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REGISTERED NUMBER: 07239309 (United Kingdom)















Financial Statements for the Year Ended 31 July 2024

for

RUNTECH (NORTH) LIMITED

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 5,583,137 4,552,257

CURRENT ASSETS
Stocks 5 10,686 10,579
Debtors 6 4,465,288 3,913,985
Cash at bank 20,593 49,497
4,496,567 3,974,061
CREDITORS
Amounts falling due within one year 7 2,293,076 1,615,721
NET CURRENT ASSETS 2,203,491 2,358,340
TOTAL ASSETS LESS CURRENT LIABILITIES 7,786,628 6,910,597

CREDITORS
Amounts falling due after more than one year 8 (2,788,277 ) (2,240,135 )

PROVISIONS FOR LIABILITIES 9 (576,629 ) (580,808 )
NET ASSETS 4,421,722 4,089,654

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 4,421,622 4,089,554
SHAREHOLDERS' FUNDS 4,421,722 4,089,654

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2025 and were signed by:





Mr I Gorvett - Director


RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Runtech (North) Limited is a private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address are as below:

Registered number: 07239309

Registered office: Dyffryn Court
Riverside Business Park
Swansea Vale
Swansea
SA7 0AP

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


2. 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition
Revenue 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. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The majority of the revenue relates to the provision of vehicles on short term leases, and also the supply of labour. This revenue is recognised in the month that the service is provided. Due to invoicing arrangements on certain contracts, revenue is not always invoiced at the end of a month, but it is recognised as work in progress within trade debtors in the financial statements.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or be incurred in respect of the transaction can be measured reliably.

Rebate on vehicle acquisition
The company receives rebates when acquiring certain fleet vehicles. These rebates are classified as deferred income in the financial statements and are released to the profit and loss account at the same rate as the vehicles are depreciated.

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 8% - 25% Straight line
Fixtures and fittings - 16.67%- 50% Straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. 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.

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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

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 Profit and Loss Account 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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 46 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 August 2023 8,838,783 160,987 8,999,770
Additions 2,223,898 5,202 2,229,100
Disposals (608,996 ) - (608,996 )
At 31 July 2024 10,453,685 166,189 10,619,874
DEPRECIATION
At 1 August 2023 4,300,691 146,822 4,447,513
Charge for year 836,833 9,260 846,093
Eliminated on disposal (256,869 ) - (256,869 )
At 31 July 2024 4,880,655 156,082 5,036,737
NET BOOK VALUE
At 31 July 2024 5,573,030 10,107 5,583,137
At 31 July 2023 4,538,092 14,165 4,552,257


5. STOCKS
2024 2023
£    £   
Stocks 10,686 10,579

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,225,614 1,777,737
Amounts owed by group undertakings 1,963,924 1,719,907
Other debtors 32,561 60,439
Deferred tax asset 206,189 323,713
Prepayments 37,000 32,189
4,465,288 3,913,985

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,122,153 880,072
Trade creditors 66,984 121,967
Amounts owed to group undertakings - 20,000
Social security and other taxes 128,695 114,086
Other creditors 299,309 86,478
Directors' loan accounts 334,015 278,555
Accruals and deferred income 341,920 114,563
2,293,076 1,615,721

The hire purchase liabilities are secured against the assets to which they relate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 2,788,277 2,240,135

The hire purchase liabilities are secured against the assets to which they relate.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 576,629 580,808

Deferred
tax
£   
Balance at 1 August 2023 580,808
Credit to Profit and Loss Account during year (4,179 )
Balance at 31 July 2024 576,629

RUNTECH (NORTH) LIMITED (REGISTERED NUMBER: 07239309)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


10. CALLED UP SHARE CAPITAL

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

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen John Bickerton (Senior Statutory Auditor)
for and on behalf of Advantage Accountancy & Advisory Ltd