debtors 11,635 20,219
Other debtors 624 1,049
12,259 21,268
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,000
Trade creditors 7,007 7,413
Taxation and social security costs 26,928 32,033
Other creditors 1,620 1,319
43,555 48,765
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,000 26,000
8 Controlling party
The company is jointly controlled by RS Best and A Best by virtue of their ownership of 100% of the share capital.
9 Other information
RSB Autos Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9 Wortley Moor Lane Industrial Estate
Wortley Moor Road
Leeds
West Yorkshire
LS12 4HX
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