Retail Automotive Alliance Limited 05203076 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a joint venture purchasing group and it continues to look for new business opportunities as a group which offers national coverage. Digita Accounts Production Advanced 6.30.9574.0 true 05203076 2023-01-01 2023-12-31 05203076 2023-12-31 05203076 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-12-31 05203076 core:CurrentFinancialInstruments 2023-12-31 05203076 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05203076 core:FurnitureFittingsToolsEquipment 2023-12-31 05203076 bus:SmallEntities 2023-01-01 2023-12-31 05203076 bus:Audited 2023-01-01 2023-12-31 05203076 bus:FilletedAccounts 2023-01-01 2023-12-31 05203076 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05203076 bus:RegisteredOffice 2023-01-01 2023-12-31 05203076 bus:CompanySecretary1 2023-01-01 2023-12-31 05203076 bus:Director10 2023-01-01 2023-12-31 05203076 bus:Director11 2023-01-01 2023-12-31 05203076 bus:Director12 2023-01-01 2023-12-31 05203076 bus:Director13 2023-01-01 2023-12-31 05203076 bus:Director3 2023-01-01 2023-12-31 05203076 bus:Director5 2023-01-01 2023-12-31 05203076 bus:Director6 2023-01-01 2023-12-31 05203076 bus:Director7 2023-01-01 2023-12-31 05203076 bus:Director8 2023-01-01 2023-12-31 05203076 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05203076 core:FurnitureFittings 2023-01-01 2023-12-31 05203076 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05203076 countries:EnglandWales 2023-01-01 2023-12-31 05203076 2022-12-31 05203076 core:FurnitureFittingsToolsEquipment 2022-12-31 05203076 2022-01-01 2022-12-31 05203076 2022-12-31 05203076 core:CurrentFinancialInstruments 2022-12-31 05203076 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05203076 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05203076

Retail Automotive Alliance Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Retail Automotive Alliance Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Retail Automotive Alliance Limited

Company Information

Directors

P G Vosper

N Payne

P D Fleet

B P Gilda

D C Bussey

R D Day

P R G Woodhouse

J Higgins

B G Sturgess

Company secretary

Birketts Nominees Limited

Registered office

Birketts Llp,
Brierly Place,
New London Road,
Chelmsford
Essex
CM2 0AP

Auditors

DSK Partners LLP
Chartered Accountants and Statutory Auditors
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Retail Automotive Alliance Limited

(Registration number: 05203076)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,773

1,209

Other financial assets

7

8,607

8,607

 

10,380

9,816

Current assets

 

Debtors

8

254,524

223,253

Cash at bank and in hand

 

581,121

603,423

 

835,645

826,676

Creditors: Amounts falling due within one year

9

(357,738)

(407,862)

Net current assets

 

477,907

418,814

Net assets

 

488,287

428,630

Capital and reserves

 

Called up share capital

270,000

270,000

Capital redemption reserve

165,000

155,000

Retained earnings

53,287

3,630

Shareholders' funds

 

488,287

428,630

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

P D Fleet
Director

   
     
 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Birketts Llp,
Brierly Place,
New London Road,
Chelmsford
Essex
CM2 0AP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 8 August 2024 was Romit Basu, who signed for and on behalf of DSK Partners LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Straight Line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

3,150

-


 

 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

511

598

6

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 January 2023

6,682

6,682

Additions

1,075

1,075

At 31 December 2023

7,757

7,757

Depreciation

At 1 January 2023

5,473

5,473

Charge for the year

511

511

At 31 December 2023

5,984

5,984

Carrying amount

At 31 December 2023

1,773

1,773

At 31 December 2022

1,209

1,209

 

Retail Automotive Alliance Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Other financial assets (current and non-current)

Other Investment
£

Total
£

Cost or valuation

At 1 January 2023

8,607

8,607

At 31 December 2023

8,607

8,607

Carrying amount

At 31 December 2023

8,607

8,607

8

Debtors

Current

2023
£

2022
£

Trade debtors

83,189

159,231

Prepayments

11,416

4,883

Other debtors

159,919

59,139

 

254,524

223,253

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

13,130

160,926

Taxation and social security

48,822

33,941

Accruals and deferred income

64,979

98,553

Other creditors

230,807

114,442

357,738

407,862