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COMPANY REGISTRATION NUMBER: 08171119
RG Hearing Care Limited
Filleted Unaudited Financial Statements
31 August 2024
RG Hearing Care Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,563
20,660
Investments
6
444,523
---------
--------
450,086
20,660
Current assets
Debtors
7
1,843
1,726
Cash at bank and in hand
121,949
325,958
---------
---------
123,792
327,684
Creditors: amounts falling due within one year
8
295,317
88,228
---------
---------
Net current (liabilities)/assets
( 171,525)
239,456
---------
---------
Total assets less current liabilities
278,561
260,116
Creditors: amounts falling due after more than one year
9
9,167
19,167
---------
---------
Net assets
269,394
240,949
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
269,392
240,947
---------
---------
Shareholders funds
269,394
240,949
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RG Hearing Care Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
Mr R Gale
Director
Company registration number: 08171119
RG Hearing Care Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and the figures therein are rounded to the nearest whole pound. The principal activity of the company during the year was audiology and hearing aid services. In future years, principle activities will also include the letting of investment property.
Going concern
The Director considers that the company remains a going concern having regard to the financial support provided and future predicted cash flow and profitability.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% p.a. straight line
Equipment
-
33% p.a. straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
13,282
12,990
8,670
34,942
Additions
1,887
1,887
Transfers
( 13,282)
( 13,282)
--------
--------
--------
--------
At 31 August 2024
12,990
10,557
23,547
--------
--------
--------
--------
Depreciation
At 1 September 2023
6,279
8,003
14,282
Charge for the year
2,598
1,104
3,702
--------
--------
--------
--------
At 31 August 2024
8,877
9,107
17,984
--------
--------
--------
--------
Carrying amount
At 31 August 2024
4,113
1,450
5,563
--------
--------
--------
--------
At 31 August 2023
13,282
6,711
667
20,660
--------
--------
--------
--------
Included within the above is investment property as follows:
£
At 1 Septmeber 202313,282
Transfers to Investments(13,282)
--------
--------
Investment property brought forward was transferred during the year from Tangible Assets to Investments.
6. Investments
Investment Property
£
Cost
At 1 September 2023
Additions
431,241
Transfers
13,282
---------
At 31 August 2024
444,523
---------
Impairment
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 31 August 2024
444,523
---------
At 31 August 2023
---------
In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows:
Net book value as at 31 August 2024 £444,523 (2023: £13,282)
Historical cost as at 31 August 2024 £444,523 (2023: £13,282)
A valuation of the investment property was undertaken by the director as at 31 August 2024.
Investment property additions and transfers from Tangible Assets in the year includes set up and purchasing costs of property purchased during the year. The building is currently undergoing refurbishment works.
7. Debtors
2024
2023
£
£
Trade debtors
465
460
Other debtors
1,378
1,266
-------
-------
1,843
1,726
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
214,164
10,000
Trade creditors
22,611
25,049
Corporation tax
51,806
50,832
Social security and other taxes
4,299
Other creditors
2,437
2,347
---------
--------
295,317
88,228
---------
--------
On 19 July 2024 the company entered into a mortgage charge deposit agreement as security for monies due to SPF Bridging Ltd. As at 31 August 2024, the secured amount totalled £204,164.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
19,167
-------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Gale
( 168)
131,811
( 131,815)
( 172)
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Gale
( 355)
127,985
( 127,798)
( 168)
----
---------
---------
----
11. Related party transactions
The company was under the control of Mr R Gale throughout the current year. Mr R Gale is the managing director. As at 31 August 2024 the company owed the director £172 at the year end (2023: £168). During the year the company paid dividends to the shareholders of £113,000 (2023: £112,000).