Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 NI664362 Mr Philip Rex Morrow Mr Andrew Philip Joseph Morrow true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI664362 2022-12-31 NI664362 2023-12-31 NI664362 2023-01-01 2023-12-31 NI664362 frs-core:CurrentFinancialInstruments 2023-12-31 NI664362 frs-core:Non-currentFinancialInstruments 2023-12-31 NI664362 frs-core:BetweenOneFiveYears 2023-12-31 NI664362 frs-core:MotorVehicles 2023-12-31 NI664362 frs-core:MotorVehicles 2023-01-01 2023-12-31 NI664362 frs-core:MotorVehicles 2022-12-31 NI664362 frs-core:PlantMachinery 2023-12-31 NI664362 frs-core:PlantMachinery 2023-01-01 2023-12-31 NI664362 frs-core:PlantMachinery 2022-12-31 NI664362 frs-core:WithinOneYear 2023-12-31 NI664362 frs-core:ShareCapital 2023-12-31 NI664362 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI664362 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI664362 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI664362 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI664362 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI664362 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI664362 1 2023-01-01 2023-12-31 NI664362 frs-bus:Director1 2023-01-01 2023-12-31 NI664362 frs-bus:Director2 2023-01-01 2023-12-31 NI664362 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI664362 2021-12-31 NI664362 2022-12-31 NI664362 2022-01-01 2022-12-31 NI664362 frs-core:CurrentFinancialInstruments 2022-12-31 NI664362 frs-core:Non-currentFinancialInstruments 2022-12-31 NI664362 frs-core:BetweenOneFiveYears 2022-12-31 NI664362 frs-core:WithinOneYear 2022-12-31 NI664362 frs-core:ShareCapital 2022-12-31 NI664362 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI664362
RPM Motors Ltd
Financial Statements
For The Year Ended 31 December 2023
McCleary & Company Ltd.
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI664362
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,735,392 1,668,254
2,735,392 1,668,254
CURRENT ASSETS
Debtors 5 412,014 116,513
412,014 116,513
Creditors: Amounts Falling Due Within One Year 6 (1,550,655 ) (1,091,610 )
NET CURRENT ASSETS (LIABILITIES) (1,138,641 ) (975,097 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,596,751 693,157
Creditors: Amounts Falling Due After More Than One Year 7 (1,209,178 ) (409,720 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (107,667 ) (53,991 )
NET ASSETS 279,906 229,446
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 279,806 229,346
SHAREHOLDERS' FUNDS 279,906 229,446
Page 1
Page 2
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 Philip Rex Morrow
Director
1 October 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
RPM Motors Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page. 
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. 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 20-25% on cost
Motor Vehicles 20-25% on cost
2.4. 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.
2.5. 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.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 200,568 2,878,708 3,079,276
Additions - 1,662,099 1,662,099
Disposals - (639,798 ) (639,798 )
As at 31 December 2023 200,568 3,901,009 4,101,577
Depreciation
As at 1 January 2023 77,821 1,333,201 1,411,022
Provided during the period 37,805 413,918 451,723
Disposals - (496,560 ) (496,560 )
As at 31 December 2023 115,626 1,250,559 1,366,185
Net Book Value
As at 31 December 2023 84,942 2,650,450 2,735,392
As at 1 January 2023 122,747 1,545,507 1,668,254
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 7,920 36,460
Other debtors 404,094 80,053
412,014 116,513
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 540,433 332,608
Trade creditors 3,366 8,072
Bank loans and overdrafts 950,880 667,517
Other creditors 10,065 72,321
Taxation and social security 45,911 11,092
1,550,655 1,091,610
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,209,178 409,720
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8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 540,433 332,608
Later than one year and not later than five years 1,209,178 409,720
1,749,611 742,328
1,749,611 742,328
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
During the period to 31 December 2023 the company had the following transactions with PRM Distribution Ltd, PRM Ireland Sales Ltd, PRM Transport Ltd, PRM Logistics Ltd and PRM Haulage Ltd, companies under common control.
During the year RPM Motors Ltd charged these companies a total of £945,885 (2022 - £849,010) in relation to hire of motor vehicles, commercial vehicles and plant and equipment. RPM Motors Ltd incurred a management charge of £1,300 (2022 - £590) from PRM Distribution Ltd to cover overhead and employee costs. RPM Motors Ltd also operated current accounts with these companies, interest of £35,700 (2022 - £25,340) was incurred by RPM Motors Ltd,. At the year end RPM Motors Ltd was owed £314,040 (2022 - £50,000) from these companies.
11. Ultimate Controlling Party
The ultimate controlling parties are the Directors due to their equity shareholding in the company.
Page 5