Ridewell Automotive Limited
Registered number: 06645120
Balance Sheet
as at 29 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,900 19,250
Current assets
Stocks 9,050 6,703
Debtors 4 52,000 45,000
Cash at bank and in hand 23,256 21,267
84,306 72,970
Creditors: amounts falling due within one year 5 (30,920) (14,780)
Net current assets 53,386 58,190
Total assets less current liabilities 84,286 77,440
Creditors: amounts falling due after more than one year 6 (38,673) (42,970)
Net assets 45,613 34,470
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,513 34,370
Shareholders' funds 45,613 34,470
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Sachdeva
Director
Approved by the board on 28 October 2024
Ridewell Automotive Limited
Notes to the Accounts
for the year ended 29 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Motor Vehicles 25% on Reducing balance menthod
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 30 January 2023 105,402
Additions 15,500
At 29 January 2024 120,902
Depreciation
At 30 January 2023 86,152
Charge for the year 3,850
At 29 January 2024 90,002
Net book value
At 29 January 2024 30,900
At 29 January 2023 19,250
4 Debtors 2024 2023
£ £
Loans & Advances 52,000 45,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 30,920 14,780
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,673 42,970
7 Other information
Ridewell Automotive Limited is a private company limited by shares and incorporated in England. Its registered office is:
M158 VIGLEN HOUSE BUSINESS CENTRE
ALPERTON LANE
WEMBLEY
MIDDLESEX
HA0 1HD
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