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Rhino Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

Registration number: 02549545

 

Rhino Enterprises Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Rhino Enterprises Limited

(Registration number: 02549545)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

62,584

25,735

Current assets

 

Debtors

5

6,409,737

6,537,291

Cash at bank and in hand

 

28,862

79,283

 

6,438,599

6,616,574

Creditors: Amounts falling due within one year

6

(8,608,747)

(7,931,965)

Net current liabilities

 

(2,170,148)

(1,315,391)

Total assets less current liabilities

 

(2,107,564)

(1,289,656)

Creditors: Amounts falling due after more than one year

6

(37,435)

(20,834)

Net liabilities

 

(2,144,999)

(1,310,490)

Capital and reserves

 

Called up share capital

800

800

Share premium reserve

100,200

100,200

Retained earnings

(2,245,999)

(1,411,490)

Shareholders' deficit

 

(2,144,999)

(1,310,490)

For the financial year ending 31 July 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 year 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.

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 17 April 2025 and signed on its behalf by:
 

.........................................
Mr R N J Schofield
Director

 

Rhino Enterprises Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Regent Buildings
Regent Street
Leeds
LS2 7QA

These financial statements were authorised for issue by the Board on 17 April 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent upon the support of its directors. The directors have confirmed they will continue to offer this support for the next twelve months. The directors therefore consider it appropriate to draw up the financial statements on a going concern basis.

The company meets its working capital requirements from its own cash reserves and through inter-company accounts with other related companies. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a resonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.e financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rhino Enterprises Limited

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

Tax

The tax expense for the period comprises current 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.

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.

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 buildings

4% straight line

Furniture, fittings and equipment

33% reducing balance

Motor vehicles

25% reducing balance

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.

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.

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 statement of financial position as a finance lease obligation.

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

 

Rhino Enterprises Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

47,447

466,286

54,289

568,022

Additions

-

-

42,489

42,489

At 31 July 2024

47,447

466,286

96,778

610,511

Depreciation

At 1 August 2023

31,657

459,807

50,823

542,287

Charge for the year

1,898

1,990

1,752

5,640

At 31 July 2024

33,555

461,797

52,575

547,927

Carrying amount

At 31 July 2024

13,892

4,489

44,203

62,584

At 31 July 2023

15,790

6,479

3,466

25,735

Included within the net book value of land and buildings above is £13,892 (2023 - £15,790) in respect of long leasehold land and buildings.
 

5

Debtors

 

Rhino Enterprises Limited

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

Current

Note

2024
£

2023
£

Trade debtors

 

61,637

48,345

Amounts owed by group undertakings

8

6,003,366

6,107,449

Prepayments

 

336,581

248,980

Other debtors

 

8,153

132,517

   

6,409,737

6,537,291

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

18,456

10,000

Trade creditors

 

102,091

71,823

Amounts owed to group undertakings

8

7,728,827

6,874,791

Taxation and social security

 

18,870

27,878

Accruals and deferred income

 

55,399

61,270

Other creditors

 

685,104

886,203

 

8,608,747

7,931,965

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

37,435

20,834

 

Rhino Enterprises Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,833

20,834

Hire purchase contracts

26,602

-

37,435

20,834

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

8,456

-

18,456

10,000

8

Related party transactions

Summary of transactions with parent

At the year end the company owed its parent company, Rhino Enterprises Holdings Limited £646,729 (2023 £639,542). No interest has been charged on this balance.
 

Summary of transactions with entities with joint control or significant interest

At the year end the company was owed £6,003,366 (2023 £6,107,449) from associated companies under common control. No interest has been charged on this balance.

At the year end the company owed £7,082,098 (2023 £6,235,249) to Rhino Enterprises Properties Limited, a subsidiary wholly owned by parent company Rhino Enterprises Holding Limited.

 

9

Parent and ultimate parent undertaking

The company's ultimate parent is Rhino Enterprises Holdings Limited, incorporated in England and Wales.