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REGISTERED NUMBER: 03338081 (England and Wales)















RCV ENGINES LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2024






RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RCV ENGINES LIMITED

Company Information
for the year ended 31 December 2024







Directors: Mr J B Adkins
Mr E Hill
Mr K T Lawes
Mr L J Gould
Mr S J Wootten





Registered office: 4 Telford Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7QL





Registered number: 03338081 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Balance Sheet
31 December 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 154,153 157,635
Tangible assets 5 43,583 64,020
197,736 221,655

Current assets
Stocks 405,655 430,462
Debtors 6 108,297 110,583
Cash at bank 158,896 50,380
672,848 591,425
Creditors
Amounts falling due within one year 7 (330,614 ) (605,538 )
Net current assets/(liabilities) 342,234 (14,113 )
Total assets less current liabilities 539,970 207,542

Creditors
Amounts falling due after more than one
year

8

(106,711

)

(113,181

)
Net assets 433,259 94,361

Capital and reserves
Called up share capital 11 1,036,951 918,698
Share premium 12 1,641,346 1,595,227
Retained earnings 12 (2,245,038 ) (2,419,564 )
Shareholders' funds 433,259 94,361

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





Mr E Hill - Director


RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Notes to the Financial Statements
for the year ended 31 December 2024


1. Statutory information

RCV Engines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company meets its day to day working capital requirements through the support of the directors and shareholders of the company. On this basis, the directors and shareholders consider it appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable where certain performance obligations are met, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten and twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 50% on cost
Computer equipment - 50% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, convertible loan notes and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets and liabilities - classified as basic financial instruments

(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 17 (2023 - 13 ) .

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


4. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2024 243,805
Additions 14,892
At 31 December 2024 258,697
Amortisation
At 1 January 2024 86,170
Amortisation for year 18,374
At 31 December 2024 104,544
Net book value
At 31 December 2024 154,153
At 31 December 2023 157,635

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 January 2024
and 31 December 2024 173,248 65,232 10,228 248,708
Depreciation
At 1 January 2024 109,663 64,797 10,228 184,688
Charge for year 20,003 434 - 20,437
At 31 December 2024 129,666 65,231 10,228 205,125
Net book value
At 31 December 2024 43,582 1 - 43,583
At 31 December 2023 63,585 435 - 64,020

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 6,835 139
Other debtors 101,462 110,444
108,297 110,583

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,354 10,099
Payments on account 146,136 223,625
Trade creditors 115,703 150,312
Taxation and social security 15,836 49,720
Other creditors 42,585 171,782
330,614 605,538

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 6,160 16,513
Other creditors 100,551 96,668
106,711 113,181

Other Creditors are not due for repayment until the company is cash generative.

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 42,000 42,000
Between one and five years 52,500 94,500
94,500 136,500

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Callen-Lenz Associates Ltd - 111,000

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4,005,116 Ordinary £0.25 1,001,279 883,026
654,531 Ordinary £0.0545 35,672 35,672
1,036,951 918,698

RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


12. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 January 2024 (2,419,564 ) 1,595,227 (824,337 )
Profit for the year 174,526 174,526
Cash share issue - 46,119 46,119
At 31 December 2024 (2,245,038 ) 1,641,346 (603,692 )

13. Share-based payment transactions

The company has in place a Share Option Scheme whereby options are granted to directors and
employees to acquire ordinary shares of 25p each.



Number of share optionsWeighted average exercise
price
2024202320242023
NumberNumber££

Outstanding at 1 January426,000426,0000.380.32
Expired during the year
Granted during the year 139,790
Outstanding at 31 December565,790426,0000.380.32

Exercisable at 31 December565,790426,0000.380.32

The options outstanding at 31 December 2024 had an exercise price of £0.38 and a remaining contractual life of up to 5 years.