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Registration number: 00902451

Renown Gears Limited

Unaudited Financial Statements

for the Period from 1 April 2023 to 30 September 2024

 

Renown Gears Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Renown Gears Limited

(Registration number: 00902451)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

1,207,554

Current assets

 

Stocks

5

-

498,039

Debtors

6

111,625

995,786

Cash at bank and in hand

 

71,403

100,071

 

183,028

1,593,896

Creditors: Amounts falling due within one year

7

(176,028)

(465,538)

Net current assets

 

7,000

1,128,358

Total assets less current liabilities

 

7,000

2,335,912

Creditors: Amounts falling due after more than one year

7

-

(50,000)

Provisions for liabilities

-

(135,560)

Net assets

 

7,000

2,150,352

Capital and reserves

 

Called up share capital

3,670

3,670

Share premium reserve

3,130

3,130

Capital redemption reserve

200

200

Retained earnings

-

2,143,352

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:

The members have not required the company to obtain an audit of its accounts for the period 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.

 

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 Board on 26 March 2025 and signed on its behalf by:
 

.........................................
JL Madden
Director

   
     
 

Renown Gears Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United kingdom.

The address of its registered office is:
Renown House Greenbank Business Park
Dyneley Road
Blackburn
Lancashire
BB1 3AB
United Kingdom

These financial statements were authorised for issue by the Board on 26 March 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure of long or short period

The company ceased to trade on12 September 2024. The year-end has been extended to 30 September 2024 to include the final period of trading. These accounts are for an 18 month period and therefore are not entirely comparable with the prior 12 month 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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the directors there are no critical accounting judgements to disclose.

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
A financial asset or a financial liability is recognised only when the entity 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.

The company only has basic financial instruments.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 26 (2023 - 29).

 

Renown Gears Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

973,142

556,292

3,957,781

61,317

5,548,532

Disposals

(973,142)

(556,292)

(3,957,781)

(61,317)

(5,548,532)

At 30 September 2024

-

-

-

-

-

Depreciation

At 1 April 2023

334,231

532,910

3,442,403

31,434

4,340,978

Charge for the period

-

4,998

74,730

10,125

89,853

Eliminated on disposal

(334,231)

(537,908)

(3,517,133)

(41,559)

(4,430,831)

At 30 September 2024

-

-

-

-

-

Carrying amount

At 30 September 2024

-

-

-

-

-

At 31 March 2023

638,911

23,382

515,378

29,883

1,207,554

5

Stocks

2024
£

2023
£

Other inventories

-

498,039

6

Debtors

2024
£

2023
£

Trade debtors

40,298

767,103

Prepayments

-

18,006

Other debtors

71,327

210,677

111,625

995,786

 

Renown Gears Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

42,634

25,000

Trade creditors

 

4,445

283,045

Amounts owed to group undertakings and undertakings in which the company has a participating interest

106,156

-

Taxation and social security

 

10,457

132,131

Accruals and deferred income

 

12,336

25,362

 

176,028

465,538

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

50,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

50,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

42,634

25,000

9

Parent and ultimate parent undertaking

The company's immediate parent is Renown Holdings Limited, incorporated in United Kingdom.

 

 

Renown Gears Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

10

Non adjusting events after the financial period

The company ceased to trade on 12 September 2024 and the members intend to voluntarily liquidate the company.