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REGISTERED NUMBER: 13515772 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIDE ON HOLDINGS LIMITED

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIDE ON HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr S A Murley





REGISTERED OFFICE: Old Mine Offices
Wheal Jane Science Park
Baldhu
TRURO
Cornwall
TR3 6EE





REGISTERED NUMBER: 13515772 (England and Wales)





ACCOUNTANTS: TC Group
Bickland House
Bickland Water Road
Falmouth
Cornwall
TR11 4SB

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,795 2,394
Tangible assets 5 74,756 25,913
76,551 28,307

CURRENT ASSETS
Stocks 39,121 62,056
Debtors 6 58,270 20,592
Cash at bank and in hand 170 50
97,561 82,698
CREDITORS
Amounts falling due within one year 7 276,848 171,019
NET CURRENT LIABILITIES (179,287 ) (88,321 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(102,736

)

(60,014

)

CREDITORS
Amounts falling due after more than one
year

8

6,052

-
NET LIABILITIES (108,788 ) (60,014 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (108,888 ) (60,114 )
(108,788 ) (60,014 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 January 2025 and were signed by:





Mr S A Murley - Director


RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Ride On Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
As at the year end the company had net current liabilities of £179,287 (2022 - £88,321).

Included within current liabilities are significant balances owed to related parties which whilst repayable on demand, the directors have confirmed this will not be called up for repayment for at least 12 months after the approval of these accounts.

Taking the above into account together with a review of post-year end performance, the directors have assessed a period of 12 months from the approval date and consider that the company is a going concern. Therefore the accounts are prepared on a going concern basis.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes. the following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completions of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.

Sale of goods

Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of five years.

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 10% on cost

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an intangible asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to adopt Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 in respect of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets include short term trade and other debtors and cash and bank balances. These are initially measured at transaction price, less any impairment and are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities include short term trade and other creditors such as loans from connected companies and bank loans. They are initially measured at transaction price and subsequently carried at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 2,992
AMORTISATION
At 1 January 2023 598
Charge for year 599
At 31 December 2023 1,197
NET BOOK VALUE
At 31 December 2023 1,795
At 31 December 2022 2,394

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 6,587 15,614 5,114 4,254 31,569
Additions 5,919 58,462 3,000 - 67,381
At 31 December 2023 12,506 74,076 8,114 4,254 98,950
DEPRECIATION
At 1 January 2023 659 3,123 1,023 851 5,656
Charge for year 1,250 14,815 1,623 850 18,538
At 31 December 2023 1,909 17,938 2,646 1,701 24,194
NET BOOK VALUE
At 31 December 2023 10,597 56,138 5,468 2,553 74,756
At 31 December 2022 5,928 12,491 4,091 3,403 25,913

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,855 19,008
Other debtors 1,415 1,584
58,270 20,592

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Finance leases 6,615 -
Trade creditors 34,143 13,536
Taxation and social security 16,701 1,497
Other creditors 219,389 155,986
276,848 171,019

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Finance leases 6,052 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Finance leases 12,667 -

RIDE ON HOLDINGS LIMITED (REGISTERED NUMBER: 13515772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES

Within the year Microcomms Professional Services Limited, a company under common control, paid for expenses on behalf of the company. The total amount of expenses was £108,616 and repayments were made of £46,391, leaving a balance of £215,761 (2022:£153,536) outstanding at the year end due to Microcomms Professional Services Limited. No interest is charged on this loan.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S A Murley.