Rhino Building and DIY Supplies Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08220428 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

RHINO BUILDING AND DIY SUPPLIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr T Conway

REGISTERED OFFICE:

The Old Woodyard

Reedham Road

Acle

Norwich

Norfolk

NR13 3DF

REGISTERED NUMBER:

08220428 (England and Wales)

ACCOUNTANTS:

Berry & Warren Ltd

Chartered Accountants

54 Thorpe Road

Norwich

Norfolk

NR1 1RY

FIXED ASSETS

Tangible assets

4

78,904

98,035

Investments

5

1,300

1,300

80,204

99,335

CURRENT ASSETS

Stocks

334,205

315,731

Debtors

6

262,954

377,382

Cash at bank and in hand

218,106

208,087

815,265

901,200

CREDITORS

Amounts falling due within one year

7

482,735

625,219

NET CURRENT ASSETS

332,530

275,981

TOTAL ASSETS LESS CURRENT LIABILITIES

412,734

375,316

CREDITORS

Amounts falling due after more than one year

8

-

(2,713

)

PROVISIONS FOR LIABILITIES

(17,865

)

(16,585

)

NET ASSETS

394,869

356,018

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

394,769

355,918

SHAREHOLDERS' FUNDS

394,869

356,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 10 November 2023 and were signed by:

Mr T Conway - Director

1.	STATUTORY INFORMATION

Rhino Building and DIY Supplies Ltd 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.

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

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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Turnover

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

The following criteria must also be met before revenue is recognised:

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 accepted delivery of the goods.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short leasehold - 7 year straight line

Plant and machinery - 25% reducing balance

Motor vehicles - 5 year straight line and 25% reducing balance

Office equipment - 3 year straight line

The assets' residual values , useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

Stocks

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

Cost is calculated using the first in, first out method.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

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

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2022

39,479

290,210

329,689

Additions

-

22,545

22,545

Disposals

-

(6,750

)

(6,750

)

At 30 September 2023

39,479

306,005

345,484

DEPRECIATION

At 1 October 2022

22,560

209,094

231,654

Charge for year

5,640

34,956

40,596

Eliminated on disposal

-

(5,670

)

(5,670

)

At 30 September 2023

28,200

238,380

266,580

NET BOOK VALUE

At 30 September 2023

11,279

67,625

78,904

At 30 September 2022

16,919

81,116

98,035

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2022

98,000

Transfer to ownership

(51,500

)

At 30 September 2023

46,500

DEPRECIATION

At 1 October 2022

54,478

Charge for year

7,440

Transfer to ownership

(24,718

)

At 30 September 2023

37,200

NET BOOK VALUE

At 30 September 2023

9,300

At 30 September 2022

43,522

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2022

and 30 September 2023

1,300

NET BOOK VALUE

At 30 September 2023

1,300

At 30 September 2022

1,300

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

255,806

368,768

Other debtors

7,148

8,614

262,954

377,382

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

2,713

16,230

Trade creditors

357,599

474,113

Taxation and social security

68,748

88,959

Other creditors

53,675

45,917

482,735

625,219

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

-

2,713

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

2,713

18,943

Hire purchase liabilities are secured on the assets financed.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr T Conway.

The ultimate parent company is Cranley Holdings Ltd and its registered office is Cranley Cottage, Denham Street, Eye, Suffolk, IP21 5EX.