Caseware UK (AP4) 2023.0.135 2023.0.135 22023-01-01falseThe principal activity of the company is a motor vehicle dealer.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04532030 2023-01-01 2023-12-31 04532030 2022-01-01 2022-12-31 04532030 2023-12-31 04532030 2022-12-31 04532030 c:Director1 2023-01-01 2023-12-31 04532030 d:PlantMachinery 2023-01-01 2023-12-31 04532030 d:PlantMachinery 2023-12-31 04532030 d:PlantMachinery 2022-12-31 04532030 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04532030 d:CurrentFinancialInstruments 2023-12-31 04532030 d:CurrentFinancialInstruments 2022-12-31 04532030 d:Non-currentFinancialInstruments 2023-12-31 04532030 d:Non-currentFinancialInstruments 2022-12-31 04532030 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04532030 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04532030 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04532030 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04532030 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04532030 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04532030 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04532030 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 04532030 d:ShareCapital 2023-12-31 04532030 d:ShareCapital 2022-12-31 04532030 d:RetainedEarningsAccumulatedLosses 2023-12-31 04532030 d:RetainedEarningsAccumulatedLosses 2022-12-31 04532030 c:FRS102 2023-01-01 2023-12-31 04532030 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04532030 c:FullAccounts 2023-01-01 2023-12-31 04532030 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04532030 d:OtherDeferredTax 2023-12-31 04532030 d:OtherDeferredTax 2022-12-31 04532030 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04532030










Risegreen Motor Company Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Risegreen Motor Company Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Risegreen Motor Company Limited for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Risegreen Motor Company Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Risegreen Motor Company Limited, as a body, in accordance with the terms of our engagement letter dated 15 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Risegreen Motor Company Limited and state those matters that we have agreed to state to the Board of Directors of Risegreen Motor Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Risegreen Motor Company Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Risegreen Motor Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Risegreen Motor Company Limited. You consider that Risegreen Motor Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Risegreen Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
18 September 2024
Page 1

 
Risegreen Motor Company Limited
Registered number: 04532030

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,664
2,790

  
2,664
2,790

Current assets
  

Stocks
  
312,569
336,610

Debtors: amounts falling due within one year
 5 
3,235
2,830

  
315,804
339,440

Creditors: amounts falling due within one year
 6 
(178,175)
(211,830)

Net current assets
  
 
 
137,629
 
 
127,610

Total assets less current liabilities
  
140,293
130,400

Creditors: amounts falling due after more than one year
 7 
(14,814)
(24,910)

Provisions for liabilities
  

Deferred tax
 9 
(506)
(530)

  
 
 
(506)
 
 
(530)

Net assets
  
124,973
104,960


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
124,971
104,958

  
124,973
104,960


Page 2

 
Risegreen Motor Company Limited
Registered number: 04532030

Balance Sheet (continued)
As at 31 December 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr M A Palmer
Director
Date: 11 September 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Risegreen Motor Company Limited
 

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

1.


General information

Risegreen Motor Company Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentation currency is £ sterling. 
The figures in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
Risegreen Motor Company Limited
 

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

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase of each vehicle.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
Risegreen Motor Company Limited
 

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

2.Accounting policies (continued)

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
Risegreen Motor Company Limited
 

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

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
10,808


Additions
583



At 31 December 2023

11,391



Depreciation


At 1 January 2023
8,018


Charge for the year on owned assets
709



At 31 December 2023

8,727



Net book value



At 31 December 2023
2,664



At 31 December 2022
2,790


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
3,235
2,830

3,235
2,830


Page 7

 
Risegreen Motor Company Limited
 

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
74,951
64,099

Bank loans
10,103
9,894

Trade creditors
2,969
23,675

Corporation tax
5,717
6,079

Other taxation and social security
2,503
1,254

Other creditors
79,137
103,794

Accruals and deferred income
2,795
3,035

178,175
211,830



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,814
24,910

14,814
24,910



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,103
9,894


10,103
9,894

Amounts falling due 1-2 years

Bank loans
10,404
10,149


10,404
10,149

Amounts falling due 2-5 years

Bank loans
4,410
14,761


4,410
14,761

24,917
34,804


Page 8

 
Risegreen Motor Company Limited
 

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

9.


Deferred taxation




2023


£






At beginning of year
(530)


Charged to profit or loss
24



At end of year
(506)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(506)
(530)

(506)
(530)


Page 9