Rejel Automotive Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03051813

Financial Statements for the Year Ended 31 July 2022

for

Rejel Automotive Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Reeds

REGISTERED OFFICE:

Rejel House

Murdock Road

Bedford

Bedfordshire

MK41 7PE

REGISTERED NUMBER:

03051813

ACCOUNTANTS:

Thompsons Accountancy Services Limited

Chartered Accountants

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

66,533

58,040

66,533

58,040

CURRENT ASSETS

Stocks

7

207,152

186,017

Debtors

8

45,189

64,926

Cash at bank and in hand

94,641

62,048

346,982

312,991

CREDITORS

Amounts falling due within one year

9

183,273

168,580

NET CURRENT ASSETS

163,709

144,411

TOTAL ASSETS LESS CURRENT LIABILITIES

230,242

202,451

CREDITORS

Amounts falling due after more than one year

10

22,667

30,667

NET ASSETS

207,575

171,784

CAPITAL AND RESERVES

Allotted, called up and

fully paid share capital

100

100

Retained earnings

207,475

171,684

SHAREHOLDERS' FUNDS

207,575

171,784

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

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

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2022 and were signed by:

J Reeds - Director

1.	STATUTORY INFORMATION

Rejel Automotive Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of fifteen years. A further acquisition of goodwill was made in 2004 and is being written of over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2021

and 31 July 2022

113,000

AMORTISATION

At 1 August 2021

and 31 July 2022

113,000

NET BOOK VALUE

At 31 July 2022

-

At 31 July 2021

-

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2021

41,542

94,900

27,802

164,244

Additions

-

45,500

-

45,500

Disposals

-

(50,900

)

-

(50,900

)

At 31 July 2022

41,542

89,500

27,802

158,844

DEPRECIATION

At 1 August 2021

37,375

42,958

25,871

106,204

Charge for year

833

18,583

482

19,898

Eliminated on disposal

-

(33,791

)

-

(33,791

)

At 31 July 2022

38,208

27,750

26,353

92,311

NET BOOK VALUE

At 31 July 2022

3,334

61,750

1,449

66,533

At 31 July 2021

4,167

51,942

1,931

58,040

7.

STOCKS

31.7.22

31.7.21

£

£

Stocks

207,152

186,017

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

44,092

64,009

Prepayments

1,097

917

45,189

64,926

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade creditors

64,924

47,928

Tax

11,745

16,465

Social security and other taxes

802

915

VAT

12,774

9,001

Other creditors

64,218

64,218

Directors' current accounts

17,536

21,295

Accruals and deferred income

11,274

8,758

183,273

168,580

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans - 1-2 years

8,000

8,000

Bank loans - 2-5 years

14,667

22,667

22,667

30,667