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REGISTERED NUMBER: 08487265 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

RYDAN DESIGN LIMITED

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RYDAN DESIGN LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2023







DIRECTOR: Mrs T Redford





REGISTERED OFFICE: Unit 10
The Shine Knowledge and Innovation Park
St. Marks Street
Hull
HU8 7FB





REGISTERED NUMBER: 08487265 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

BALANCE SHEET
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,935 5,171

CURRENT ASSETS
Stocks 66,154 64,846
Debtors 5 54,150 36,862
120,304 101,708
CREDITORS
Amounts falling due within one year 6 145,271 91,013
NET CURRENT (LIABILITIES)/ASSETS (24,967 ) 10,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,968

15,866

CREDITORS
Amounts falling due after more than one year 7 45,700 35,728
NET LIABILITIES (37,732 ) (19,862 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (37,733 ) (19,863 )
SHAREHOLDERS' FUNDS (37,732 ) (19,862 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

BALANCE SHEET - continued
30 April 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 director and authorised for issue on 15 April 2024 and were signed by:





Mrs T Redford - Director


RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023


1. STATUTORY INFORMATION

Rydan Design Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principle place of business is at Unit 10, The Shine Knowledge and Innovation Centre, St. Marks Street, Hull, HU8 7FB.

The principal activity of the company is that of a specialist designer and furniture retailer.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.3% on cost, 20% on cost and 20% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.


RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023


2. ACCOUNTING POLICIES - continued
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 31,832
Additions 35,814
At 30 April 2023 67,646
DEPRECIATION
At 1 May 2022 26,661
Charge for year 8,050
At 30 April 2023 34,711
NET BOOK VALUE
At 30 April 2023 32,935
At 30 April 2022 5,171

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 34,995
At 30 April 2023 34,995
DEPRECIATION
Charge for year 5,997
At 30 April 2023 5,997
NET BOOK VALUE
At 30 April 2023 28,998

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,995 15,514
Other debtors 31,155 21,348
54,150 36,862

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 30,674 46,684
Hire purchase contracts (see note 9) 7,250 -
Trade creditors 66,574 19,036
Taxation and social security 12,331 10,792
Other creditors 28,442 14,501
145,271 91,013

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 25,362 35,728
Hire purchase contracts (see note 9) 20,338 -
45,700 35,728

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 10,830 8,500
Bank loans 19,844 38,184
30,674 46,684

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,689 10,446

Amounts falling due between two and five years:
Bank loans - 2-5 years 14,673 25,282

The company took advantage of the government Bounce Bank Loan scheme and received £50,000 during the 2021 financial year.
The loan is interest and repayment free for the first 12 months, thereafter it is repayable by monthly instalments over a period of 5 years. The loan carries interest at the rate of 2.5%.

RYDAN DESIGN LIMITED (REGISTERED NUMBER: 08487265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 7,250 -
Between one and five years 20,338 -
27,588 -

10. RELATED PARTY DISCLOSURES

At the balance sheet date, included within other creditors, the director owed the company £13,097 (2022: £4,211).

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs T Redford.

12. GOING CONCERN

The company had net current liabilities at the year end amounting to £24,967, however the company has support from its financiers together with directors' support. The director is therefore confident the company can continue to trade for the forseeable future and is therefore a going concern.