IRIS Accounts Production v25.1.4.42 01716299 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false 12608 12608 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017162992023-12-31017162992024-12-31017162992024-01-012024-12-31017162992022-12-31017162992023-01-012023-12-31017162992023-12-3101716299ns15:EnglandWales2024-01-012024-12-3101716299ns14:PoundSterling2024-01-012024-12-3101716299ns10:Director12024-01-012024-12-3101716299ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101716299ns10:SmallEntities2024-01-012024-12-3101716299ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3101716299ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3101716299ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101716299ns10:FullAccounts2024-01-012024-12-3101716299ns10:Director2422024-01-012024-12-3101716299ns10:Director2422024-12-3101716299ns10:Director22024-01-012024-12-3101716299ns10:CompanySecretary12024-01-012024-12-3101716299ns10:RegisteredOffice2024-01-012024-12-3101716299ns5:CurrentFinancialInstruments2024-12-3101716299ns5:CurrentFinancialInstruments2023-12-3101716299ns5:Non-currentFinancialInstruments2024-12-3101716299ns5:Non-currentFinancialInstruments2023-12-3101716299ns5:ShareCapital2024-12-3101716299ns5:ShareCapital2023-12-3101716299ns5:RetainedEarningsAccumulatedLosses2024-12-3101716299ns5:RetainedEarningsAccumulatedLosses2023-12-3101716299ns5:MotorVehicles2024-01-012024-12-3101716299ns5:ComputerEquipment2024-01-012024-12-3101716299ns5:MotorVehicles2023-12-3101716299ns5:ComputerEquipment2023-12-3101716299ns5:MotorVehicles2024-12-3101716299ns5:ComputerEquipment2024-12-3101716299ns5:MotorVehicles2023-12-3101716299ns5:ComputerEquipment2023-12-3101716299ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3101716299ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3101716299ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3101716299ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3101716299ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3101716299ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3101716299ns5:Secured2024-12-3101716299ns5:Secured2023-12-31017162991ns10:Director12023-12-31017162991ns10:Director12022-12-31017162991ns10:Director12024-01-012024-12-31017162991ns10:Director12023-01-012023-12-31017162991ns10:Director12024-12-31017162991ns10:Director12023-12-31
REGISTERED NUMBER: 01716299 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

R J Neville Limited

R J Neville Limited (Registered number: 01716299)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R J Neville Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: R J Neville
Mrs E E Neville





SECRETARY: Mrs E E Neville





REGISTERED OFFICE: Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA





REGISTERED NUMBER: 01716299 (England and Wales)

R J Neville Limited (Registered number: 01716299)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 42,900 9,273

CURRENT ASSETS
Stocks 30,000 30,000
Debtors 6 39,648 32,612
Cash at bank 121,324 215,308
190,972 277,920
CREDITORS
Amounts falling due within one year 7 32,165 68,500
NET CURRENT ASSETS 158,807 209,420
TOTAL ASSETS LESS CURRENT
LIABILITIES

201,707

218,693

CREDITORS
Amounts falling due after more than one
year

8

6,161

16,515
NET ASSETS 195,546 202,178

CAPITAL AND RESERVES
Called up share capital 50,099 50,099
Retained earnings 145,447 152,079
SHAREHOLDERS' FUNDS 195,546 202,178

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.

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 Statement of Income and Retained Earnings has not been delivered.

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





R J Neville - Director


R J Neville Limited (Registered number: 01716299)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

R J Neville 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis.

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. The Company has adopted Section 1A of FRS 102 in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added tax, for the supply of goods and services in the motorsport industry.

Turnover from the supply of services is recorded in the period that the services are provided. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on straight line basis
Computer equipment - 25% on straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised. Cost is calculated using the first-in, first-out method.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

R J Neville Limited (Registered number: 01716299)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

Basic financial assets, including trade and other receivables, 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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal 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) control 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.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts 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.


R J Neville Limited (Registered number: 01716299)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current and deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Share capital
Ordinary shares are classified as equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

R J Neville Limited (Registered number: 01716299)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 21,270 3,985 25,255
Additions 45,000 - 45,000
Disposals (9,770 ) - (9,770 )
At 31 December 2024 56,500 3,985 60,485
DEPRECIATION
At 1 January 2024 12,070 3,912 15,982
Charge for year 11,300 73 11,373
Eliminated on disposal (9,770 ) - (9,770 )
At 31 December 2024 13,600 3,985 17,585
NET BOOK VALUE
At 31 December 2024 42,900 - 42,900
At 31 December 2023 9,200 73 9,273

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,071 24,000
Other debtors - 43
Directors' current accounts 12,608 -
Prepayments and accrued income 7,969 8,569
39,648 32,612

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,354 10,099
Trade creditors 8,660 9,725
Social security and other taxes 5,075 802
Other creditors 5,086 3,547
Directors' current accounts - 41,337
Accruals and deferred income 2,990 2,990
32,165 68,500

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 6,161 10,354
Bank loans - 2-5 years - 6,161
6,161 16,515

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 16,515 26,614

The bank loan is secured by a fixed and floating charge over the assets of the company.

R J Neville Limited (Registered number: 01716299)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
R J Neville and Mrs E E Neville
Balance outstanding at start of year - -
Amounts advanced 12,608 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,608 -

Interest is charged on overdrawn loan accounts in excess of £10,000 at HM Revenue & Customs' official beneficial loan interest rate. The total interest charged in the year was £306 (2023 - £nil).