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Registration number: 05319662

River Wheels Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

River Wheels Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

River Wheels Limited

Company Information

Director

Mr J R S Lloyd

Registered office

Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

River Wheels Limited

(Registration number: 05319662)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

26,774

35,462

Investment property

4

700,146

882,676

 

726,920

918,138

Current assets

 

Stocks

5

182,530

-

Debtors

6

779

343,722

Cash at bank and in hand

 

1,020,398

535,529

 

1,203,707

879,251

Creditors: Amounts falling due within one year

7

(159,311)

(27,866)

Net current assets

 

1,044,396

851,385

Total assets less current liabilities

 

1,771,316

1,769,523

Provisions for liabilities

(17,157)

-

Net assets

 

1,754,159

1,769,523

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,754,158

1,769,522

Shareholders' funds

 

1,754,159

1,769,523

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

Approved and authorised by the director on 14 September 2024
 

.........................................
Mr J R S Lloyd
Director

 

River Wheels Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

1,769,522

1,769,523

Profit for the year

-

25,636

25,636

Dividends

-

(41,000)

(41,000)

At 31 December 2023

1

1,754,158

1,754,159

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

1,749,048

1,749,049

Profit for the year

-

40,474

40,474

Dividends

-

(20,000)

(20,000)

At 31 December 2022

1

1,769,522

1,769,523

 

River Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

The principal place of business is:
The Rigging Loft
Kings Lane
Sway
Hampshire
SO41 6BQ

These financial statements were authorised for issue by the director on 14 September 2024.

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.

 

River Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Motor Vehicle

25% reducing balance

Investment property

Investment property is valued at fair value being the best estimate of the director at the balance sheet date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

River Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 2 (2022 - 2).

 

River Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January

882,676

Transfers to and from Stocks

(182,530)

At 31 December

700,146

The director revalued the investment properties held at 31 December 2019. This vauluation was based upon the directors best estimates. The director does not believe that the values have changed materially as at 31 December 2023.

There has been no valuation of investment property by an independent valuer.

5

Stocks

2023
£

2022
£

Work in progress

182,530

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

779

1,083

Prepayments

-

110

Other debtors

-

342,529

 

779

343,722

 

River Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

2,041

Taxation and social security

 

16,250

2,948

Accruals and deferred income

 

1,250

1,200

Other creditors

 

141,811

21,677

 

159,311

27,866

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 of £1 each

1

1

1

1

       

9

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £41,000 (2022 - £20,000) per each Ordinary £1 share

41,000

20,000