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Company registration number: 01200373
Ryans of Manchester Ltd
Unaudited filleted financial statements
30 June 2024
Ryans of Manchester Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ryans of Manchester Ltd
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 27,495 3,604
_______ _______
27,495 3,604
Current assets
Stocks 835 800
Debtors 7 3,534 1,673
Cash at bank and in hand 88,850 98,703
_______ _______
93,219 101,176
Creditors: amounts falling due
within one year 8 ( 18,218) ( 23,221)
_______ _______
Net current assets 75,001 77,955
_______ _______
Total assets less current liabilities 102,496 81,559
Creditors: amounts falling due
after more than one year 9 ( 12,577) ( 14,475)
Provisions for liabilities ( 7,458) ( 685)
_______ _______
Net assets 82,461 66,399
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 81,461 65,399
_______ _______
Shareholder funds 82,461 66,399
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr Edward Ryan
Director
Company registration number: 01200373
Ryans of Manchester Ltd
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 1,000 49,966 50,966
Profit for the year 33,226 33,226
_______ _______ _______
Total comprehensive income for the year - 33,226 33,226
Dividends paid and payable ( 17,793) ( 17,793)
_______ _______ _______
Total investments by and distributions to owners - ( 17,793) ( 17,793)
_______ _______ _______
At 30 June 2023 and 1 July 2023 1,000 65,399 66,399
Profit for the year 33,556 33,556
_______ _______ _______
Total comprehensive income for the year - 33,556 33,556
Dividends paid and payable ( 17,494) ( 17,494)
_______ _______ _______
Total investments by and distributions to owners - ( 17,494) ( 17,494)
_______ _______ _______
At 30 June 2024 1,000 81,461 82,461
_______ _______ _______
Ryans of Manchester Ltd
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 85 Broadlea Road, Burnage, Manchester, M19 1ED.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 3,856 8,122
_______ _______
Deferred tax:
Origination and reversal of timing differences 6,773 ( 228)
_______ _______
Tax on profit 10,629 7,894
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 44,185 41,120
_______ _______
Profit multiplied by rate of tax 8,395 7,813
Effect of expenses not deductible for tax purposes - 81
Effect of capital allowances and depreciation ( 4,539) 228
_______ _______
Tax on profit 3,856 8,122
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 July 2023 27,000 27,000
Additions 36,660 36,660
Disposals ( 27,000) ( 27,000)
_______ _______
At 30 June 2024 36,660 36,660
_______ _______
Depreciation
At 1 July 2023 23,396 23,396
Charge for the year 9,165 9,165
Disposals ( 23,396) ( 23,396)
_______ _______
At 30 June 2024 9,165 9,165
_______ _______
Carrying amount
At 30 June 2024 27,495 27,495
_______ _______
At 30 June 2023 3,604 3,604
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 2,090 546
Other debtors 1,444 1,127
_______ _______
3,534 1,673
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 2,379 2,379
Trade creditors 795 650
Corporation tax 3,856 8,122
Social security and other taxes 2,483 3,378
Other creditors 8,705 8,692
_______ _______
18,218 23,221
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,577 14,475
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 7,458 685
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 6,773 ( 22)
_______ _______
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 2,090 546
Cash at bank 88,600 98,453
_______ _______
90,690 98,999
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 14,956 16,854
Trade creditors & accruals 2,500 2,342
Director's loan account 7,000 7,000
_______ _______
24,456 26,196
_______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Edward Ryan ( 7,000) - ( 7,000)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Edward Ryan ( 4,678) ( 2,322) ( 7,000)
_______ _______ _______
13. Controlling party
The company is controlled by the director Mr Edward Ryan as he is the sole shareholder in the company.