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Registration number: 09428085

Ricky Fenby Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ricky Fenby Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Ricky Fenby Ltd

(Registration number: 09428085)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

287,529

232,391

Current assets

 

Stocks

6

307,489

248,593

Debtors

7

116,947

55,024

Cash at bank and in hand

 

151,437

280,108

 

575,873

583,725

Creditors: Amounts falling due within one year

8

(334,411)

(369,855)

Net current assets

 

241,462

213,870

Total assets less current liabilities

 

528,991

446,261

Creditors: Amounts falling due after more than one year

8

(149,872)

(99,298)

Provisions for liabilities

(43,148)

(31,201)

Net assets

 

335,971

315,762

Capital and reserves

 

Called up share capital

100

100

Retained earnings

335,871

315,662

Shareholders' funds

 

335,971

315,762

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Ricky Fenby Ltd

(Registration number: 09428085)
Balance Sheet as at 31 March 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

.........................................
S Fenby
Director

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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.

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Leasehold improvements

10% on reducing balance

Motor vehicles

25% on reducing balance

Plant and machinery

25% on reducing balance

Fixtures and fittings

10% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

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.

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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.

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Net book value

At 31 March 2024

-

-

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

93,112

42,465

57,312

197,778

Additions

-

372

2,716

150,648

Disposals

-

-

-

(34,665)

At 31 March 2024

93,112

42,837

60,028

313,761

Depreciation

At 1 April 2023

32,021

13,881

28,169

84,206

Charge for the year

6,109

2,896

7,966

60,864

Eliminated on disposal

-

-

-

(13,903)

At 31 March 2024

38,130

16,777

36,135

131,167

Carrying amount

At 31 March 2024

54,982

26,060

23,893

182,594

At 31 March 2023

61,091

28,585

29,142

113,573

Total
£

Cost or valuation

At 1 April 2023

390,667

Additions

153,736

Disposals

(34,665)

At 31 March 2024

509,738

Depreciation

At 1 April 2023

158,277

Charge for the year

77,835

Eliminated on disposal

(13,903)

At 31 March 2024

222,209

Carrying amount

At 31 March 2024

287,529

At 31 March 2023

232,391

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Stock

307,489

248,593

7

Debtors

2024
£

2023
£

Trade debtors

103,459

43,842

Prepayments

8,897

6,049

Other debtors

4,591

5,133

116,947

55,024

8

Creditors

Amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

54,880

43,529

Trade creditors

 

214,990

224,614

Taxation and social security

 

52,484

25,931

Accruals and deferred income

 

4,002

3,368

Other creditors

 

8,055

72,413

 

334,411

369,855

Amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

149,872

99,298

 

Ricky Fenby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

34,431

39,694

Hire purchase contracts

115,441

59,604

149,872

99,298

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,364

5,251

Hire purchase contracts

49,516

38,278

54,880

43,529

10

Related party transactions

Other transactions with directors

During the year the Company rented a property from Ricky and Sarah Fenby Partnership, which the directors are partners in, at a cost of £62,550 (2023 - £49,671).

The Company also received management charges from the Partnership in respect of administration and bookkeeping services totalling £10,546 (2023 - £10,498).

The Company also maintained a loan with the Partnership and the balance owed to the Company from the Partnership at 31 March 2024 of £4146. (2023 - £58,773 was owed to the Partnership from the Company). The movement related to management fees unpaid and expense invoices for the Partnership having been paid by the Company.