Rush (High Wycombe) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09283094 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Rush (High Wycombe) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P I Haagaas

T McClure

D E Melhus

REGISTERED OFFICE:

Unit 5 Patchway Trading Estate

Britannia Road

Patchway

Bristol

BS34 5TA

REGISTERED NUMBER:

09283094 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew Dobbins FCA

AUDITORS:

Dunkley's Statutory Auditors Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

2,826

4,965

Tangible assets

5

1,186,670

1,326,237

1,189,496

1,331,202

CURRENT ASSETS

Stocks

64,886

30,720

Debtors

6

191,578

190,136

Cash at bank

487,952

74,726

744,416

295,582

CREDITORS

Amounts falling due within one year

7

2,125,200

1,912,297

NET CURRENT LIABILITIES

(1,380,784

)

(1,616,715

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(191,288

)

(285,513

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

(191,290

)

(285,515

)

SHAREHOLDERS' FUNDS

(191,288

)

(285,513

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2022 and were signed on its behalf by:

T McClure - Director

1.	STATUTORY INFORMATION

Rush (High Wycombe) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Revenue arises from the sale of merchandise. Revenue is recognised when the customer accepts delivery of the goods.

Rendering of services

The services provided generally take place on a single day, or over-night.

Revenue is recognised on customer arrival and is measured at the fair value of the consideration received.

Revenue for advance bookings is deferred and recognised on customer arrival or in the case of cancelled

bookings on the date of cancellation.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially recognised at the combined cost of the asset, plus installation and delivery.

These assets are recognised on the date that the goods are delivered, and installed where the purchase includes this service.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2020 - 72 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

21,858

AMORTISATION

At 1 January 2021

16,893

Charge for year

2,139

At 31 December 2021

19,032

NET BOOK VALUE

At 31 December 2021

2,826

At 31 December 2020

4,965

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2021

1,027,473

1,156,648

2,184,121

Additions

3,436

-

3,436

At 31 December 2021

1,030,909

1,156,648

2,187,557

DEPRECIATION

At 1 January 2021

505,528

352,356

857,884

Charge for year

65,882

77,121

143,003

At 31 December 2021

571,410

429,477

1,000,887

NET BOOK VALUE

At 31 December 2021

459,499

727,171

1,186,670

At 31 December 2020

521,945

804,292

1,326,237

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Other debtors

77,472

155,619

Deferred tax asset

643

28,460

Prepayments and accrued income

113,463

6,057

191,578

190,136

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

-

174

Trade creditors

127,006

4,034

Amounts owed to group undertakings

1,892,249

1,671,385

Social security and other taxes

47,270

76,088

VAT

27,071

26,690

Other creditors

987

71,282

Accruals and deferred income

30,617

62,644

2,125,200

1,912,297

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

2

Ordinary

£1

2

2

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Dobbins FCA (Senior Statutory Auditor)

for and on behalf of Dunkley's Statutory Auditors Chartered Accountants

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	ULTIMATE CONTROLLING PARTY

The parent of the smallest group for which consolidated financial statements are drawn up of which this company is a member is Parc Invest AS, a company registered in Norway.

The registered office of the parent is Holtet 45, 1368 Stabekk, Norway.