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COMPANY REGISTRATION NUMBER: 11672252
RYAN INNOVATION LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
RYAN INNOVATION LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
RYAN INNOVATION LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Stocks
11,860
12,280
Debtors
4
233
233
Cash at bank and in hand
436
6,703
---------
---------
12,529
19,216
CREDITORS: amounts falling due within one year
5
9,618
7,500
---------
---------
NET CURRENT ASSETS
2,911
11,716
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,911
11,716
CREDITORS: amounts falling due after more than one year
6
14,777
18,121
---------
---------
NET LIABILITIES
( 11,866)
( 6,405)
---------
---------
RYAN INNOVATION LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 11,966)
( 6,505)
---------
--------
SHAREHOLDERS DEFICIT
( 11,866)
( 6,405)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr R Fisher
Director
Company registration number: 11672252
RYAN INNOVATION LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The continuation of the company's activities is dependent on the continuing financial support of the director, bank and other creditors. The director has confirmed that in their opinion, this financial support will continue and therefore the financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. DEBTORS
2023
2022
£
£
Other debtors
233
233
-----
-----
5. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,000
7,000
Other creditors
2,618
500
--------
--------
9,618
7,500
--------
--------
6. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,777
18,121
---------
---------
7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.