REGISTERED NUMBER: |
RCV Engines Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
RCV Engines Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
RCV Engines Limited (Registered number: 03338081) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RCV Engines Limited |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
RCV Engines Limited (Registered number: 03338081) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
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 | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 11 |
Share premium | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
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 2023 |
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 and authorised for issue on |
RCV Engines Limited (Registered number: 03338081) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
RCV Engines Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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. |
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. |
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 and twenty years. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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. |
RCV Engines Limited (Registered number: 03338081) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, convertible loan notes and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets and liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
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. |
RCV Engines Limited (Registered number: 03338081) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
RCV Engines Limited (Registered number: 03338081) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Callen-Lenz Associates Ltd |
The creditor is secured by a fixed and floating charge over all the property or undertaking of the company. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.25 | 843,458 | 843,458 |
Ordinary | £0.0545 | 35,672 | 35,672 |
Ordinary | £0.25 | 39,568 | - |
918,698 | 879,130 |
158,273 Ordinary shares of £0.25 each were allotted as fully paid |
During the year, a rights issue was approved to allot up to 863,310 ordinary shares of £0.25 each. |
£55,000 was invested by shareholders during the year, shortly after the year end a further £164,000 was invested by shareholders as part of the 2023 rights issue. |
RCV Engines Limited (Registered number: 03338081) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | (3,153,937 | ) | 1,579,795 | (1,574,142 | ) |
Profit for the year | 734,373 | 734,373 |
Cash share issue | - | 15,432 | 15,432 |
At 31 December 2023 | (2,419,564 | ) | 1,595,227 | (824,337 | ) |
13. | Post balance sheet events |
During the year, a rights issue was approved to allot up to 863,310 ordinary shares of £0.25 each. |
£55,000 was invested by shareholders during the year. |
After the year end, but before the date of this report, a further £164,000 was invested by shareholders as part of the 2023 rights issue. |
14. | 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 |
2023 | 2022 | 2023 | 2022 |
Number | Number | £ | £ |
Outstanding at 1 January | 426,000 | 563,828 | 0.38 | 0.38 |
Expired during the year | (137,828) |
Granted during the year |
Outstanding at 31 December | 426,000 | 426,000 | 0.32 | 0.38 |
Exercisable at 31 December | 426,000 | 426,000 | 0.32 | 0.38 |
The options outstanding at 31 December 2023 had an exercise price of £0.32 and a remaining contractual life of up to 5 years. |