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Company Registration number: 09747927

Robinson Car and Commercial Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 September 2024

 

Robinson Car and Commercial Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Robinson Car and Commercial Limited

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

89,747

93,000

Tangible assets

5

582,626

527,444

 

672,373

620,444

Current assets

 

Stocks

6

40,304

41,192

Debtors

7

266,293

176,280

Cash at bank and in hand

 

166,863

218,240

 

473,460

435,712

Creditors: Amounts falling due within one year

8

(491,267)

(587,622)

Net current liabilities

 

(17,807)

(151,910)

Total assets less current liabilities

 

654,566

468,534

Creditors: Amounts falling due after more than one year

8

(155,800)

(199,115)

Provisions for liabilities

(88,287)

(41,909)

Net assets

 

410,479

227,510

Capital and reserves

 

Called up share capital

2

2

Retained earnings

410,477

227,508

Shareholders' funds

 

410,479

227,510

 

Robinson Car and Commercial Limited

Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 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 Profit and Loss Account.

Company registration number: 09747927

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr R Robinson
Director

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 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:
The Control Tower
Silloth Airfield
Silloth
Wigton
CA7 4NS

These financial statements were authorised for issue by the Board on 18 December 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred 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.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible fixed assets

10% straight line

Goodwill

10% straight line

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 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.

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

STAFF NUMBERS

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

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

115,000

-

115,000

Additions

-

9,079

9,079

At 30 September 2024

115,000

9,079

124,079

Amortisation

At 1 October 2023

22,000

-

22,000

Amortisation charge

11,500

832

12,332

At 30 September 2024

33,500

832

34,332

Carrying amount

At 30 September 2024

81,500

8,247

89,747

At 30 September 2023

93,000

-

93,000

5

TANGIBLE ASSETS

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and
machinery
£

Total
£

Cost or valuation

At 1 October 2023

4,588

102,995

565,293

672,876

Additions

-

-

174,925

174,925

At 30 September 2024

4,588

102,995

740,218

847,801

Depreciation

At 1 October 2023

4,588

45,791

95,053

145,432

Charge for the year

-

14,301

105,442

119,743

At 30 September 2024

4,588

60,092

200,495

265,175

Carrying amount

At 30 September 2024

-

42,903

539,723

582,626

At 30 September 2023

-

57,204

470,240

527,444

 

Robinson Car and Commercial Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

6

STOCKS

2024
£

2023
£

Sheep

2,650

4,490

Materials and work in progress

37,654

36,702

40,304

41,192

7

DEBTORS

2024
£

2023
£

Trade debtors

254,547

171,499

Prepayments

11,746

4,781

266,293

176,280

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

144,866

124,253

Trade creditors

67,325

115,122

Taxation and social security

43,595

30,243

Accruals and deferred income

3,002

3,250

Other creditors

232,479

314,754

491,267

587,622

Creditors due within one year include bank loans and overdrafts of £nil (2023: £2,166) and net obligations under finance lease and hire purchase contracts which are secured of £144,866 (2023: £122,087).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

155,800

199,115

Creditors due after one year include net obligations under finance lease and hire purchase contracts which are secured of £155,800 (2023: £199,115).