2023-01-012023-12-312023-12-31false12320400REX 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REX LIMITED

Registered Number
12320400
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

REX LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

TOWLER, Darren Paul

Registered Address

Rex
Cowbeech
Hailsham
BN27 4JE

Registered Number

12320400 (England and Wales)
REX LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets345,51953,001
Tangible assets4169,003176,948
214,522229,949
Current assets
Stocks12,00012,000
Debtors5319,165115,585
Cash at bank and on hand256,867159,439
588,032287,024
Creditors amounts falling due within one year6(623,871)(419,576)
Net current assets (liabilities)(35,839)(132,552)
Total assets less current liabilities178,68397,397
Creditors amounts falling due after one year7(24,947)(34,837)
Provisions for liabilities(32,111)(33,620)
Net assets121,62528,940
Capital and reserves
Called up share capital100100
Profit and loss account121,52528,840
Shareholders' funds121,62528,940
The financial statements were approved and authorised for issue by the Director on 11 September 2024, and are signed on its behalf by:
TOWLER, Darren Paul
Director
Registered Company No. 12320400
REX LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings20
Vehicles20
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year99
3.Intangible assets

Total

£
Cost or valuation
At 01 January 2374,825
At 31 December 2374,825
Amortisation and impairment
At 01 January 2321,824
Charge for year7,482
At 31 December 2329,307
Net book value
At 31 December 2345,519
At 31 December 2253,001
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23233,945
Additions28,624
At 31 December 23262,569
Depreciation and impairment
At 01 January 2356,997
Charge for year36,569
At 31 December 2393,566
Net book value
At 31 December 23169,003
At 31 December 22176,948
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables304,16598,084
Other debtors15,00017,501
Total319,165115,585
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables284,691227,157
Bank borrowings and overdrafts2,924-
Amounts owed to related parties198,714100,000
Taxation and social security103,79020,079
Other creditors33,75232,340
Accrued liabilities and deferred income-40,000
Total623,871419,576
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts24,94734,837
Total24,94734,837