GEOFFREY RIPLEY & SON BUS & COACH SALES LTD
Registered number: 06346797
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,107,754 1,175,569
Current assets
Stocks 168,500 193,600
Debtors 4 162,886 123,887
Cash at bank and in hand 228,109 113,721
559,495 431,208
Creditors: amounts falling due within one year 5 (474,297) (395,152)
Net current assets 85,198 36,056
Total assets less current liabilities 1,192,952 1,211,625
Creditors: amounts falling due after more than one year 6 (112,800) (110,025)
Provisions for liabilities (120,497) (132,856)
Net assets 959,655 968,744
Capital and reserves
Called up share capital 2 2
Profit and loss account 959,653 968,742
Shareholders' funds 959,655 968,744
The director is 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 director acknowledges his 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.
G P Ripley
Director
Approved by the board on 9 April 2024
GEOFFREY RIPLEY & SON BUS & COACH SALES LTD
Notes to the Accounts
for the year ended 31 August 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.
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:
Land and buildings No provision has been made in the accounts for depreciation
of freehold property. This policy does not comply with
FRS15. No depreciation charge is made on the grounds
that it would be immaterial because the estimated residual
value of the tangible fixed asset is not materially different from
the carrying amount of the asset.
Plant and machinery 10% written down value
Motor vehicles 25% written down value
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 473,559 519,578 620,194 1,613,331
Additions - 19,137 - 19,137
At 31 August 2023 473,559 538,715 620,194 1,632,468
Depreciation
At 1 September 2022 - 189,022 248,740 437,762
Charge for the year - 35,230 51,722 86,952
At 31 August 2023 - 224,252 300,462 524,714
Net book value
At 31 August 2023 473,559 314,463 319,732 1,107,754
At 31 August 2022 473,559 330,556 371,454 1,175,569
4 Debtors 2023 2022
£ £
Trade debtors 45,728 322
Other debtors 117,158 123,565
162,886 123,887
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 350,660 237,058
Obligations under finance lease and hire purchase contracts 2,083 12,500
Trade creditors 9,370 29,795
Corporation tax 25,395 -
Other taxes and social security costs 62,923 63,666
Other creditors 23,866 52,133
474,297 395,152
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 112,800 106,900
Obligations under finance lease and hire purchase contracts - 3,125
112,800 110,025
7 Other information
GEOFFREY RIPLEY & SON BUS & COACH SALES LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
GEOFFREY RIPLEY & SON BUS & COACH SALES LTD 06346797 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2022 G P Ripley No description of principal activity 06346797 2021-09-01 2022-08-31 06346797 core:WithinOneYear 2022-08-31 06346797 core:AfterOneYear 2022-08-31 06346797 core:ShareCapital 2022-08-31 06346797 core:RetainedEarningsAccumulatedLosses 2022-08-31 06346797 2022-09-01 2023-08-31 06346797 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06346797 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 06346797 bus:Director40 2022-09-01 2023-08-31 06346797 1 2022-09-01 2023-08-31 06346797 2 2022-09-01 2023-08-31 06346797 core:LandBuildings 2022-09-01 2023-08-31 06346797 core:PlantMachinery 2022-09-01 2023-08-31 06346797 core:Vehicles 2022-09-01 2023-08-31 06346797 countries:England 2022-09-01 2023-08-31 06346797 bus:FRS102 2022-09-01 2023-08-31 06346797 bus:FullAccounts 2022-09-01 2023-08-31 06346797 2023-08-31 06346797 core:WithinOneYear 2023-08-31 06346797 core:AfterOneYear 2023-08-31 06346797 core:ShareCapital 2023-08-31 06346797 core:RetainedEarningsAccumulatedLosses 2023-08-31 06346797 core:LandBuildings 2023-08-31 06346797 core:PlantMachinery 2023-08-31 06346797 core:Vehicles 2023-08-31 06346797 2022-08-31 06346797 core:LandBuildings 2022-08-31 06346797 core:PlantMachinery 2022-08-31 06346797 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure