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REGISTERED NUMBER: 04404670 (England and Wales)


















Riley Engineering Limited

Unaudited Financial Statements for the Year Ended 31st March 2023






Riley Engineering Limited (Registered number: 04404670)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Riley Engineering Limited

Company Information
for the year ended 31st March 2023







DIRECTORS: K Riley
D Riley





SECRETARY: Mrs J Lamb





REGISTERED OFFICE: Heritage Works
Ellifoot Lane
Burstwick
East Yorkshire
HU12 9EF





REGISTERED NUMBER: 04404670 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Riley Engineering Limited (Registered number: 04404670)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 337,576 285,562

CURRENT ASSETS
Stocks 1,500 1,500
Debtors 5 149,444 136,074
Cash at bank and in hand 187,320 179,784
338,264 317,358
CREDITORS
Amounts falling due within one year 6 129,709 132,611
NET CURRENT ASSETS 208,555 184,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

546,131

470,309

CREDITORS
Amounts falling due after more than one
year

7

(25,780

)

(35,645

)

PROVISIONS FOR LIABILITIES (28,963 ) (11,093 )

ACCRUALS AND DEFERRED INCOME (31,920 ) (32,680 )
NET ASSETS 459,468 390,891

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 459,368 390,791
SHAREHOLDERS' FUNDS 459,468 390,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Riley Engineering Limited (Registered number: 04404670)

Balance Sheet - continued
31st March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2023 and were signed on its behalf by:





D Riley - Director


Riley Engineering Limited (Registered number: 04404670)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Riley Engineering Limited 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.

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.

Turnover
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Construction contracts
When the outcome of a construction contact can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred to date and estimated costs to complete.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contact costs will exceed the total contact turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% to 20%

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Long term contracts are stated at cost net of amounts transferred to cost of sales less any foreseeable losses and progress payments receivable, not matched with turnover. Cost consists of direct materials, direct labour and appropriate related overheads.

Profit on long term contracts is recognised when the outcome of contracts can be assessed with reasonable certainty and is that amount which is estimated to fairly reflect the profit arising up to the accounting date. Profit on long term contracts is recognised in the profit and loss account as the difference between the reported turnover and related costs.


Riley Engineering Limited (Registered number: 04404670)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

Riley Engineering Limited (Registered number: 04404670)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2022 325,933 332,751 658,684
Additions - 73,303 73,303
At 31st March 2023 325,933 406,054 731,987
DEPRECIATION
At 1st April 2022 70,596 302,526 373,122
Charge for year 5,788 15,501 21,289
At 31st March 2023 76,384 318,027 394,411
NET BOOK VALUE
At 31st March 2023 249,549 88,027 337,576
At 31st March 2022 255,337 30,225 285,562

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 107,125 102,233
Amounts recoverable on contract 15,000 29,489
Other debtors 27,319 4,352
149,444 136,074

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,866 9,626
Hire purchase contracts - 3,280
Trade creditors 43,052 45,063
Taxation and social security 22,603 29,148
Other creditors 54,188 45,494
129,709 132,611

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,780 35,645

Riley Engineering Limited (Registered number: 04404670)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 3,280

The hire purchase liabilities are secured on the assets of the company.