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Registered number: 09033329
RG Motors (Leicester) Ltd
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09033329
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,264 22,197
19,264 22,197
CURRENT ASSETS
Stocks 5 15,283 14,028
Debtors 6 4,008 4,431
Cash at bank and in hand 13,021 24,399
32,312 42,858
Creditors: Amounts Falling Due Within One Year 7 (48,223 ) (56,853 )
NET CURRENT ASSETS (LIABILITIES) (15,911 ) (13,995 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,353 8,202
NET ASSETS 3,353 8,202
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 3,343 8,192
SHAREHOLDERS' FUNDS 3,353 8,202
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Kaminski
Director
14 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
RG Motors (Leicester) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09033329 . The registered office is 39 Cannock Street, Leicester, LE4 9HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 7)
6 7
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 53,122 283 53,405
Additions - 558 558
As at 31 May 2024 53,122 841 53,963
Depreciation
As at 1 June 2023 31,137 71 31,208
Provided during the period 3,298 193 3,491
As at 31 May 2024 34,435 264 34,699
Net Book Value
As at 31 May 2024 18,687 577 19,264
As at 1 June 2023 21,985 212 22,197
5. Stocks
2024 2023
£ £
Stock 15,283 14,028
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,716 2,139
Prepayments and accrued income 2,292 2,292
4,008 4,431
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,666 26,478
Corporation tax 9,710 870
Other taxes and social security - 350
VAT 10,560 7,427
Pension creditor 1,309 730
Accruals and deferred income 1,283 1,283
Directors' loan accounts 14,695 19,715
48,223 56,853
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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9. Related Party Transactions
At the balance sheet date, the company owed the directors £14,695 (2023:£19,715). The directors loan account is unsecured, interest free and repayable on demand.
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