|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2018 |
|
for |
|
RCV ENGINES LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2018 |
|
for |
|
RCV ENGINES LIMITED |
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company information | 1 |
|
Balance sheet | 2 |
|
Notes to the financial statements | 4 |
|
RCV ENGINES LIMITED |
|
Company Information |
for the Year Ended 31 December 2018 |
|
|
|
|
|
|
|
Directors: |
|
|
|
|
|
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Accountants: |
|
South Entrance |
3rd Floor |
37 - 41 Bedford Row |
London |
WC1R 4JH |
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Balance Sheet |
31 December 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
Current assets |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
Creditors |
Amounts falling due within one year
(including convertible debt) |
7 |
|
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one
year |
8 |
|
|
Net liabilities | ( |
) | ( |
) |
|
Capital and reserves |
Called up share capital | 9 |
|
|
Share premium |
|
|
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
|
|
|
|
|
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. |
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Balance Sheet - continued |
31 December 2018 |
|
|
|
|
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 on
by: |
|
|
|
|
|
|
|
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
|
|
1. | Statutory information |
|
RCV Engines Limited is a
|
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 |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
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. |
|
Patents and licences are being amortised evenly over their estimated useful life of ten or twenty years. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
|
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
|
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. |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
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. |
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
|
2. | Accounting policies - continued |
|
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
|
|
4. | Intangible fixed assets |
Patents |
and |
licences |
£ |
Cost |
At 1 January 2018 |
|
Additions |
|
At 31 December 2018 |
|
Amortisation |
At 1 January 2018 |
|
Amortisation for year |
|
At 31 December 2018 |
|
Net book value |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
5. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 January 2018 |
and 31 December 2018 |
|
|
|
Depreciation |
At 1 January 2018 |
|
|
|
Charge for year |
|
|
|
At 31 December 2018 |
|
|
|
Net book value |
At 31 December 2018 |
|
|
|
At 31 December 2017 |
|
|
|
|
6. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
|
7. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
Other creditors figure contains convertible loan notes that were issued on 26 May 2009. The notes are |
repayable or convertible into ordinary shares of the company. |
|
The conversion price is £0.59 for each ordinary share at the date the convertible loan notes were issued. |
|
If the notes have not been converted, they will be redeemed at par. Interest of 8% is accrued annually and |
will be paid on conversion or redemption date. |
|
8. | Creditors: amounts falling due after more than one year |
2018 | 2017 |
£ | £ |
Other creditors |
|
|
|
Other creditors include balance of salary and interest provided for a number of years which will only be |
paid to employees and directors at such time as the company is cash generative. |
|
9. | Called up share capital |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £0.25 | 843,458 | 915,457 |
|
Ordinary | £0.0545 | 35,672 | - |
879,130 | 915,457 |
|
During the year the shareholders passed a resolution to reduce the share capital of the company and issued a |
new class of shares, thereby removing the apparent underpayment of share capital. |
RCV ENGINES LIMITED (REGISTERED NUMBER: 03338081) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
|
10. | Share-based payment transactions |
|
The company has in place a Share Option Scheme whereby options are granted to directors and |
employees to acquire ordinary shares of 25p each. |
|
|
|
Number of share options |
Weighted average exercise
price |
2018 | 2017 | 2018 | 2017 |
Number | Number | £ | £ |
|
Outstanding at 1 January | 160,768 | 177,233 | 0.45 | 0.48 |
Expired during the year | (16,465) | 2.48 |
Granted during the year | 604,254 | 0.39 |
Outstanding at 31 December | 765,022 | 160,768 | 0.40 | 0.45 |
|
Exercisable at 31 December | 765,022 | 160,768 | 0.40 | 0.45 |
|
The options outstanding at 31 December 2018 had an exercise price of £0.40 and a remaining contractual |
life of up to 4 years. |