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REGISTERED NUMBER: 09033613 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RS WHEELS REFURBISHMENT LTD

RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RS WHEELS REFURBISHMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Leigh
R Leigh





REGISTERED OFFICE: 39-39A Nutwood Trading Estate
Limestone Cottage Lane
Sheffield
S6 1NJ





REGISTERED NUMBER: 09033613 (England and Wales)





ACCOUNTANTS: Drury & Co
Accountants & Business Advisors
21 Hollowgate
Rotherham
South Yorkshire
S60 2LE

RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,443,288 1,297,804

CURRENT ASSETS
Stocks 5 16,549 15,642
Debtors 6 695,544 685,708
Cash at bank and in hand 45,845 146,395
757,938 847,745
CREDITORS
Amounts falling due within one year 7 654,870 565,977
NET CURRENT ASSETS 103,068 281,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,546,356

1,579,572

CREDITORS
Amounts falling due after more than one
year

8

298,916

386,813
NET ASSETS 1,247,440 1,192,759

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,247,438 1,192,757
SHAREHOLDERS' FUNDS 1,247,440 1,192,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

BALANCE SHEET - continued
31 DECEMBER 2023


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 7 August 2024 and were signed on its behalf by:





R Leigh - Director


RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

RS Wheels Refurbishment Ltd is a private company, limited by shares , 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 55 ) .

RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 461,800 387,048 63,211 1,125,460 2,037,519
Additions 67,760 86,951 41,227 234,856 430,794
Disposals - - - (7,000 ) (7,000 )
At 31 December 2023 529,560 473,999 104,438 1,353,316 2,461,313
DEPRECIATION
At 1 January 2023 13,769 155,782 14,345 555,819 739,715
Charge for year 10,316 47,733 20,887 199,374 278,310
At 31 December 2023 24,085 203,515 35,232 755,193 1,018,025
NET BOOK VALUE
At 31 December 2023 505,475 270,484 69,206 598,123 1,443,288
At 31 December 2022 448,031 231,266 48,866 569,641 1,297,804

5. STOCKS
2023 2022
£    £   
Raw materials 16,549 15,642

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 591,624 539,377
Amounts owed by participating interests 41,911 80,258
Other debtors 62,009 66,073
695,544 685,708

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,263 27,200
Finance leases 143,540 126,212
Trade creditors 309,782 185,166
Amounts owed to participating interests 14,690 -
Taxation and social security 140,564 194,403
Other creditors 21,031 32,996
654,870 565,977

RS WHEELS REFURBISHMENT LTD (REGISTERED NUMBER: 09033613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 180,799 204,125
Finance leases 118,117 182,688
298,916 386,813