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Rengen (Paintworks) Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11694072
31 July 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 1 -
1 -
CURRENT ASSETS
Stocks 27,126,015 20,349,507
Debtors 5 3,537,417 3,085,154
Cash at bank and in hand 239 107,403
30,663,671 23,542,064
Creditors: Amounts Falling Due Within One Year 6 (29,314,879 ) (22,199,217 )
NET CURRENT ASSETS (LIABILITIES) 1,348,792 1,342,847
TOTAL ASSETS LESS CURRENT LIABILITIES 1,348,793 1,342,847
Creditors: Amounts Falling Due After More Than One Year 7 (1,350,000 ) (1,350,000 )
NET LIABILITIES (1,207 ) (7,153 )
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account (1,407 ) (7,353 )
SHAREHOLDERS' FUNDS (1,207) (7,153)
Page 1
Page 2
For the year ending 31 July 2023 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 R I Lewis
Director
30 July 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
Rengen (Paintworks) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11694072 . The registered office is 89-92 Redcliff Street, Bristol, BS1 6LU.
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.
2.3. Stocks and Work in Progress
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.
2.4. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Investments
Subsidiaries
£
Cost
As at 1 August 2022 -
Additions 1
As at 31 July 2023 1
Provision
As at 1 August 2022 -
As at 31 July 2023 -
Net Book Value
As at 31 July 2023 1
As at 1 August 2022 -
5. Debtors
31 July 2023 31 July 2022
£ £
Due within one year
Prepayments and accrued income 2,883 -
Other debtors 2,853,971 3,003,121
Deferred tax current asset 476 1,951
VAT 21,505 80,082
Amounts owed by subsidiaries 658,582 -
3,537,417 3,085,154
6. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 July 2022
£ £
Trade creditors 1,390,335 589,384
Bank loans and overdrafts 19,532,910 19,220,008
Other creditors 4,841,452 2,385,238
Accruals and deferred income 4,000 1,500
Amounts owed to other participating interests 3,546,182 3,087
29,314,879 22,199,217
7. Creditors: Amounts Falling Due After More Than One Year
31 July 2023 31 July 2022
£ £
Amounts owed to participating interests 1,350,000 1,350,000
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8. Secured Creditors
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
19,532,910
19,220,008
Other loans
4,799,391
2,005,738
image
image
24,332,301
image
21,225,746
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The loans are secured by fixed and floating charges over the property and assets of the company. One of the shareholders, Iesis Ltd, has guaranteed the loans.
9. Share Capital
31 July 2023 31 July 2022
£ £
Allotted, Called up and fully paid 200 200
10. Related Party Transactions
At the year end, the company owed £4,896,182 (2022 - £1,353,087) to companies holding participating interests. This loan was repayable on demand and no interest was charged in the year.
Page 5