Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-0116false17truetrue 03602240 2023-01-01 2023-12-31 03602240 2022-01-01 2022-12-31 03602240 2023-12-31 03602240 2022-12-31 03602240 2022-01-01 03602240 c:Director3 2023-01-01 2023-12-31 03602240 d:PlantMachinery 2023-01-01 2023-12-31 03602240 d:PlantMachinery 2023-12-31 03602240 d:PlantMachinery 2022-12-31 03602240 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03602240 d:MotorVehicles 2023-01-01 2023-12-31 03602240 d:MotorVehicles 2023-12-31 03602240 d:MotorVehicles 2022-12-31 03602240 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03602240 d:FurnitureFittings 2023-01-01 2023-12-31 03602240 d:FurnitureFittings 2023-12-31 03602240 d:FurnitureFittings 2022-12-31 03602240 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03602240 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03602240 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03602240 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 03602240 d:CurrentFinancialInstruments 2023-12-31 03602240 d:CurrentFinancialInstruments 2022-12-31 03602240 d:Non-currentFinancialInstruments 2023-12-31 03602240 d:Non-currentFinancialInstruments 2022-12-31 03602240 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03602240 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03602240 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03602240 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03602240 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03602240 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03602240 d:ShareCapital 2023-01-01 2023-12-31 03602240 d:ShareCapital 2023-12-31 03602240 d:ShareCapital 2022-01-01 2022-12-31 03602240 d:ShareCapital 2022-12-31 03602240 d:ShareCapital 2022-01-01 03602240 d:SharePremium 2023-01-01 2023-12-31 03602240 d:SharePremium 2023-12-31 03602240 d:SharePremium 2022-01-01 2022-12-31 03602240 d:SharePremium 2022-12-31 03602240 d:SharePremium 2022-01-01 03602240 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03602240 d:RetainedEarningsAccumulatedLosses 2023-12-31 03602240 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03602240 d:RetainedEarningsAccumulatedLosses 2022-12-31 03602240 d:RetainedEarningsAccumulatedLosses 2022-01-01 03602240 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03602240 c:OrdinaryShareClass1 2023-12-31 03602240 c:OrdinaryShareClass1 2022-12-31 03602240 c:FRS102 2023-01-01 2023-12-31 03602240 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03602240 c:FullAccounts 2023-01-01 2023-12-31 03602240 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03602240 d:Non-currentFinancialInstruments 6 2023-12-31 03602240 d:Non-currentFinancialInstruments 6 2022-12-31 03602240 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03602240 2 2023-01-01 2023-12-31 03602240 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03602240 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03602240 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 03602240 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 03602240 d:LeasedAssetsHeldAsLessee 2023-12-31 03602240 d:LeasedAssetsHeldAsLessee 2022-12-31 03602240 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03602240









RL CAPITAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RL CAPITAL LIMITED
REGISTERED NUMBER: 03602240

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
3,104,455
2,439,455

Tangible assets
 6 
110,193
130,087

  
3,214,648
2,569,542

Current assets
  

Stocks
 7 
405,359
457,289

Debtors: amounts falling due after more than one year
 8 
371,250
1,475,000

Debtors: amounts falling due within one year
 8 
502,005
666,763

Cash at bank and in hand
 9 
22,421
243

  
1,301,035
2,599,295

Creditors: amounts falling due within one year
 10 
(570,780)
(578,823)

Net current assets
  
 
 
730,255
 
 
2,020,472

Total assets less current liabilities
  
3,944,903
4,590,014

Creditors: amounts falling due after more than one year
 11 
(1,247,738)
(1,180,660)

  

Net assets
  
2,697,165
3,409,354


Capital and reserves
  

Called up share capital 
  
5,883
5,400

Share premium account
  
4,847,653
4,475,613

Profit and loss account
  
(2,156,371)
(1,071,659)

  
2,697,165
3,409,354


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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

Page 1

 
RL CAPITAL LIMITED
REGISTERED NUMBER: 03602240
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company has opted not to file the profit and loss account 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 on 13 September 2024.




R M Longden
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
RL CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
5,400
4,475,613
(1,071,659)
3,409,354


Comprehensive income for the year

Loss for the year - Note 3

-
-
(1,084,712)
(1,084,712)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(1,084,712)
(1,084,712)


Contributions by and distributions to owners

Shares issued during the year
483
372,040
-
372,523


Total transactions with owners
483
372,040
-
372,523


At 31 December 2023
5,883
4,847,653
(2,156,371)
2,697,165


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
RL CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
5,400
4,475,613
(1,090,882)
3,390,131


Comprehensive income for the year

Profit for the year

-
-
19,223
19,223


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
19,223
19,223


Total transactions with owners
-
-
-
-


At 31 December 2022
5,400
4,475,613
(1,071,659)
3,409,354


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

R L Capital Ltd is a company limited by shares and incorporated in England and Wales.                               Registered office address: Unit 5C Trident Business Park, Basil Hill Road, Didcot, Oxon OX11 7HJ. The principal activity is sale of auto parts and development of tyre tracking 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Development costs

Development costs are charged to the Profit and Loss account when incurred or capitalised as intangible fixed assets

Page 6

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings & equipment
-
25% reducing balance

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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.

 
2.16

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.

Page 7

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Capital loss represents deferred consideration written back in year
1,103,750
-


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
5



Staff
12
12

16
17


5.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
2,439,455


Additions
665,000



At 31 December 2023

3,104,455






Net book value



At 31 December 2023
3,104,455



At 31 December 2022
2,439,455



Page 8

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
41,812
116,865
124,284
282,961


Additions
-
-
10,903
10,903



At 31 December 2023

41,812
116,865
135,187
293,864



Depreciation


At 1 January 2023
24,062
43,742
85,068
152,872


Charge for the year on owned assets
3,962
16,325
10,512
30,799



At 31 December 2023

28,024
60,067
95,580
183,671



Net book value



At 31 December 2023
13,788
56,798
39,607
110,193



At 31 December 2022
17,749
73,122
39,216
130,087

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
56,797
73,123

56,797
73,123


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
405,359
457,289

405,359
457,289


Page 9

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£

Due after more than one year

Deferred consideration
371,250
1,475,000

371,250
1,475,000


2023
2022
£
£

Due within one year

Trade debtors
47,677
119,752

Other debtors
11,958
118,518

Prepayments and accrued income
151,140
137,263

Deferred taxation
291,230
291,230

502,005
666,763



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,421
243

Less: bank overdrafts
-
(17,283)

22,421
(17,040)



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
17,283

Trade creditors
143,724
114,998

Other taxation and social security
-
36,520

Obligations under finance lease and hire purchase contracts
39,965
64,619

Other creditors
11,849
-

Accruals and deferred income
375,242
345,403

570,780
578,823


Page 10

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
67,538
85,660

Loan stock 8% & 10%
1,180,200
1,095,000

1,247,738
1,180,660



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loan
67,538
85,660


67,538
85,660


67,538
85,660



13.


Deferred taxation




2023


£






At beginning of year
291,230



At end of year
291,230

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
291,230
291,230

291,230
291,230

Page 11

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



5,883,304 (2022 - 5,400,000) Ordinary shares of £0.00100 each
5,883
5,400


The company issued 483,304 ordinary shares of £.001 during the year at a share premium of 84.9p per share 

Page 12

 
RL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Related party transactions

Loans to director are included in other debtors. Interest is charged at the official rate and the loan has no fixed repayment date. Included in other creditors are accrued salaries and expenses due to R M Longden                                                                                                       


2023
2022
£
£

R M Longden
-
118,518
-
118,518

 
Page 13