Company registration number 05289716 (England and Wales)
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 7
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year was the manufacture and assembly of automated and semi-automated line marking machines.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr I P McGuffie
Auditor
The auditor, Edwards, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr I P McGuffie
Director
23 August 2024
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,683
26,881
Current assets
Stocks
5
373,710
389,025
Debtors
6
85,132
82,734
Cash at bank and in hand
53,925
81,098
512,767
552,857
Creditors: amounts falling due within one year
7
(28,731)
(1,071,851)
Net current assets/(liabilities)
484,036
(518,994)
Net assets/(liabilities)
501,719
(492,113)
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
401,719
(592,113)
Total equity
501,719
(492,113)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
Mr I P McGuffie
Director
Company registration number 05289716 (England and Wales)
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
RVAA Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fleet House, Spring Lane, Malvern, Worcestershire, WR14 1AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis. The validity of this assumptiontrue depends on the continued financial support provided by Fleet (Line Markers) Limited. Fleet (Line Markers) Limited have confirmed their intention to continue to provide such support that the company requires for it to remain a going concern for the foreseeable future via a letter of support. Fleet (Line Markers) Limited is a related party with the same ultimate controlling party as RVAA Limited.
1.3
Turnover
Turnover derives from the manufacture and sale of automated and semi-automated line marking machines and their associated activation fees.
Turnover represents the fair value of consideration received or receivable for goods supplied to customers, after deducting value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, the revenue and costs incurred in respect of the transaction can be measured reliably and collectability is assured.
Turnover from software licence fees is recognised upon commencement of customer agreements. Subsequent turnover from rental and usage charges is recognised in the month to which it relates.
1.4
Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation and net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
MAQA machinery
Over the term of the customer agreement
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock
As stock is carried at the lower of cost and net realisable value this requires the estimation of the eventual sales price of goods to customers in the future. A high degree of judgement is applied when estimating the impact on the carrying value of stock of factors such as slow moving items, shrinkage, damage and obsolescence. The quantity, age and condition of inventories are regularly measured and assessed as part of inventory counts undertaken throughout the year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
244,784
Additions
10,400
Disposals
(31,200)
At 31 December 2023
223,984
Depreciation and impairment
At 1 January 2023
217,903
Depreciation charged in the year
19,598
Eliminated in respect of disposals
(31,200)
At 31 December 2023
206,301
Carrying amount
At 31 December 2023
17,683
At 31 December 2022
26,881
5
Stocks
2023
2022
£
£
Stocks
373,710
389,025
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
84,265
81,697
Other debtors
867
1,037
85,132
82,734
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
886
397,076
Taxation and social security
7,786
9,557
Other creditors
20,059
665,218
28,731
1,071,851
RVAA LIMITED
FORMERLY KNOWN AS BEAMRIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Robert Kempson ACA
Statutory Auditor:
Edwards
Date of audit report:
5 September 2024
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
24,792
46,042
11
Related party transactions
Mr I P McGuffie is a shareholder and director of a related company that RVAA Limited has traded with. During the year, the company was advanced loans of £10,000 (2022: £Nil) from this related party and subsequently had amounts waived of £655,000 (2022: £Nil) by this related party. As at 31 December 2023, included within other creditors is a loan of £Nil (2022: £645,000) due to this related party. This loan was interest free and had no set repayment date.