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Registered number: 13019696
Rhino Innovation Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
C&H Stedman
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13019696
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 162,892 180,560
Tangible Assets 5 168,778 162,426
331,670 342,986
CURRENT ASSETS
Stocks 284,646 344,397
Debtors 6 271,443 255,950
Cash at bank and in hand 19,171 86,300
575,260 686,647
Creditors: Amounts Falling Due Within One Year 7 (512,062 ) (305,328 )
NET CURRENT ASSETS (LIABILITIES) 63,198 381,319
TOTAL ASSETS LESS CURRENT LIABILITIES 394,868 724,305
Creditors: Amounts Falling Due After More Than One Year 8 (38,046 ) (317,872 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,179 ) (27,713 )
NET ASSETS 322,643 378,720
CAPITAL AND RESERVES
Called up share capital 10 250,800 250,800
Profit and Loss Account 71,843 127,920
SHAREHOLDERS' FUNDS 322,643 378,720
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For the year ending 31 December 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 J Douglass
Director
19 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Rhino Innovation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13019696 . The registered office is Cherwell House Farm Road, Buckingham Road I E, Brackley, Northamptonshire, NN13 7AW.
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, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to website development costs. It is amortised to profit and loss account over its estimated economic life of five years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on cost
Long Life Assets 10% on cost
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary 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 translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. 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
The average number of employees during the year was  16 (2022: 14)
16 14
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 225,700 - 225,700
Additions - 5,550 5,550
As at 31 December 2023 225,700 5,550 231,250
Amortisation
As at 1 January 2023 45,140 - 45,140
Provided during the period 22,570 648 23,218
As at 31 December 2023 67,710 648 68,358
Net Book Value
As at 31 December 2023 157,990 4,902 162,892
As at 1 January 2023 180,560 - 180,560
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Long Life Assets Total
£ £ £ £ £
Cost
As at 1 January 2023 34,289 106,549 25,038 57,442 223,318
Additions 7,908 46,290 (161 ) - 54,037
Disposals (5,231 ) (13,749 ) - - (18,980 )
As at 31 December 2023 36,966 139,090 24,877 57,442 258,375
Depreciation
As at 1 January 2023 14,038 22,671 11,983 12,200 60,892
Provided during the period 6,275 20,806 4,441 6,100 37,622
Disposals (3,063 ) (5,854 ) - - (8,917 )
As at 31 December 2023 17,250 37,623 16,424 18,300 89,597
Net Book Value
As at 31 December 2023 19,716 101,467 8,453 39,142 168,778
As at 1 January 2023 20,251 83,878 13,055 45,242 162,426
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 232,775 216,705
Other debtors 38,668 39,245
271,443 255,950
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 44,268 25,939
Trade creditors 139,073 151,976
Other creditors 281,530 68,275
Taxation and social security 47,191 59,138
512,062 305,328
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 38,046 28,391
Other creditors - 289,481
38,046 317,872
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,268 25,939
Later than one year and not later than five years 38,046 28,391
82,314 54,330
82,314 54,330
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 250,800 250,800
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 28,009 17,141
Later than one year and not later than five years 13,724 19,998
41,733 37,139
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