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Registration number: 04381526

RH2 Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

RH2 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

RH2 Limited

(Registration number: 04381526)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,272

8,366

Current assets

 

Stocks

5

5,349

7,193

Debtors

6

18,422

14,889

Cash at bank and in hand

 

1,826

3,943

 

25,597

26,025

Creditors: Amounts falling due within one year

7

(30,179)

(33,052)

Net current liabilities

 

(4,582)

(7,027)

Total assets less current liabilities

 

2,690

1,339

Creditors: Amounts falling due after more than one year

7

(1,409)

(2,299)

Provisions for liabilities

(1,107)

-

Net assets/(liabilities)

 

174

(960)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

170

(964)

Shareholders' funds/(deficit)

 

174

(960)

For the financial year ending 31 March 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.

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.

 

RH2 Limited

(Registration number: 04381526)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
Mr W R Hargreaves
Director

 

RH2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 9
Millard Industrial Estate
Cornwallis Road
West Bromwich
West Midlands
B70 9BY

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

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.

Tax

The tax expense for the period comprises current and deferred tax.

The current 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.

 

RH2 Limited

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures, fittings and computer equipment

straight line over 3 years/15% reducing balance

Plant and machinery

15% reducing balance

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

RH2 Limited

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

4

Tangible assets

Fixtures, fittings and computer equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

16,824

4,316

21,140

Additions

216

-

216

At 31 March 2024

17,040

4,316

21,356

Depreciation

At 1 April 2023

9,199

3,575

12,774

Charge for the year

1,199

111

1,310

At 31 March 2024

10,398

3,686

14,084

Carrying amount

At 31 March 2024

6,642

630

7,272

At 31 March 2023

7,625

741

8,366

5

Stocks

2024
£

2023
£

Stock

5,349

7,193

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

11,223

12,956

Amounts owed by related parties

8

5,995

-

Prepayments

 

445

461

Other debtors

 

759

1,472

   

18,422

14,889

 

RH2 Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loan

890

891

Trade creditors

 

10,801

14,966

Amounts owed to participating interests

 

-

800

Taxation and social security

 

4,280

50

Other creditors

 

14,208

16,345

 

30,179

33,052

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loan

1,409

2,299

8

Related party transactions

Summary of transactions with all entities with joint control or significant interest

During the year, advances were made to B70 Composites Ltd totalling £6,795. This company is related due to Mr and Mrs Hargreaves being director/shareholders in both B70 Composites Ltd and RH2 Limited.

Furthermore, sales were also made to B70 Composites amounting to £6,119. At the balance sheet date, a loan amount of £5,995 (2023: Creditor) was due to RH2 Limited and trade debtors of £6,343 (2023: £nil) were also owed.