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COMPANY REGISTRATION NUMBER: NI061791
Ryansmith Limited
Filleted Unaudited Financial Statements
30 November 2023
Ryansmith Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ryansmith Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
185,915
125,130
Investments
6
926,736
840,462
------------
---------
1,112,651
965,592
Current assets
Stocks
393,000
362,000
Debtors
7
91,733
106,340
Cash at bank and in hand
97,702
245,735
---------
---------
582,435
714,075
Creditors: amounts falling due within one year
8
42,579
96,714
---------
---------
Net current assets
539,856
617,361
------------
------------
Total assets less current liabilities
1,652,507
1,582,953
Provisions
Taxation including deferred tax
26,967
11,351
------------
------------
Net assets
1,625,540
1,571,602
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,625,440
1,571,502
------------
------------
Shareholders funds
1,625,540
1,571,602
------------
------------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ryansmith Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr D Ryan
Mr J Smith
Director
Director
Company registration number: NI061791
Ryansmith Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 North Street, Stewartstown, Co Tyrone, BT71 5JE.
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 going concern basis, under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
10% reducing balance
Fixture & fittings
-
10% reducing balance
Motor vehicles
-
12% reducing balance
Equipment
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Trade debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Trade creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
83,878
39,103
2,068
28,250
18,339
171,638
Additions
1,800
67,815
69,615
--------
--------
-------
--------
--------
---------
At 30 Nov 2023
83,878
40,903
2,068
96,065
18,339
241,253
--------
--------
-------
--------
--------
---------
Depreciation
At 1 Dec 2022
4,152
17,155
1,619
14,464
9,118
46,508
Charge for the year
1,678
2,359
45
3,842
906
8,830
--------
--------
-------
--------
--------
---------
At 30 Nov 2023
5,830
19,514
1,664
18,306
10,024
55,338
--------
--------
-------
--------
--------
---------
Carrying amount
At 30 Nov 2023
78,048
21,389
404
77,759
8,315
185,915
--------
--------
-------
--------
--------
---------
At 30 Nov 2022
79,726
21,948
449
13,786
9,221
125,130
--------
--------
-------
--------
--------
---------
6. Investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 December 2022
100
840,362
840,462
Additions
86,274
86,274
----
---------
---------
At 30 November 2023
100
926,636
926,736
----
---------
---------
Impairment
At 1 December 2022 and 30 November 2023
----
---------
---------
Carrying amount
At 30 November 2023
100
926,636
926,736
----
---------
---------
At 30 November 2022
100
840,362
840,462
----
---------
---------
The company holds 100% share capital of Ryansmith Properties Limited.
7. Debtors
2023
2022
£
£
Other debtors
91,733
106,340
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,185
5,439
Corporation tax
9,617
33,951
Social security and other taxes
14,016
23,087
Other creditors
13,761
34,237
--------
--------
42,579
96,714
--------
--------
9. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.