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COMPANY REGISTRATION NUMBER: 04622650
RB MOTORS LIMITED
Filleted Unaudited Financial Statements
30 November 2023
RB MOTORS LIMITED
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
25,133
30,133
Tangible assets
6
27,208
19,873
--------
--------
52,341
50,006
Current assets
Stocks
3,175
2,025
Debtors
7
38,258
9,032
Cash at bank and in hand
21,394
3,739
--------
--------
62,827
14,796
Creditors: amounts falling due within one year
8
73,532
28,178
--------
--------
Net current liabilities
10,705
13,382
--------
--------
Total assets less current liabilities
41,636
36,624
Creditors: amounts falling due after more than one year
9
864
--------
--------
Net assets
41,636
35,760
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
41,536
35,660
--------
--------
Shareholders funds
41,636
35,760
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RB MOTORS LIMITED
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 November 2024 , and are signed on behalf of the board by:
Mr S BERA
Director
Company registration number: 04622650
RB MOTORS LIMITED
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Grange Way, Units 1 & 2 Whitehall Industrial Estate, Whitehall Industrial Estate, Colchester, Essex, CO2 8HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
44,000
--------
Amortisation
At 1 December 2022
13,867
Charge for the year
5,000
--------
At 30 November 2023
18,867
--------
Carrying amount
At 30 November 2023
25,133
--------
At 30 November 2022
30,133
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
69,992
20,426
7,864
98,282
Additions
14,491
892
15,383
--------
--------
-------
---------
At 30 November 2023
84,483
20,426
8,756
113,665
--------
--------
-------
---------
Depreciation
At 1 December 2022
54,474
17,053
6,882
78,409
Charge for the year
6,778
863
407
8,048
--------
--------
-------
---------
At 30 November 2023
61,252
17,916
7,289
86,457
--------
--------
-------
---------
Carrying amount
At 30 November 2023
23,231
2,510
1,467
27,208
--------
--------
-------
---------
At 30 November 2022
15,518
3,373
982
19,873
--------
--------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
38,195
9,032
Other debtors
63
--------
-------
38,258
9,032
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,381
15,249
Social security and other taxes
6,148
9,259
Unpaid Pension Contributions
326
376
Net Wages due
( 773)
1,844
Other creditors
1,450
1,450
--------
--------
73,532
28,178
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
864
----
----
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr S BERA
63
( 864)
----
----
11. Related party transactions
The company was under the control of the directors MR S BERA and Mr K M KLOSOWSKI throughout the current year.The directors consider the the company has no ultimate controlling party. MR S BERA and Mr K M KLOSOWSKI are also the shareholders in the Company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.