Rally Design Limited Filleted accounts for Companies House (small and micro)

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.