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Registration number: 01891094

Russ Rigby Motor Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Russ Rigby Motor Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Russ Rigby Motor Company Limited

(Registration number: 01891094)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

200,000

200,000

Current assets

 

Cash at bank and in hand

 

639

213

Creditors: Amounts falling due within one year

5

(8,336)

(10,941)

Net current liabilities

 

(7,697)

(10,728)

Total assets less current liabilities

 

192,303

189,272

Creditors: Amounts falling due after more than one year

5

(52,108)

(51,290)

Net assets

 

140,195

137,982

Capital and reserves

 

Called up share capital

2

2

Other reserves

132,231

132,231

Retained earnings

7,962

5,749

Shareholders' funds

 

140,195

137,982

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

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 Profit and Loss Account.

 

Russ Rigby Motor Company Limited

(Registration number: 01891094)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Alexander John Rigby
Director

 

Russ Rigby Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
246 Mossy Lea Road
Wrightington
Wigan
Lancashire
WN6 9RL

These financial statements were authorised for issue by the Board on 22 November 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 represents the invoice value of rental income receivable net of VAT. It is recognised in accordance with the lease in place with the tenants.

 

Russ Rigby Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

There has been no depreciation within the year as there are no assets liable to be depreciated.

Asset class

Depreciation method and rate

Investment property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. The directors have deemed that the value of the investment property is included in line with its current market value

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 March

200,000

At 29 February

200,000

The investment property was revalued in 2015. The directors consider that the carrying amount is equivalent to the property's market value at the year end.

 

Russ Rigby Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

449

-

Other creditors

7,887

10,941

8,336

10,941

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

52,108

51,290

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

52,108

51,290