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Registration number: 10073808

R H Autos Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

R H Autos Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

R H Autos Ltd

Company Information

Director

Mr Richard David Howlett

Registered office

Unit 9a
Lee Smith Street
Hull
East Yorkshire
HU9 1SD

Bankers

HSBC Bank
Merit House

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

R H Autos Ltd

(Registration number: 10073808)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

117,113

129,707

Current assets

 

Stocks

5

6,703

32,776

Debtors

6

36,133

24,062

Cash at bank and in hand

 

16,046

942

 

58,882

57,780

Creditors: Amounts falling due within one year

7

(60,758)

(81,717)

Net current liabilities

 

(1,876)

(23,937)

Total assets less current liabilities

 

115,237

105,770

Creditors: Amounts falling due after more than one year

7

(61,611)

(71,915)

Net assets

 

53,626

33,855

Capital and reserves

 

Called up share capital

8

40,000

40,000

Retained earnings

13,626

(6,145)

Shareholders' funds

 

53,626

33,855

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 June 2025
 

 

R H Autos Ltd

(Registration number: 10073808)
Balance Sheet as at 31 March 2025

.........................................
Mr Richard David Howlett
Director

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Unit 9a
Lee Smith Street
Hull
East Yorkshire
HU9 1SD
United Kingdom

These financial statements were authorised for issue by the director on 24 June 2025.

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.

Going concern

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

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.

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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

Plant and machinery

Reducing balance basis at 10%

Motor vehicles

Reducing balance basis at 15%

Property improvements

On cost basis at 20%.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2024 - 4).

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

2,779

15,910

199,491

218,180

Additions

-

-

3,653

3,653

At 31 March 2025

2,779

15,910

203,144

221,833

Depreciation

At 1 April 2024

1,427

6,627

81,915

89,969

Charge for the year

1,352

1,392

12,007

14,751

At 31 March 2025

2,779

8,019

93,922

104,720

Carrying amount

At 31 March 2025

-

7,891

109,222

117,113

At 31 March 2024

352

9,283

120,072

129,707

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings and £Nil (2024 - £352) in respect of short leasehold land and buildings.
 

5

Stocks

2025
£

2024
£

Other inventories

6,703

32,776

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

7,477

14,084

Prepayments

4,726

2,519

Other debtors

23,930

7,459

 

36,133

24,062

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

21,905

13,843

Trade creditors

 

20,339

26,633

Taxation and social security

 

16,441

9,472

Accruals and deferred income

 

2,000

400

Other creditors

 

73

31,369

 

60,758

81,717

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

61,611

71,915

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary £1 of £1 each

40,000

40,000

40,000

40,000

       
 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

54,611

61,415

Other borrowings

7,000

10,500

61,611

71,915

Current loans and borrowings

2025
£

2024
£

Bank borrowings

12,119

1,914

Bank overdrafts

-

2,729

Other borrowings

9,786

9,200

21,905

13,843

Bank borrowings

HSBC is denominated in GBP with a nominal interest rate of 10.0%, and the final instalment is due on 28 February 2026. The carrying amount at year end is £10,358 (2024 - £Nil).

Unsecured term loan provided with straight line repayment schedule.

HSBC Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 30 April 2030. The carrying amount at year end is £9,424 (2024 - £11,000).

Unsecured business loan with no repayments and interest rebated by UK government in first 12 months.

Funding Circle is denominated in GBP with a nominal interest rate of 16.4%, and the final instalment is due on 31 July 2029. The carrying amount at year end is £56,734 (2024 - £65,049).

Unsecured term loan provided with straight line repayment schedule.

10

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of £0.50 (2024 - £Nil) per each Ordinary £1

20,000

-

 

 
 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11

Related party transactions

Transactions with the director

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Mr Richard David Howlett

Directors Loan Account

(30,760)

61,160

(20,000)

10,400

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Richard David Howlett

Directors Loan Account

(9,000)

(21,760)

(30,760)

Director's remuneration

The director's remuneration for the year was as follows:

2025
£

2024
£

Remuneration

28,090

12,570

Dividends paid to the director

2025
£

2024
£

Mr Richard David Howlett

Ordinary £1

12,000

-

 

 

Summary of transactions with other related parties

Alloy Wheel Refurbishment Hull Ltd Supplier of services to the company.

Expenditure with and payables to related parties

2025

Other related parties
£

Rendering of services

14,650

 

R H Autos Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2024

Other related parties
£

Rendering of services

19,267