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Registration number: 04774955

R.F.M. Coachworks Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

R.F.M. Coachworks Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

R.F.M. Coachworks Ltd

Company Information

Directors

Mr RS Hawes

Mrs FM Hawes

Mrs O Watts

Company secretary

Mrs FM Hawes

Registered office

Barretts Park Farm
Sandy Cross Lane
Old Heathfield
East Sussex
TN21 8QS

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

R.F.M. Coachworks Ltd

(Registration number: 04774955)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,774

16,450

Current assets

 

Stocks

6

7,350

7,000

Cash at bank and in hand

 

8,376

10,840

 

15,726

17,840

Creditors: Amounts falling due within one year

7

(9,758)

(14,484)

Net current assets

 

5,968

3,356

Net assets

 

22,742

19,806

Capital and reserves

 

Called up share capital

2

2

Retained earnings

22,740

19,804

Shareholders' funds

 

22,742

19,806

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
Mr RS Hawes
Director

 

R.F.M. Coachworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Barretts Park Farm
Sandy Cross Lane
Old Heathfield
East Sussex
TN21 8QS

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

Going concern

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

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.

Tax

The tax expense for the period comprises current 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.F.M. Coachworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Plant and machinery

10% reducing balance

Fixtures, Fittings and equipment

10% reducing balance

Computer equipment

33% straight line

Motor Vehicles

25% straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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.F.M. Coachworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

R.F.M. Coachworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

30,000

30,000

At 31 May 2024

30,000

30,000

Amortisation

At 1 June 2023

30,000

30,000

At 31 May 2024

30,000

30,000

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 June 2023

4,718

7,068

-

20,450

Additions

-

-

1,150

721

At 31 May 2024

4,718

7,068

1,150

21,171

Depreciation

At 1 June 2023

-

6,845

-

8,941

Charge for the year

-

57

287

1,203

At 31 May 2024

-

6,902

287

10,144

Carrying amount

At 31 May 2024

4,718

166

863

11,027

At 31 May 2023

4,718

223

-

11,509

 

R.F.M. Coachworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Total
£

Cost or valuation

At 1 June 2023

32,236

Additions

1,871

At 31 May 2024

34,107

Depreciation

At 1 June 2023

15,786

Charge for the year

1,547

At 31 May 2024

17,333

Carrying amount

At 31 May 2024

16,774

At 31 May 2023

16,450

Included within the net book value of land and buildings above is £4,718 (2023 - £4,718) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

7,350

7,000

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,276

2,032

Taxation and social security

3,246

7,177

Accruals and deferred income

1,001

3,360

Director loan account

235

1,915

9,758

14,484