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Registration number: 11914959

RG42 Limited

Filleted Financial Statements

for the Year Ended 29 February 2024

 

RG42 Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 10

 

RG42 Limited

(Registration number: 11914959)
Statement of Financial Position as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

5,554

12,427

Current assets

 

Stocks

5

186,493

145,005

Debtors

6

1,341,311

937,588

Cash at bank and in hand

 

27,761

30,943

 

1,555,565

1,113,536

Creditors: Amounts falling due within one year

7

(403,010)

(495,131)

Net current assets

 

1,152,555

618,405

Total assets less current liabilities

 

1,158,109

630,832

Creditors: Amounts falling due after more than one year

7

(32,253)

(32,253)

Provisions for liabilities

(1,324)

(2,105)

Net assets

 

1,124,532

596,474

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,124,432

596,374

Shareholders' funds

 

1,124,532

596,474

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For details of the prior year restatement see Note 12.

 

RG42 Limited

(Registration number: 11914959)
Statement of Financial Position as at 29 February 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 


Mr A Wood
Director


Mr T Powell
Director

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12 Parc Business Treorci
Treorci
Rhondda Cynon Taf, Wales
CF42 6DL

Principal activity

The principal activity of the company is that of the manufacture of furniture.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 4 November 2024 was David Wright, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expenses that have been shown separately because of their nature or amount.

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 16).

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

9,628

4,546

4,876

19,050

Additions

-

1,363

-

1,363

Disposals

-

-

(4,876)

(4,876)

At 29 February 2024

9,628

5,909

-

15,537

Depreciation

At 1 March 2023

4,292

2,331

-

6,623

Charge for the year

2,329

1,031

-

3,360

At 29 February 2024

6,621

3,362

-

9,983

Carrying amount

At 29 February 2024

3,007

2,547

-

5,554

At 28 February 2023

5,336

2,215

4,876

12,427

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

186,493

145,005

6

Debtors

Note

2024
£

(As restated)

2023
£

Trade debtors

 

672

-

Amounts owed by related parties

10

1,337,842

937,488

Other debtors

 

-

100

Prepayments

 

2,797

-

 

1,341,311

937,588

For details of the prior year restatement see Note 12.

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

297,457

246,048

Taxation and social security

57,573

139,786

Accruals and deferred income

47,734

108,283

Other creditors

246

1,014

403,010

495,131

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

32,253

32,253

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Exceptional items

Exceptional items of £nil (2023: £256,351) have been included in the Statement of Financial Activities in relation to bad debts written off due to the administration of Middleton Mobility Limited.

10

Related party transactions

Summary of transactions with other related parties

During the period the company made sales to Oak Tree Mobility of £3,235,862 (2023: £3,092,625). During the period the company incurred management carges of £203,230, insurance cost recharges of £12,853 and vehicle hire recharges of £6,763 from Oak Tree Mobility. At the period end, the company was owed £1,337,842 (2023: £937,488) from Oak Tree Mobility Limited. No interest is receivable on this balance.
 

 

RG42 Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

11

Parent and ultimate parent undertaking

The company's immediate parent is World Class Finance Limited, incorporated in England and Wales.

 The ultimate controlling party is the directors by virtue of their holding in World Class Finance Limited.

Subsequent to the year end on 4 July 2024 World Class Finance Ltd changed it's company name to Salus Healthcare Group Ltd.

12

Prior period restatement

On revisiting the available tax losses that the group acquired from Teneo, it was deemed not appropriate to recognise the £715,000 deferred tax asset in RG42. This has therefore been reversed in the prior year.

13

Outstanding charges

There was one outstanding charge at the year, with DBW Investments Ltd. Further detail of this is available on Companies House.