Rappell Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01432328 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

RAPPELL GROUP LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

D L Blaney-Bailey

J L Quirk

REGISTERED OFFICE:

Moston Road

Sandbach

Cheshire

CW11 9HL

REGISTERED NUMBER:

01432328 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

The directors present their report with the financial statements of the company for the year ended 31st March 2022.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2021 to the date of this report.

D L Blaney-Bailey

J L Quirk

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D L Blaney-Bailey - Director

10th November 2022

FIXED ASSETS

Tangible assets

5

832,235

832,200

Investments

6

2

2

832,237

832,202

CURRENT ASSETS

Debtors

7

47,000

12,311

Cash at bank

526

1,324

47,526

13,635

CREDITORS

Amounts falling due within one year

8

62,896

37,340

NET CURRENT LIABILITIES

(15,370

)

(23,705

)

TOTAL ASSETS LESS CURRENT LIABILITIES

816,867

808,497

CREDITORS

Amounts falling due after more than one year

9

(9,362

)

(36,513

)

PROVISIONS FOR LIABILITIES

(74,976

)

(74,969

)

NET ASSETS

732,529

697,015

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

150

150

Revaluation reserve

492,458

492,458

Retained earnings

239,771

204,257

732,529

697,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 10th November 2022 and were signed on its behalf by:

D L Blaney-Bailey - Director

J L Quirk - Director

1.	STATUTORY INFORMATION

Rappell Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01432328 and the registered office address is Moston Road, Sandbach, Cheshire, CW11 9HL.

The principal activity of the company is that of a holding company.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Functional currency

The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Related party exemption

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.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company. It may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets and provisions are its critical accounting policies.

Turnover

Turnover represents the value of goods and services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets

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

Freehold property

-

1% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1st April 2021

570,000

219,740

59,477

849,217

Additions

-

25,658

-

25,658

Disposals

-

-

(2,500

)

(2,500

)

At 31st March 2022

570,000

245,398

56,977

872,375

DEPRECIATION

At 1st April 2021

-

-

17,017

17,017

Charge for year

-

15,000

10,620

25,620

Eliminated on disposal

-

-

(2,497

)

(2,497

)

At 31st March 2022

-

15,000

25,140

40,140

NET BOOK VALUE

At 31st March 2022

570,000

230,398

31,837

832,235

At 31st March 2021

570,000

219,740

42,460

832,200

Included within the net book value of £832,235 is £96,383 (2021 - £105,177) relating to assets held under hire purchase agreements. The depreciation charged to the income statement in the period in respect of such assets amounted to £8,794 (2021 - £nil).

The freehold property at Moston Road, Sandbach was valued on 10 May 2021 by P S Tomkinson MRICS registered valuer of Rory Mack Associates, plant and machinery has been valued by the directors.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2021

and 31st March 2022

2

NET BOOK VALUE

At 31st March 2022

2

At 31st March 2021

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

47,000

-

Other debtors

-

12,311

47,000

12,311

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

27,116

26,862

Amounts owed to group undertakings

20,774

2,995

Taxation and social security

15,006

7,483

62,896

37,340

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

9,362

36,513

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

36,478

63,375

The hire purchase liabilities are secured against the assets to which they relate.