Registered number
07471093
Rimblades Limited
Report and Unaudited Accounts
31 March 2024
Collins
Chartered Accountants
West Midlands
Rimblades Limited
Registered number: 07471093
Balance Sheet
as at 31 March 2024
As re-stated
Notes 2024 2023
£ £ £ £
Fixed assets
Intangible assets 4 8,791 -
Tangible assets 5 299,244 368,309
308,035 368,309
Current assets
Stocks 78,274 152,111
Debtors 6 44,706 98,609
Cash at bank and in hand - 13,054
122,980 263,774
Creditors: amounts falling due within one year 7 (103,193) (155,217)
Net current assets 19,787 108,557
Total assets less current liabilities 327,822 476,866
Creditors: amounts falling due after more than one year 8 (74,678) (107,162)
Provisions for liabilities (4,714) (4,714)
Net assets 248,430 364,990
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 247,430 363,990
Shareholders' funds 248,430 364,990
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Harvey
Director
Approved by the board on 30 January 2025
Rimblades Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold premises 5% straight line basis
Plant and machinery 20% straight line basis
Tooling 5% straight line basis
Computers and office 20% straight line basis
Motor 20% straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
I n order to manufacture the Rimblade product there has been significant expenditure on tooling. This tooling is still in use. The directors consider that this expenditure is more correctly included as a fixed asset rather than being expensed. This position has been corrected within these accounts by re-stating the opening balance sheet position. The tooling now capitalised at a figure of £213,000.
There is no adjustment to the profit or taxation of the previous year retained reserves have been re-stated.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
4 Intangible fixed assets £
Patents :
Cost
Additions 8,791
At 31 March 2024 8,791
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 8,791
Patents are written off in equal annual instalments over their estimated economic life of 10 years.
5 Tangible fixed assets
Leasehold Plant, machinery and Computer Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 14,276 304,252 127,519 446,047
Additions - 2,628 56,355 58,983
Disposals - - (122,169) (122,169)
At 31 March 2024 14,276 306,880 61,705 382,861
Depreciation
At 1 April 2023 238 60,671 16,829 77,738
Charge for the year 714 12,792 12,972 26,478
On disposals - - (20,599) (20,599)
At 31 March 2024 952 73,463 9,202 83,617
Net book value
At 31 March 2024 13,324 233,417 52,503 299,244
At 31 March 2023 14,038 243,581 110,690 368,309
6 Debtors 2024 2023
£ £
Trade debtors 20,533 41,289
Prepayments and accrued income 2,881 2,881
Corporation tax recoverable 11,101 -
Directors loans 476 24,901
Vat recoverable - 16,062
Other debtors 9,715 13,476
44,706 98,609
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 66,443 12,119
Obligations under finance lease and hire purchase contracts 10,000 35,141
Trade creditors 11,639 78,615
Corporation tax - 2,774
Other taxes and social security costs 9,212 10,554
Accruals and deferred income 5,899 15,969
Other creditors - 45
103,193 155,217
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 27,500 41,257
Obligations under finance lease and hire purchase contracts 47,178 65,905
74,678 107,162
9 Pension commitments
The company makes contributions to a defined contribution pension scheme to comply with auto-enrolment. Costs for the year were £317 (2023 £386).
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 5,205 5,205
11 Controlling party
The company is a wholly owned subsidiary of Alloygator Holdings Limited, a company incorporated in England.
12 Other information
Rimblades Limited is a private company limited by shares and incorporated in England. Its registered office is:
61 The Washford Industrial Estate
Heming Road
Redditch
West Midlands
B98 0EA
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