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Company No: 04532030 (England and Wales)

RISEGREEN MOTOR COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

RISEGREEN MOTOR COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

RISEGREEN MOTOR COMPANY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
RISEGREEN MOTOR COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors M A Palmer
T Palmer
Secretary T Palmer
Registered office Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
United Kingdom
Company number 04532030 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
RISEGREEN MOTOR COMPANY LIMITED

BALANCE SHEET

As at 31 December 2024
RISEGREEN MOTOR COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,624 2,664
2,624 2,664
Current assets
Stocks 253,323 312,569
Debtors 4 3,384 3,235
256,707 315,804
Creditors: amounts falling due within one year 5 ( 104,047) ( 178,175)
Net current assets 152,660 137,629
Total assets less current liabilities 155,284 140,293
Creditors: amounts falling due after more than one year 6 ( 4,636) ( 14,814)
Provision for liabilities 7 ( 499) ( 506)
Net assets 150,149 124,973
Capital and reserves
Called-up share capital 2 2
Profit and loss account 150,147 124,971
Total shareholders' funds 150,149 124,973

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Risegreen Motor Company Limited (registered number: 04532030) were approved and authorised for issue by the Board of Directors on 19 May 2025. They were signed on its behalf by:

M A Palmer
Director
RISEGREEN MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
RISEGREEN MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Risegreen Motor Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is based on the purchase price of each vehicle.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised immediately as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2024 11,391 11,391
Additions 666 666
At 31 December 2024 12,057 12,057
Accumulated depreciation
At 01 January 2024 8,727 8,727
Charge for the financial year 706 706
At 31 December 2024 9,433 9,433
Net book value
At 31 December 2024 2,624 2,624
At 31 December 2023 2,664 2,664

4. Debtors

2024 2023
£ £
Prepayments 3,384 3,235

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 67,261 85,054
Trade creditors 2,908 2,969
Amounts owed to directors 22,764 79,137
Accruals 2,625 2,795
Corporation tax 6,382 5,717
Other taxation and social security 2,107 2,503
104,047 178,175

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,636 14,814

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 506) ( 530)
Credited to the Statement of Income and Retained Earnings 7 24
At the end of financial year ( 499) ( 506)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 499) ( 506)