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REGISTERED NUMBER: SC272881 (Scotland)












Financial Statements

for the Year Ended 30 September 2024

for

Rhinowash Limited

Rhinowash Limited (Registered number: SC272881)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rhinowash Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M Burns
J P Burns





SECRETARY: M Burns





REGISTERED OFFICE: 149A Glasgow Road
Via Alexander Street
Wishaw
North Lanakshire
ML2 7QJ





REGISTERED NUMBER: SC272881 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Rhinowash Limited (Registered number: SC272881)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 260,267 311,424
260,267 311,424

CURRENT ASSETS
Stocks 111,107 106,762
Debtors 5 85,029 153,810
Cash at bank and in hand 46,493 1,991
242,629 262,563
CREDITORS
Amounts falling due within one year 6 292,837 342,922
NET CURRENT LIABILITIES (50,208 ) (80,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

210,059

231,065

CREDITORS
Amounts falling due after more than one year 7 (58,215 ) (79,703 )

PROVISIONS FOR LIABILITIES (44,670 ) (65,271 )
NET ASSETS 107,174 86,091

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 107,074 85,991
SHAREHOLDERS' FUNDS 107,174 86,091

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

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

Rhinowash Limited (Registered number: SC272881)

Balance Sheet - continued
30 September 2024


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 24 February 2025 and were signed on its behalf by:




M Burns - Director



J P Burns - Director


Rhinowash Limited (Registered number: SC272881)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the sale of own brand goods to the customer as well as the sale of service plans. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Sale of service plans are pro-rated to only include the duration within the accounting period. Retail sales are usually by cash, credit or payment card.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of one years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
IT and website - at varying rates on cost

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


Rhinowash Limited (Registered number: SC272881)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 11 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 500
AMORTISATION
At 1 October 2023
and 30 September 2024 500
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Rhinowash Limited (Registered number: SC272881)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2023 18,460 317,887 16,707
Additions - 594 -
At 30 September 2024 18,460 318,481 16,707
DEPRECIATION
At 1 October 2023 18,459 130,291 15,862
Charge for year - 28,206 127
At 30 September 2024 18,459 158,497 15,989
NET BOOK VALUE
At 30 September 2024 1 159,984 718
At 30 September 2023 1 187,596 845

Motor IT and
vehicles website Totals
£    £    £   
COST
At 1 October 2023 194,238 84,505 631,797
Additions - 9,702 10,296
At 30 September 2024 194,238 94,207 642,093
DEPRECIATION
At 1 October 2023 76,171 79,590 320,373
Charge for year 29,517 3,603 61,453
At 30 September 2024 105,688 83,193 381,826
NET BOOK VALUE
At 30 September 2024 88,550 11,014 260,267
At 30 September 2023 118,067 4,915 311,424

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 85,029 153,810

Rhinowash Limited (Registered number: SC272881)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,374 28,945
Hire purchase contracts 28,224 36,847
Trade creditors 47,455 82,779
Taxation and social security 50,808 38,506
Other creditors 145,976 155,845
292,837 342,922

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 27,273 27,751
Hire purchase contracts 30,888 50,572
Other creditors 54 1,380
58,215 79,703

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100