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COMPANY REGISTRATION NUMBER: 02192130

Rally Design Limited

Filleted Unaudited Financial Statements

31 December 2024

Rally Design Limited

Financial Statements

Year ended 31 December 2024

Contents | Pages

Statement of financial position | 1 to 2

Notes to the financial statements | 3 to 8

Rally Design Limited

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 3,078,612 | 3,081,173

Current assets

Stocks | 598,387 |  | 595,161
Debtors | 7 | 89,043 |  | 77,071
Cash at bank and in hand | 4,552,198 |  | 4,212,299
| ------------ |  | ------------
| 5,239,628 |  | 4,884,531

Creditors: amounts falling due within one year | 8 | 1,047,231 |  | 953,393
| ------------ |  | ------------
Net current assets |  | 4,192,397 | 3,931,138
|  | ------------ | ------------
Total assets less current liabilities |  | 7,271,009 | 7,012,311

Provisions

Taxation including deferred tax |  | 177,377 | 177,497
|  | ------------ | ------------
Net assets |  | 7,093,632 | 6,834,814
|  | ------------ | ------------

Capital and reserves

Called up share capital |  | 100 | 100
Other reserves | 9 |  | 616,961 | 616,961
Profit and loss account | 9 |  | 6,476,571 | 6,217,753
|  | ------------ | ------------
Shareholders funds |  | 7,093,632 | 6,834,814
|  | ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rally Design Limited

Statement of Financial Position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 2 September 2025 , and are signed on behalf of the board by:

Mr D G Elderfield
Director

Company registration number: 02192130

Rally Design Limited

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, St Augustines Business Park, Estuary Way, Swalecliffe, Kent, CT5 2QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | 16% straight line
| Plant and machinery | - | 25% reducing balance
| Fixtures and fittings | - | 25% reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 January 2024 and 31 December 2024 | 1,441,257
| ------------
Amortisation |
At 1 January 2024 and 31 December 2024 | 1,441,257
| ------------
Carrying amount |
At 31 December 2024 | –
| ------------
At 31 December 2023 | –
| ------------

6. Tangible assets

| Freehold property | Long leasehold property | Plant and machinery | Fixtures and fittings | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 January 2024 | 3,070,000 | 499,242 | 66,255 | 46,040 | 3,681,537
Additions | – | – | – | 415 | 415
| ------------ | --------- | -------- | -------- | ------------
At 31 December 2024 | 3,070,000 | 499,242 | 66,255 | 46,455 | 3,681,952
| ------------ | --------- | -------- | -------- | ------------
Depreciation |  |  |  |  |
At 1 January 2024 | – | 499,242 | 58,924 | 42,198 | 600,364
Charge for the year | – | – | 1,833 | 1,143 | 2,976
| ------------ | --------- | -------- | -------- | ------------
At 31 December 2024 | – | 499,242 | 60,757 | 43,341 | 603,340
| ------------ | --------- | -------- | -------- | ------------
Carrying amount |  |  |  |  |
At 31 December 2024 | 3,070,000 | – | 5,498 | 3,114 | 3,078,612
| ------------ | --------- | -------- | -------- | ------------
At 31 December 2023 | 3,070,000 | – | 7,331 | 3,842 | 3,081,173
| ------------ | --------- | -------- | -------- | ------------

Included in freehold property are investment properties of £2,500,000 (2023: £2,500,000). The historic cost of the investment property is £1,673,257 (2023: £1,673,257). This value is deemed to be open market value as determined by the directors.
Included in freehold property are properties held at revalued amounts of £570,000 (2023: £570,000). The historic cost of the assets are £601,123 (2023: £601,123). The assets were valued at deemed market value by the Directors.
7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 38,459 | 51,327
Other debtors | 50,584 | 25,744
| -------- | --------
| 89,043 | 77,071
| -------- | --------

8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 630,532 | 511,524
Corporation tax | 183,358 | 277,402
Social security and other taxes | 7,583 | 40,829
Other creditors | 225,758 | 123,638
| ------------ | ---------
| 1,047,231 | 953,393
| ------------ | ---------

The company has a fixed and floating charge over its assets from HSBC.
9. Reserves
Other reserves - This is a revaluation reserve which records the value of investment and freehold property revaluations and fair value movements on assets recognised in other comprehensive income. This reserve is non-distributable. Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2024 | 2023
| £ | £
Not later than 1 year | 93,500 | 102,000
Later than 1 year and not later than 5 years | – | 93,500
| -------- | ---------
| 93,500 | 195,500
| -------- | ---------

11. Related party transactions
At the year end the company owed £nil (2023; £2,375) to the directors. At the year end the company owed £43,425 (2023: £77,808) to a company related by common control.