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RCV Engines Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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RCV Engines Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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RCV Engines Limited (Registered number: 03338081) |
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Contents of the Financial Statements |
for the year ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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RCV Engines Limited |
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Company Information |
for the year ended 31 December 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
RCV Engines Limited (Registered number: 03338081) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 9 |
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Share premium |
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Retained earnings | ( |
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Shareholders' funds | ( |
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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) |
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Balance Sheet - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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RCV Engines Limited (Registered number: 03338081) |
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Notes to the Financial Statements |
for the year ended 31 December 2021 |
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1. | Statutory information |
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RCV Engines Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable where certain performance obligations are met, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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Patents and licences are being amortised evenly over their estimated useful life of ten and twenty years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Government grants have been accounted for under the accrual model and have been recognised in profit or loss on a systematic basis over the periods in which the entity recognises the related costs for which the grants are intended to compensate. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
RCV Engines Limited (Registered number: 03338081) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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2. | Accounting policies - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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. |
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Going concern |
The company meets its day to day working capital requirements through the support of the directors and shareholders of the company. On this basis, the directors and shareholders consider it appropriate to prepare the financial statements on the going concern basis. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Intangible fixed assets |
Patents and |
licences |
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Cost |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Amortisation |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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RCV Engines Limited (Registered number: 03338081) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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5. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 6,160 |
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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. |
RCV Engines Limited (Registered number: 03338081) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £0.25 | 843,458 | 843,458 |
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Ordinary | £0.0545 | 35,672 | 35,672 |
879,130 | 879,130 |
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10. | Share-based payment transactions |
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The company has in place a Share Option Scheme whereby options are granted to directors and |
employees to acquire ordinary shares of 25p each. |
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Number of share options |
Weighted average exercise
price |
2021 | 2020 | 2021 | 2020 |
Number | Number | £ | £ |
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Outstanding at 1 January | 563,828 | 724,596 | 0.38 | 0.40 |
Expired during the year | 160,768 | 0.45 |
Granted during the year |
Outstanding at 31 December | 563,828 | 563,828 | 0.38 | 0.38 |
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Exercisable at 31 December | 563,828 | 563,828 | 0.38 | 0.38 |
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The options outstanding at 31 December 2021 had an exercise price of £0.38 and a remaining contractual |
life of up to 8 years. |