Riley Upholsterers Limited
Registered number: 04786537
Directors' Report
The directors present their report and accounts for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be that of antique restoration.
Directors
The following persons served as directors during the year:
Mr Neil Riley
Mrs Frances Riley
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 24 October 2023 and signed on its behalf.
Mr N Riley
Director
Riley Upholsterers Limited
Registered number: 04786537
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 13,958 17,692
Current assets
Stocks 5,000 5,000
Debtors 4 12,822 14,234
Cash at bank and in hand 77,033 118,729
94,855 137,963
Creditors: amounts falling due within one year 5 (19,952) (62,424)
Net current assets 74,903 75,539
Net assets 88,861 93,231
Capital and reserves
Called up share capital 3 3
Profit and loss account 88,858 93,228
Shareholders' funds 88,861 93,231
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Riley
Director
Approved by the board on 24 October 2023
Riley Upholsterers Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 6,441 29,714 36,155
Additions 504 - 504
At 30 June 2023 6,945 29,714 36,659
Depreciation
At 1 July 2022 3,832 14,631 18,463
Charge for the year 467 3,771 4,238
At 30 June 2023 4,299 18,402 22,701
Net book value
At 30 June 2023 2,646 11,312 13,958
At 30 June 2022 2,609 15,083 17,692
4 Debtors 2023 2022
£ £
Trade debtors 12,822 14,234
5 Creditors: amounts falling due within one year 2023 2022
£ £
Salary Control 1,519 3,012
Trade creditors - 347
Corporation tax - 22,337
Other taxes and social security costs 12,707 17,222
Other creditors 5,726 19,506
19,952 62,424
6 Other information
Riley Upholsterers Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Circus Mews
Bath
B&NES
BA1 2PW
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