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REGISTERED NUMBER: 09033908 (England and Wales)













































Unaudited Financial Statements

for the Year Ended 31 December 2023

for

RHINO RESOURCE SERVICES LTD

RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RHINO RESOURCE SERVICES LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A A Gordon
Mr S J Greenwell





REGISTERED OFFICE: Windsor House Troon Way Business Centre
Humberstone Lane
Leicester
LE4 9HA





REGISTERED NUMBER: 09033908 (England and Wales)





ACCOUNTANTS: QACCOUNTING LTD
Windsor House,
Troon Way Business Centre,
Thurmaston, Leicestershire
LE4 9HA

RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,065 47,997
Investments 5 370 370
34,435 48,367

CURRENT ASSETS
Debtors 6 1,689,081 1,574,123
Cash at bank 10,980 3,163
1,700,061 1,577,286
CREDITORS
Amounts falling due within one year 7 1,731,017 1,627,754
NET CURRENT LIABILITIES (30,956 ) (50,468 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,479

(2,101

)

PROVISIONS FOR LIABILITIES 3,200 3,200
NET ASSETS/(LIABILITIES) 279 (5,301 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (721 ) (6,301 )
279 (5,301 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





Mr S J Greenwell - Director


RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

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

1. STATUTORY INFORMATION

RHINO RESOURCE SERVICES LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Group relief
It is the group's policy in certain situations to charge for tax losses surrendered by the way of group relief at the rate prevailing at the end of the financial period in respect of which relief is given.

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 date of acquisition and that are ready convertible to known amounts of cash with insignificant risk of change in value

Turnover
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 recoverable, excluding discounts rebates and value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% straight line
Computer equipment - 25% - 33% straight line
Improvements to property - 25% straight line

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also asrecognised in other comprehensive income or directly in equity respectively.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairments, 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

Going concern
The company has continued to receive financial support from companies related by virtue of common control through the use of current accounts.

With this information, and based on a review of forecast trading 12 months from the signing of the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Creditors
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and IT
property fittings Equipment Totals
£    £    £    £   
COST
At 1 January 2023 31,551 3,395 47,810 82,756
Additions - - 4,405 4,405
Disposals - - (1,125 ) (1,125 )
At 31 December 2023 31,551 3,395 51,090 86,036
DEPRECIATION
At 1 January 2023 5,472 3,395 25,892 34,759
Charge for year 7,775 - 9,531 17,306
Eliminated on disposal - - (94 ) (94 )
At 31 December 2023 13,247 3,395 35,329 51,971
NET BOOK VALUE
At 31 December 2023 18,304 - 15,761 34,065
At 31 December 2022 26,079 - 21,918 47,997

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 370
NET BOOK VALUE
At 31 December 2023 370
At 31 December 2022 370

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 1,672,260 1,523,682
Other debtors 700 700
VAT - 1,270
Prepayments 16,121 48,471
1,689,081 1,574,123

RHINO RESOURCE SERVICES LTD (REGISTERED NUMBER: 09033908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 132,086 109,611
Amounts owed to group undertakings 617,939 435,864
Social Security and Other Tax taxes 6,623 5,453
VAT 1,004 -
Other creditors 270 1,453
Pension Control Account 1,026 968
Directors' Current Account 930,193 1,010,193
Accruals and deferred income 41,876 64,212
1,731,017 1,627,754

8. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The bank facilities with Lloyds Bank Plc are secured by an Omnibus Guarantee and set-off agreement between this company, Rhino Protect Limited, Vantage Legal Services Limited, Vantage Legal Protect Limited, Rhino Protect Holdings Ltd, Contractor Weekly Limited, Rhino Resource Services Holdings Ltd, Vantage Tax Fee Protection Limited, Quest Business Services Limited, IR35 Buddy Limited and Vantage Tax Fee Protection (Global) Limited.

9. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence:

2023 2022


Amounts due from related parties 1,672,261 1,523,682
Amounts due to related parties (617,939) (435,864)