RILEY SEROLA LTD

Company Registration Number:
14873093 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 16 May 2023

End date: 31 December 2023

RILEY SEROLA LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Company Information - 3
Profit and Loss Account - 4
Balance sheet - 5
Additional notes - 7
Balance sheet notes - 10

RILEY SEROLA LTD

Company Information

for the Period Ended 31 December 2023




Director: Felix Adams
Tolani Adams
Registered office: 82a
James Carter Road
Mildenhall
Suffolk
GBR
IP28 7DE
Company Registration Number: 14873093 (England and Wales)

RILEY SEROLA LTD

Profit and Loss Account

for the Period Ended 31 December 2023


Notes
8 months to
31 Dec 2023
£
Turnover 74
Cost of sales ( 38 )
Gross Profit or (Loss) 36
Administrative Expenses ( 4,377 )
Operating Profit or (Loss) ( 4,341 )
Profit or (Loss) Before Tax ( 4,341 )
Tax on Profit 1,749
Profit or (Loss) for Period ( 2,592 )

The notes form part of these financial statements

RILEY SEROLA LTD

Balance sheet

As at 31 December 2023


Notes
8 months to
31 Dec 2023
£
Fixed assets
Intangible assets: 4 167
Tangible assets: 5 5,313
Total fixed assets: 5,480
Current assets
Debtors: 6 1,823
Total current assets: 1,823
Net current assets (liabilities): 1,823
Total assets less current liabilities: 7,303
Creditors: amounts falling due after more than one year: 7 ( 9,795 )
Accruals and deferred income: ( 0 )
Total net assets (liabilities): ( 2,492 )

The notes form part of these financial statements

RILEY SEROLA LTD

Balance sheet continued

As at 31 December 2023


Notes
8 months to
31 Dec 2023
£
Capital and reserves
Called up share capital: 100
Profit and loss account: ( 2,592 )
Shareholders funds: ( 2,492 )

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 1 September 2024
And Signed On Behalf Of The Board By:

Name: Felix Adams
Status: Director

The notes form part of these financial statements

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

    Revenue arising from the YouTube channel is recognised from the point that funds are disclosed in the AdSense account.

    Other accounting policies

    Related Party Transactions - Director's Reiumbursements As at 31 December 2023, the company had outstanding amounts payable to directors for the reimbursement of business-related expenses as follows: Loan from Felix Adams: £9,748.24 Loan from Tolani Dolapo Adams: £46.43 These amounts represent expenses incurred by the directors on behalf of the company and are to be reimbursed accordingly. There are no fixed repayment terms or interest charges associated with these reimbursements. These transactions are considered related party transactions under FRS 102 and are accounted for in accordance with the applicable accounting standards. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and deposits held at call with banks. Significant Judgements and Estimates The preparation of financial statements in conformity with FRS 102 requires management to make judgments and estimates that affect the reported amounts of assets and liabilities. The following areas involve a higher degree of judgment and complexity: Significant Judgements and Estimates continued Deferred Tax Assets: The recognition of deferred tax assets involves significant judgement regarding the likelihood of future taxable profits against which these assets can be utilised. The company has recognised a deferred tax asset of £1,748.46 based on the expectation of future taxable profits sufficient to utilise the losses carried forward. This assessment includes forecasts and projections that involve management's judgement. Valuation of Tangible and Intangible Assets: Tangible and intangible assets are valued based on estimates of their useful lives and residual values. For tangible assets, such as computer and camera equipment, management uses a straight-line depreciation method over 5 years. For intangible assets, such as software, amortisation is also applied over 5 years. These estimates are reviewed regularly to ensure they remain appropriate. 4. EMPLOYEES AND DIRECTORS The average number of employees and directors for the year are as follows: 5. TAXATION Analysis of the tax charge No liability to UK corporation tax arose for the year ended 31 December 2023. The company incurred an adjusted taxable loss of £9,202.43. This loss will be carried forward to offset against future taxable profits and reduce the company's corporation tax liability for the year ending 31 December 2024 and subsequent periods as applicable. The company recognises a deferred tax asset of £1,748.46 on the taxable losses carried forward to the extent that it is probable that future taxable profits will be available to be used against such losses. The company’s capital expenditure on plant and machinery and software qualifies for the Annual Investment Allowance (AIA). The full amount of the capital expenditure amounting to £7,686.92, has been claimed as AIA, providing immediate tax relief. This capital allowance is included in the calculation of the adjusted taxable loss for the period. During the year ended 31 December 2023, the company incurred incorporation costs of £12 associated with setting up the company at Companies House. This expense is disallowable for corporation tax purposes and has been excluded from the tax computation for the year.

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    8 months to
    31 Dec 2023
    Average number of employees during the period 0

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 3. Off balance sheet disclosure

    No

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Intangible assets

Other Total
Cost £ £
Additions 250 250
Disposals - -
Revaluations - -
Transfers - -
At 31 December 2023 250 250
Amortisation
Charge for year 83 83
On disposals - -
Other adjustments - -
Amortisation at 31 December 2023 83 83
Net book value
Net book value at 31 December 2023 167 167

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Tangible assets

Plant & machinery Office equipment Total
Cost £ £ £
Additions 5,922 2,121 8,043
Disposals - - -
Revaluations - - -
Transfers - - -
At 31 December 2023 5,922 2,121 8,043
Depreciation
Charge for year 1,954 776 2,730
On disposals - - -
Other adjustments - - -
At 31 December 2023 1,954 776 2,730
Net book value
At 31 December 2023 3,968 1,345 5,313

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

8 months to
31 Dec 2023
£
Trade debtors 74
Other debtors 1,749
Total 1,823

Deferred Tax Asset £1749

RILEY SEROLA LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7.Creditors: amounts falling due after more than one year

8 months to
31 Dec 2023
£
Other creditors 9,795
Total 9,795