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Registration number: 09225694

R & R Motors Exmouth Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

Company Information

Director

Mr S N Redmore

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

344,782

348,928

Current assets

 

Stocks

6

35,500

29,500

Debtors

7

20,372

3,286

Cash at bank and in hand

 

94,569

125,527

 

150,441

158,313

Creditors: Amounts falling due within one year

8

(275,960)

(285,816)

Net current liabilities

 

(125,519)

(127,503)

Total assets less current liabilities

 

219,263

221,425

Creditors: Amounts falling due after more than one year

8

(61,133)

(67,662)

Provisions for liabilities

(4,528)

(4,407)

Net assets

 

153,602

149,356

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

153,502

149,256

Total equity

 

153,602

149,356

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 November 2024
 

.........................................
Mr S N Redmore
Director

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

Notes to the Unaudited 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

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 sales/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.

Government grants

The Coronavirus Job Retention Scheme Grant has been recognised under the accrual model and is credited to other income over the periods in which the compensated costs have been recognised.

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.

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Freehold property

Land not depreciated. Buildings 2% straight line basis

Plant and machinery

20% straight line basis

Motor vehicles

20% straight line basis

Fixtures, Fittings & Equipment

20% straight line basis

Computer equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

19,605

19,900

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

343,077

22,064

10,482

101,076

476,699

Additions

-

2,663

-

12,797

15,460

At 29 February 2024

343,077

24,727

10,482

113,873

492,159

Depreciation

At 1 March 2023

22,555

15,809

10,482

78,926

127,772

Charge for the year

3,760

4,426

-

11,419

19,605

At 29 February 2024

26,315

20,235

10,482

90,345

147,377

Carrying amount

At 29 February 2024

316,762

4,492

-

23,528

344,782

At 28 February 2023

320,522

6,256

-

22,150

348,928

6

Stocks

2024
£

2023
£

Raw materials and consumables

25,000

19,000

Other stocks

10,500

10,500

35,500

29,500

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

7

Debtors

2024
£

2023
£

Trade debtors

19,920

2,795

Prepayments and accrued income

452

491

Total current trade and other debtors

20,372

3,286

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,499

8,499

Trade creditors

 

40,946

52,576

Taxation and social security

 

28,417

36,032

Other creditors

 

193,031

184,465

Accrued expenses

 

5,067

4,244

 

275,960

285,816

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

61,133

67,662

2024
£

2023
£

Due after more than five years

After more than five years by instalments

27,137

33,666

-

-

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,499

8,499

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

61,133

67,662

 

R & R Motors Exmouth Limited
(Registration number: 09225694)

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

Bank borrowings
Bank borrowings are secured by way of a legal mortgage over the freehold property owned by the company, as well as a fixed and floating charge over the assets and undertakings of the company.
 

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

27,137

33,666