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Registration number: 12212639

Ridestore Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Ridestore Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Ridestore Ltd

Company Information

Directors

D L Hellberg

J E Hellberg

Registered office

C/O Accountum Limited
5 Upper Montagu Street
London
England
W1H 2AG

Independent Auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Ridestore Ltd

(Registration number: 12212639)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Receivables

5

107,065

55,905

Cash at bank and in hand

6

9,922

11,071

 

116,987

66,976

Payables: Amounts falling due within one year

7

(56,860)

(26,162)

Net assets

 

60,127

40,814

Equity

 

Called up share capital

9

1

1

Retained earnings

9

60,126

40,813

Total equity

 

60,127

40,814

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Ridestore Ltd were approved and authorised for issue by the Board on 11 November 2024 and signed on its behalf by:
 

.........................................

J E Hellberg
Director

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

Ridestore Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors report on page 2.

2

Accounting policies

Going concern

The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company over the foreseeable future and have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent company, Ridestore Holding AB, which may be obtained from 4021 Box, Trollhattan, 461 04, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue represents the value of consideration receivable for the provision of marketing support services to its parent undertaking, net of value added tax. Revenue from the provision of services is recognised when the services have been provided. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into Sterling at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense for the period comprises current 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.

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date where transactions or events that result in an obligation to pay more tax in the
future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Cash and cash equivalents

Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of
change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently 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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company during the year, was 24 (2023 - 16).

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

8,703

3,762

The standard rate of UK corporation tax applied to the reported profit before tax for the year is 25% (2023 - 19%).

The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:

2024
£

2023
£

Profit before tax

28,016

19,802

Corporation tax at standard rate

7,004

3,762

Effect of expense not deductible in determining taxable profit (tax loss)

1,699

-

Total tax charge

8,703

3,762

5

Receivables

2024
£

2023
£

Amounts owed by group undertaking

104,721

53,192

Other receivables

612

1,268

Prepayments

1,732

1,445

107,065

55,905

The amount receivable from group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

6

Cash and cash equivalents

2024
£

2023
£

Cash at bank

9,922

11,071

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Payables

2024
£

2023
£

Due within one year

Trade payables

837

643

Amount owed to group undertaking

-

1,225

Corporation tax

8,703

3,762

Social security and other taxes

9,496

5,823

Outstanding defined contribution pension costs

3,300

1,896

Accrued expenses

34,524

12,813

56,860

26,162

The amount payable to group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

8

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £12,108 (2023 - £4,805). Contributions totalling £3,300 (2023 - £1,896) were payable to the scheme at the end of the year and are included in payables.

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1

1

1

1

1

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Ridestore Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

10

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose.

11

Parent and ultimate parent undertaking

The company's immediate parent undertaking is Ridestore Holding AB, a company incorporated in Sweden. The ultimate parent is Illume Holding AB, incorporated in Sweden. The most senior parent entity producing publicly available financial statements is Illume Holding AB. These financial statements are available upon request from Frihamnen 16 A, Göteborg, 417 70, Sweden.

 The company's ultimate controlling parties are D Hellberg and J Hellberg by virtue of their majority shareholding.

12

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 November 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.