Registered number
13441271
Rileys Garage Ltd
Filleted Accounts
30 November 2023
Rileys Garage Ltd
Registered number: 13441271
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 47,919 21,838
Current assets
Debtors 4 8,135 7,598
Cash at bank and in hand 70,723 52,912
78,858 60,510
Creditors: amounts falling due within one year 5 (51,602) (38,818)
Net current assets 27,256 21,692
Total assets less current liabilities 75,175 43,530
Creditors: amounts falling due after more than one year 6 (22,195) (9,401)
Provisions for liabilities (9,105) (4,149)
Net assets 43,875 29,980
Capital and reserves
Called up share capital 2 2
Profit and loss account 43,873 29,978
Shareholders' funds 43,875 29,980
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.
James Henry Swan
Director
Approved by the board on 2 August 2024
Rileys Garage Ltd
Notes to the Accounts
for the year ended 30 November 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:
Motor Vehicles 20% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 11,298 13,683 24,981
Additions 30,549 1,900 32,449
At 30 November 2023 41,847 15,583 57,430
Depreciation
At 1 December 2022 1,396 1,747 3,143
Charge for the year 3,696 2,672 6,368
At 30 November 2023 5,092 4,419 9,511
Net book value
At 30 November 2023 36,755 11,164 47,919
At 30 November 2022 9,902 11,936 21,838
4 Debtors 2023 2022
£ £
Trade debtors 7,550 6,426
Other debtors 585 1,172
8,135 7,598
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,610 2,649
Trade creditors 6,410 5,184
Taxation and social security costs 22,567 27,484
Other creditors 18,015 3,501
51,602 38,818
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 22,195 9,401
7 Related party transactions
At the period end, the company owed £6,556 (2022: £183) to Mr Chris Ross Grant, Director. The loan is interest free and repayable on demand.

At the period end, the company owed £7,232 (2022: £183) to Mr James Henry Swan, Director. The loan is interest free and repayable on demand.
8 Controlling party
The company is ultimately controlled by Mr Chris Ross Grant & Mr James Henry Swan, directors, who own 100% of the issued share capital.
9 Other information
Rileys Garage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Rileys Garage Ltd Cligga Head Industrial Estate
St George's Hill
Perranporth
Cornwall
TR6 0EB
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