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REGISTERED NUMBER: 04107180 (England and Wales)















RAC CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


RAC CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R A Chandler
Mrs J Chandler
J R Chandler





SECRETARY: Mrs J Chandler





REGISTERED OFFICE: Villiers Farm
Frisby Road
Hoby
Melton Mowbray
Leicestershire
LE14 3DS





REGISTERED NUMBER: 04107180 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 327,484 306,090
327,484 306,090

CURRENT ASSETS
Inventories 20,784 28,019
Debtors 6 65,489 32,622
Cash at bank and in hand 25,477 24,941
111,750 85,582
CREDITORS
Amounts falling due within one year 7 172,230 172,006
NET CURRENT LIABILITIES (60,480 ) (86,424 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,004

219,666

CREDITORS
Amounts falling due after more than
one year

8

(102,394

)

(90,754

)

PROVISIONS FOR LIABILITIES (54,591 ) (46,661 )
NET ASSETS 110,019 82,251

RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 300 300
Retained earnings 109,719 81,951
SHAREHOLDERS' FUNDS 110,019 82,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:




R A Chandler - Director Mrs J Chandler - Director




J R Chandler - Director


RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

RAC Contractors Limited 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.

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


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.

Revenue
Revenue represents net invoiced sales of produce and contracting services, excluding value added tax, and includes the Basic payment and environmental subsidies.

Sales of produce are recognised upon despatch. Revenue from contracting services is recognised when the service is performed.

The Basic payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

Intangible assets
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33.3% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.


RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 7,023
AMORTISATION
At 1 July 2023
and 30 June 2024 7,023
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 2,548 994,269 996,817
Additions - 87,011 87,011
Disposals - (69,900 ) (69,900 )
At 30 June 2024 2,548 1,011,380 1,013,928
DEPRECIATION
At 1 July 2023 2,548 688,179 690,727
Charge for year - 48,290 48,290
Eliminated on disposal - (52,573 ) (52,573 )
At 30 June 2024 2,548 683,896 686,444
NET BOOK VALUE
At 30 June 2024 - 327,484 327,484
At 30 June 2023 - 306,090 306,090

RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 62,128 29,779
Prepayments and accrued income 3,361 2,843
65,489 32,622

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,833 10,000
Hire purchase contracts 36,280 37,408
Trade creditors 31,056 21,486
Tax - 143
Social security and other taxes 19,029 9,388
Directors' current accounts 70,467 89,161
Accrued expenses 4,565 4,420
172,230 172,006

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans due in 1 to 2 years 10,000 10,000
Bank loans - 2-5 years 1,667 12,592
Hire purchase contracts 90,727 68,162
102,394 90,754

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 127,007 105,570

The hire purchases are secured on the assets to which they relate.

RAC CONTRACTORS LIMITED (REGISTERED NUMBER: 04107180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300