Ryedale Garages (1946) Limited 00424135 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a motor retailer. Digita Accounts Production Advanced 6.30.9574.0 true true 00424135 2023-01-01 2023-12-31 00424135 2023-12-31 00424135 bus:OrdinaryShareClass1 2023-12-31 00424135 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 00424135 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 00424135 core:CurrentFinancialInstruments 2023-12-31 00424135 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00424135 core:Non-currentFinancialInstruments 2023-12-31 00424135 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00424135 core:FurnitureFittingsToolsEquipment 2023-12-31 00424135 core:LandBuildings 2023-12-31 00424135 core:MotorVehicles 2023-12-31 00424135 bus:SmallEntities 2023-01-01 2023-12-31 00424135 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00424135 bus:FullAccounts 2023-01-01 2023-12-31 00424135 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00424135 bus:RegisteredOffice 2023-01-01 2023-12-31 00424135 bus:Director1 2023-01-01 2023-12-31 00424135 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00424135 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00424135 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00424135 core:LandBuildings 2023-01-01 2023-12-31 00424135 core:MotorVehicles 2023-01-01 2023-12-31 00424135 core:PlantMachinery 2023-01-01 2023-12-31 00424135 countries:England 2023-01-01 2023-12-31 00424135 2022-12-31 00424135 core:FurnitureFittingsToolsEquipment 2022-12-31 00424135 core:LandBuildings 2022-12-31 00424135 core:MotorVehicles 2022-12-31 00424135 2022-01-01 2022-12-31 00424135 2022-12-31 00424135 bus:OrdinaryShareClass1 2022-12-31 00424135 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 00424135 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 00424135 core:CurrentFinancialInstruments 2022-12-31 00424135 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00424135 core:Non-currentFinancialInstruments 2022-12-31 00424135 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00424135 core:FurnitureFittingsToolsEquipment 2022-12-31 00424135 core:LandBuildings 2022-12-31 00424135 core:MotorVehicles 2022-12-31 00424135 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00424135

Ryedale Garages (1946) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ryedale Garages (1946) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ryedale Garages (1946) Limited

(Registration number: 00424135)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,269,919

2,460,965

Investment property

5

69,487

69,487

 

2,339,406

2,530,452

Current assets

 

Stocks

6

602,833

606,568

Debtors

7

27,697

78,159

Cash at bank and in hand

 

608,465

514,959

 

1,238,995

1,199,686

Creditors: Amounts falling due within one year

8

(660,709)

(839,603)

Net current assets

 

578,286

360,083

Total assets less current liabilities

 

2,917,692

2,890,535

Creditors: Amounts falling due after more than one year

8

(23,376)

(282,230)

Provisions for liabilities

(10,694)

(8,891)

Net assets

 

2,883,622

2,599,414

Capital and reserves

 

Called up share capital

9

30,000

30,000

Revaluation reserve

339,267

339,267

Retained earnings

2,514,355

2,230,147

Shareholders' funds

 

2,883,622

2,599,414

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Ryedale Garages (1946) Limited

(Registration number: 00424135)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 12 February 2024
 

.........................................
Mr JS Cook
Director

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Piercy End
Kirkbymoorside
York
YO62 6DG

These financial statements were authorised for issue by the director on 12 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

10%, 20% and 33% on cost

Motor vehicles

25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 21).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,456,804

797,775

32,954

3,287,533

Additions

-

15,539

-

15,539

Disposals

(189,043)

-

-

(189,043)

At 31 December 2023

2,267,761

813,314

32,954

3,114,029

Depreciation

At 1 January 2023

46,604

758,444

21,520

826,568

Charge for the year

-

12,642

4,900

17,542

At 31 December 2023

46,604

771,086

26,420

844,110

Carrying amount

At 31 December 2023

2,221,157

42,228

6,534

2,269,919

At 31 December 2022

2,410,200

39,331

11,434

2,460,965

Included within the net book value of land and buildings above is £2,221,157 (2022 - £2,410,200) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 January

69,487

At 31 December

69,487

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023


The 2015 valuations were made by CPH Surveyors Ltd, on an open market value for existing use basis. The director considers that the valuation represents an appropriate fair value as at 31 December 2023.

6

Stocks

2023
£

2022
£

Other inventories

602,833

606,568

7

Debtors

Current

2023
£

2022
£

Trade debtors

17,699

58,434

Prepayments

9,998

19,725

 

27,697

78,159

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,648

127,755

Trade creditors

 

205,715

230,475

Taxation and social security

 

139,784

127,230

Accruals and deferred income

 

161,201

140,402

Other creditors

 

143,361

213,741

 

660,709

839,603

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £0 ( 2022 £117,107) falling due within one year.

Creditors include unsecured bank loans of £10,648 (2022 - £10,648) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

23,376

282,230

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £0 ( 2022 £248,206) falling due after more than one year.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors include unsecured bank loans of £23,376 (2022 - £34,024) falling due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

30,000

30,000

30,000

30,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,376

275,888

Hire purchase contracts

-

6,342

23,376

282,230

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

121,861

Hire purchase contracts

-

5,894

10,648

127,755

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Remuneration

97,999

89,800

Contributions paid to money purchase schemes

60,000

40,000

157,999

129,800