RIBBLE VEHICLE SALES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
RIBBLE VEHICLE SALES LIMITED
COMPANY INFORMATION
Director
R.G. Cawtherley
Company number
07234858 (England and Wales)
Registered office
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
Lloyds Bank plc
Church Street
Blackburn
Lancashire
BB2 1JQ
RIBBLE VEHICLE SALES LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 9
The following pages do not form part of the statutory financial statements:
Detailed trading and profit and loss account
Appendix
RIBBLE VEHICLE SALES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company was the sale of used vehicles and equipment, together with vehicle hire.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
R.G. Cawtherley
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R.G. Cawtherley
Director
31 January 2025
RIBBLE VEHICLE SALES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIBBLE VEHICLE SALES LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ribble Vehicle Sales Limited for the year ended 30 April 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Ribble Vehicle Sales Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ribble Vehicle Sales Limited and state those matters that we have agreed to state to the board of directors of Ribble Vehicle Sales Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ribble Vehicle Sales Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Ribble Vehicle Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ribble Vehicle Sales Limited. You consider that Ribble Vehicle Sales Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ribble Vehicle Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashworth Moulds
31 January 2025
Chartered Accountants
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
RIBBLE VEHICLE SALES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2024
2023
Notes
£
£
Turnover
109,956
108,865
Cost of sales
(25,451)
(27,198)
Gross profit
84,505
81,667
Administrative expenses
(55,197)
(56,123)
Operating profit
29,308
25,544
Interest receivable and similar income
6
-
Interest payable and similar expenses
(8,280)
(11,229)
Profit before taxation
21,034
14,315
Taxation
3
(4,395)
(3,411)
Profit for the financial year
16,639
10,904
Retained earnings brought forward
7,397
3,893
Dividends
(6,000)
(7,400)
Retained earnings carried forward
18,036
7,397
The notes on pages 5 - 9 form an integral part of these financial statements.
RIBBLE VEHICLE SALES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
53,140
67,271
Current assets
Stocks
16,750
22,300
Debtors
5
2,123
1,772
Cash at bank and in hand
17,740
10,170
36,613
34,242
Creditors: amounts falling due within one year
6
(56,600)
(74,359)
Net current liabilities
(19,987)
(40,117)
Total assets less current liabilities
33,153
27,154
Creditors: amounts falling due after more than one year
7
(15,017)
(19,657)
Net assets
18,136
7,497
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
18,036
7,397
Total equity
18,136
7,497
The notes on pages 5 - 9 form an integral part of these financial statements.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
R.G. Cawtherley
Director
Company registration number 07234858 (England and Wales)
RIBBLE VEHICLE SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information
Ribble Vehicle Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Nicholas Street, Burnley, Lancashire, BB11 2AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Computer equipment
33% Straight Line
Motor vehicles
Leased - over the lease term / Owned - between 1 and 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RIBBLE VEHICLE SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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 individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RIBBLE VEHICLE SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception 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 charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,395
3,411
RIBBLE VEHICLE SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
1,500
1,047
156,881
159,428
Additions
12,300
12,300
At 30 April 2024
1,500
1,047
169,181
171,728
Depreciation and impairment
At 1 May 2023
1,132
1,047
89,978
92,157
Depreciation charged in the year
55
26,376
26,431
At 30 April 2024
1,187
1,047
116,354
118,588
Carrying amount
At 30 April 2024
313
52,827
53,140
At 30 April 2023
368
66,903
67,271
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
36
Prepayments and accrued income
2,123
1,736
2,123
1,772
RIBBLE VEHICLE SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
7,440
7,440
Obligations under hire purchase and finance leases
6,301
30,021
Trade creditors
10,870
10,647
Corporation tax
7,806
3,411
Other taxation and social security
3,752
1,756
Other creditors
16,430
8,991
Accruals and deferred income
4,001
12,093
56,600
74,359
The hire purchase and finance lease creditor is secured on the assets to which they relate.
The bank loan which is secured by the government amounts to £7,440 (2023: £7,440)
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
8,185
15,685
Obligations under hire purchase and finance leases
6,832
3,972
15,017
19,657
The hire purchase and finance lease creditor is secured on the assets to which they relate.
The bank loan which is secured by the government amounts to £8,185 (2023: £15,865)
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2024-04-302023-05-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310R.G. Cawtherley072348582023-05-012024-04-3007234858bus:Director12023-05-012024-04-3007234858bus:RegisteredOffice2023-05-012024-04-3007234858bus:Agent12023-05-012024-04-30072348582024-04-30072348582022-05-012023-04-3007234858core:RetainedEarningsAccumulatedLosses2023-04-3007234858core:RetainedEarningsAccumulatedLosses2022-04-3007234858core:ShareCapital2024-04-3007234858core:ShareCapital2023-04-3007234858core:RetainedEarningsAccumulatedLosses2024-04-3007234858core:RetainedEarningsAccumulatedLosses2023-04-30072348582023-04-3007234858core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3007234858core:PlantMachinery2024-04-3007234858core:ComputerEquipment2024-04-3007234858core:MotorVehicles2024-04-3007234858core:PlantMachinery2023-04-3007234858core:ComputerEquipment2023-04-3007234858core:MotorVehicles2023-04-3007234858core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3007234858core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3007234858core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3007234858core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3007234858core:CurrentFinancialInstruments2024-04-3007234858core:CurrentFinancialInstruments2023-04-3007234858core:Non-currentFinancialInstruments2024-04-3007234858core:Non-currentFinancialInstruments2023-04-3007234858core:PlantMachinery2023-05-012024-04-3007234858core:ComputerEquipment2023-05-012024-04-3007234858core:MotorVehicles2023-05-012024-04-3007234858core:UKTax2023-05-012024-04-3007234858core:UKTax2022-05-012023-04-3007234858core:PlantMachinery2023-04-3007234858core:ComputerEquipment2023-04-3007234858core:MotorVehicles2023-04-30072348582023-04-3007234858bus:PrivateLimitedCompanyLtd2023-05-012024-04-3007234858bus:FRS1022023-05-012024-04-3007234858bus:AuditExemptWithAccountantsReport2023-05-012024-04-3007234858bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP