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Company No: 08580190 (England and Wales)

RHODES VANS LIMITED

Unaudited Financial Statements
For the financial period from 31 October 2022 to 29 October 2023
Pages for filing with the registrar

RHODES VANS LIMITED

Unaudited Financial Statements

For the financial period from 31 October 2022 to 29 October 2023

Contents

RHODES VANS LIMITED

BALANCE SHEET

As at 29 October 2023
RHODES VANS LIMITED

BALANCE SHEET (continued)

As at 29 October 2023
Note 29.10.2023 30.10.2022
£ £
Fixed assets
Tangible assets 4 21,978 23,209
21,978 23,209
Current assets
Stocks 5 38,500 38,500
Debtors 6 3,982 3,908
Cash at bank and in hand 5,066 1,812
47,548 44,220
Creditors: amounts falling due within one year 7 ( 112,910) ( 107,676)
Net current liabilities (65,362) (63,456)
Total assets less current liabilities (43,384) (40,247)
Creditors: amounts falling due after more than one year 8 ( 8,769) ( 12,460)
Net liabilities ( 52,153) ( 52,707)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 52,253 ) ( 52,807 )
Total shareholders' deficit ( 52,153) ( 52,707)

For the financial period ending 29 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rhodes Vans Limited (registered number: 08580190) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

W G Rhodes
Director
RHODES VANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 October 2022 to 29 October 2023
RHODES VANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 October 2022 to 29 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Rhodes Vans Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
31.10.2022 to
29.10.2023
Period from
01.11.2021 to
30.10.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 31 October 2022 10,000 10,000
At 29 October 2023 10,000 10,000
Accumulated amortisation
At 31 October 2022 10,000 10,000
At 29 October 2023 10,000 10,000
Net book value
At 29 October 2023 0 0
At 30 October 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 31 October 2022 14,363 25,800 40,163
Additions 3,414 0 3,414
At 29 October 2023 17,777 25,800 43,577
Accumulated depreciation
At 31 October 2022 9,794 7,160 16,954
Charge for the financial period 1,849 2,796 4,645
At 29 October 2023 11,643 9,956 21,599
Net book value
At 29 October 2023 6,134 15,844 21,978
At 30 October 2022 4,569 18,640 23,209

5. Stocks

29.10.2023 30.10.2022
£ £
Stocks 38,500 38,500

6. Debtors

29.10.2023 30.10.2022
£ £
Trade debtors 3,982 3,908

7. Creditors: amounts falling due within one year

29.10.2023 30.10.2022
£ £
Bank loans 14,891 8,278
Other taxation and social security 11,278 4,254
Obligations under finance leases and hire purchase contracts 3,693 3,693
Other creditors 83,048 91,451
112,910 107,676

Hire purchase liabilities are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

29.10.2023 30.10.2022
£ £
Obligations under finance leases and hire purchase contracts 8,769 12,460

Hire purchase liabilities are secured against the assets to which they relate.