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River Canal Rescue Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04126409
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,200 2,400
Tangible Assets 5 383,697 357,435
384,897 359,835
CURRENT ASSETS
Stocks 6 344,637 393,286
Debtors 7 367,399 342,333
Cash at bank and in hand 3,631 93,698
715,667 829,317
Creditors: Amounts Falling Due Within One Year 8 (334,565 ) (224,619 )
NET CURRENT ASSETS (LIABILITIES) 381,102 604,698
TOTAL ASSETS LESS CURRENT LIABILITIES 765,999 964,533
Creditors: Amounts Falling Due After More Than One Year 9 (373,203 ) (578,168 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (72,902 ) (64,338 )
NET ASSETS 319,894 322,027
CAPITAL AND RESERVES
Called up share capital 11 575 575
Share premium account 52,923 52,923
Profit and Loss Account 266,396 268,529
SHAREHOLDERS' FUNDS 319,894 322,027
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Stephanie Horton
Director
3 September 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
River Canal Rescue Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04126409 . The registered office is Unit 11 Tilcon Avenue, Stafford, ST18 0YJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relates to business acquisition of WaterNav. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% SL
Plant & Machinery 20% RB
Motor Vehicles 15% RB
Fixtures & Fittings 20% SL
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 30)
32 30
4. Intangible Assets
Goodwill WaterNav Total
£ £ £
Cost
As at 1 January 2024 20,000 12,000 32,000
As at 31 December 2024 20,000 12,000 32,000
Amortisation
As at 1 January 2024 20,000 9,600 29,600
Provided during the period - 1,200 1,200
As at 31 December 2024 20,000 10,800 30,800
Net Book Value
As at 31 December 2024 - 1,200 1,200
As at 1 January 2024 - 2,400 2,400
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 242,766 326,365 41,146 610,277
Additions 3,942 124,440 1,224 129,606
Disposals (29,296 ) (27,905 ) (5,430 ) (62,631 )
As at 31 December 2024 217,412 422,900 36,940 677,252
Depreciation
As at 1 January 2024 64,240 167,247 21,355 252,842
...CONTINUED
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Page 5
Provided during the period 34,426 41,201 5,255 80,882
Disposals (18,954 ) (19,022 ) (2,193 ) (40,169 )
As at 31 December 2024 79,712 189,426 24,417 293,555
Net Book Value
As at 31 December 2024 137,700 233,474 12,523 383,697
As at 1 January 2024 178,526 159,118 19,791 357,435
6. Stocks
2024 2023
£ £
Stock 344,637 393,286
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 113,950 136,490
Other debtors 253,449 205,843
367,399 342,333
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 46,923 52,826
Bank loans and overdrafts 8,858 7,481
Other creditors 99,925 22,815
Taxation and social security 178,859 141,497
334,565 224,619
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 103,091 20,454
Other creditors 270,112 557,714
373,203 578,168
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 103,091 20,454
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 575 575
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