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REGISTERED NUMBER: 01154113 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

R.R.E.C. LIMITED
COMPANY LIMITED BY GUARANTEE

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R.R.E.C. LIMITED
COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION
For The Year Ended 31 October 2024







DIRECTORS: P A Brooks
D G G Wyld
P J Hegarty
P T Hopson
A J Channing
M Marshall-Clarke
T S Schulte
A Whittaker
C G J Wrang-Widen





SECRETARY: D Robinson





REGISTERED OFFICE: Innovation Centre
Silverstone Park
Silverstone
Towcester
Northamptonshire
NN12 8GX





REGISTERED NUMBER: 01154113 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,218 58,992
Tangible assets 5 10,910 12,043
Investments 6 38,850 38,850
91,978 109,885

CURRENT ASSETS
Stocks 7 16,497 7,259
Debtors 8 131,896 173,903
Cash at bank 807,690 968,427
956,083 1,149,589
CREDITORS
Amounts falling due within one year 9 170,083 237,046
NET CURRENT ASSETS 786,000 912,543
TOTAL ASSETS LESS CURRENT LIABILITIES 877,978 1,022,428

PROVISIONS FOR LIABILITIES 11 35,000 35,000
NET ASSETS 842,978 987,428

RESERVES
Capital reserve 4,500 4,500
Income and expenditure account 838,478 982,928
842,978 987,428

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 6 June 2025 and were signed on its behalf by:




D G G Wyld - Director



A Whittaker - Director


R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2024


1. STATUTORY INFORMATION

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

As well as the registered office the business trades out of:

The Hunt House
Paulerspury
Towcester
Northamptonshire
NN12 7NA

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.

There were no material departures from that standard.

Functional and presentational currency
The Company's functional and presentational currency is GBP.

Significant judgements and estimates
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.

Turnover
Turnover comprises members' subscriptions, publication and promotion income, advertising commissions, the invoiced value of goods and services supplied by the company and entry fees from events (excluding individual sections), excluding value added tax where applicable.

The company also acts as an intermediary for external events organised by members. The income and costs from these events is not recognised in the profit and loss account.

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.

Website costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Jigs and trophies - 20% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance
Computer equipment - 25% on reducing balance

Assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

Stocks are assessed for impairment on a perpetual basis. Impaired stock identified is reduced to its
selling price less costs to complete and the impairment loss is recognised immediately within the cost of
sales.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 surplus or deficit 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.

Fixed asset investments
Investments held as fixed assets are shown at cost less provision for permanent diminution in value.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023 89,500
Additions 1,300
At 31 October 2024 90,800
AMORTISATION
At 1 November 2023 30,508
Charge for year 18,074
At 31 October 2024 48,582
NET BOOK VALUE
At 31 October 2024 42,218
At 31 October 2023 58,992

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Jigs and and Computer
trophies equipment equipment Totals
£    £    £    £   
COST
At 1 November 2023 6,741 38,809 5,759 51,309
Additions - 955 700 1,655
At 31 October 2024 6,741 39,764 6,459 52,964
DEPRECIATION
At 1 November 2023 6,187 29,496 3,583 39,266
Charge for year 101 2,079 608 2,788
At 31 October 2024 6,288 31,575 4,191 42,054
NET BOOK VALUE
At 31 October 2024 453 8,189 2,268 10,910
At 31 October 2023 554 9,313 2,176 12,043

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023
and 31 October 2024 38,850
NET BOOK VALUE
At 31 October 2024 38,850
At 31 October 2023 38,850

Other investments are represented by:

Rolls-Royce Twenty Shooting Brake £31,200
1939 Ledger £7,650

These investments are stated at cost less any permanent diminution in value.

The market value of these items is estimated by the Directors to be at least equal to cost.

7. STOCKS
2024 2023
£    £   
Stocks 16,497 7,259

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,257 32,046
Other debtors 30,475 84,412
VAT 4,049 14,644
Prepayments 60,115 42,801
131,896 173,903

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 39,079 86,793
Corporation tax 21,679 18,465
Social security and other taxes 8,446 1,955
Other creditors 4,117 5,555
Subscriptions in advance 85,671 108,212
Accrued expenses 11,091 16,066
170,083 237,046

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 84,510 45,450
Between one and five years 246,971 178,941
In more than five years 219,748 198,875
551,229 423,266

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions
Dilapidations provision 35,000 35,000

Other
provisions
£   
Balance at 1 November 2023 35,000
Balance at 31 October 2024 35,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

13. CONTINGENT LIABILITIES

In accordance with the lease, there is an obligation for RREC Ltd to maintain defined areas within the Hunt House in a good and sound condition. RREC has undertaken significant repairs and renewals to date, adhering to the lease conditions. As of December 2024, further work at an estimated cost of £112k may be required to meet the obligations, and whilst this figure could increase over the remaining term of the lease, it may also be reduced or off-set pending discussions with the Landlord relating to repairs they are obligated to undertake. Furthermore, the future of the building is also under consideration by the Landlord, which may further impact any dilapidations provision. Therefore whilst there is likely to be an outflow of economic resources, the amount of the obligation cannot be measured with sufficient reliability at this point. Accordingly, RREC have maintained the dilapidations provision of £35,000 for now and will look to build this up over the remainder of the lease, pending any further changes and discussions with the Landlord

R.R.E.C. LIMITED (REGISTERED NUMBER: 01154113)
COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024


14. RELATED PARTY DISCLOSURES

(1) The Sir Henry Royce Memorial Foundation Limited

A company which had directors in common with R.R.E.C. Limited until 20 April 2024.

The Sir Henry Royce Memorial Foundation Limited (SHRMF) owns the following property

The Hunt House
Paulersbury
Towcester
Northamptonshire
NN12 7NA

R.R.E.C. Limited pays rent to occupy this building.

The amount paid in the year was £49,416 (2023: £60,418). The decrease comes as a result of the additional rent review for 2021, 2022 and 2023 being in the prior year.

In addition, there are various expense recharges between the two entities.

The total for the year ended 31 October 2024 was:

Income £59,236 (2023: £70,274)
Expenses £22,475 (2023: £29,306)

The balance with SHRMF at 31 October 2024 was £90 creditor (2023: £6,351 creditor).

During the year the company paid for the services of a member of the entity in relation to the annual rally amounting to £23,950 (2023: £nil). At the year end balances due to the member was £nil (2023: £nil)

15. ULTIMATE CONTROLLING PARTY

R.R.E.C. Limited is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.