Registration number:
Renown Gears Limited
for the Period from 1 April 2023 to 30 September 2024
Renown Gears Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Renown Gears Limited
(Registration number: 00902451)
Statement of Financial Position as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
3,670 |
3,670 |
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Share premium reserve |
3,130 |
3,130 |
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Capital redemption reserve |
200 |
200 |
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Retained earnings |
- |
2,143,352 |
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Shareholders' funds |
7,000 |
2,150,352 |
For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Renown Gears Limited
(Registration number: 00902451)
Statement of Financial Position as at 30 September 2024
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 Income Statement.
Approved and authorised by the
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Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in United kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure of long or short period
Going concern
The company ceased to trade on 12 September 2024, therefore the accounts have not been prepared on a going concern basis.
Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
Judgements and key sources of estimation undertainty
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabiilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results amy differ from these estimates. |
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.
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
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 |
Land and building |
2% straight line |
Plant and Machinery |
10% reducing balance |
Office equipment |
15% reducing balance |
Fixtures, fitting and equipment |
25% reducing balance |
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 measured at the lower of costs and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion amd other costs incurred in bringing the stock to its present location and condition.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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.
The company only has basic financial instruments.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Disposals |
( |
( |
( |
( |
( |
At 30 September 2024 |
- |
- |
- |
- |
- |
Depreciation |
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At 1 April 2023 |
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Charge for the period |
- |
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Eliminated on disposal |
( |
( |
( |
( |
( |
At 30 September 2024 |
- |
- |
- |
- |
- |
Carrying amount |
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At 30 September 2024 |
- |
- |
- |
- |
- |
At 31 March 2023 |
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Stocks |
2024 |
2023 |
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Other inventories |
- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
- |
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Other debtors |
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Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
Renown Gears Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024
Non adjusting events after the financial period |
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