Reigate Motor Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07072538 (England and Wales)

Financial Statements

for the Year Ended 31st December 2022

for

REIGATE MOTOR COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S M Youthed

C W Yeoell

REGISTERED OFFICE:

2 Reigate Road

Sidlow

Reigate

Surrey

RH2 8QH

REGISTERED NUMBER:

07072538 (England and Wales)

ACCOUNTANTS:

Cheeld Wheeler & Co

Chartered Certified Accountants

Redhill Chambers

2d High Street

Redhill

Surrey

RH1 1RJ

FIXED ASSETS

Tangible assets

4

14,950

16,443

CURRENT ASSETS

Stocks

-

500

Debtors

5

24,756

15,090

Cash at bank

385,527

197,097

410,283

212,687

CREDITORS

Amounts falling due within one year

6

165,299

113,763

NET CURRENT ASSETS

244,984

98,924

TOTAL ASSETS LESS CURRENT LIABILITIES

259,934

115,367

PROVISIONS FOR LIABILITIES

3,139

3,139

NET ASSETS

256,795

112,228

CAPITAL AND RESERVES

Called up share capital

7

150

150

Capital redemption reserve

8

150

150

Retained earnings

8

256,495

111,928

SHAREHOLDERS' FUNDS

256,795

112,228

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st March 2023 and were signed on its behalf by:

S M Youthed - Director

C W Yeoell - Director

1.	STATUTORY INFORMATION

Reigate Motor Company 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.

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 etc

-

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2022

104,107

18,391

-

122,498

Additions

-

575

2,915

3,490

At 31st December 2022

104,107

18,966

2,915

125,988

DEPRECIATION

At 1st January 2022

90,185

15,870

-

106,055

Charge for year

3,480

774

729

4,983

At 31st December 2022

93,665

16,644

729

111,038

NET BOOK VALUE

At 31st December 2022

10,442

2,322

2,186

14,950

At 31st December 2021

13,922

2,521

-

16,443

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

22,202

11,132

Prepayments

2,554

3,958

24,756

15,090

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

35,235

32,619

Tax

52,000

24,686

Social security and other taxes

5,959

6,015

VAT

24,088

21,759

Other creditors

500

500

Directors' current accounts

42,800

24,250

Accrued expenses

4,717

3,934

165,299

113,763

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

150

Ordinary

£1

150

150

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st January 2022

111,928

150

112,078

Profit for the year

221,067

-

221,067

Dividends

(76,500

)

-

(76,500

)

At 31st December 2022

256,495

150

256,645

9.	RELATED PARTY DISCLOSURES

During the year, the entire share capital of the company was acquired by S & C Holdings Limited, a company in which the directors of Reigate Motor Company Limited are directors and shareholders.