GEOFFREY RIPLEY & SON BUS & COACH SALES LTD
Registered number: 06346797
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,036,565 1,107,754
Current assets
Stocks 229,400 168,500
Debtors 4 126,874 162,886
Cash at bank and in hand 323,021 228,109
679,295 559,495
Creditors: amounts falling due within one year 5 (586,955) (474,297)
Net current assets 92,340 85,198
Total assets less current liabilities 1,128,905 1,192,952
Creditors: amounts falling due after more than one year 6 (70,800) (112,800)
Provisions for liabilities (106,971) (120,497)
Net assets 951,134 959,655
Capital and reserves
Called up share capital 2 2
Profit and loss account 951,132 959,653
Shareholders' funds 951,134 959,655
The director is 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 director acknowledges his 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.
G P Ripley
Director
Approved by the board on 23 January 2025
GEOFFREY RIPLEY & SON BUS & COACH SALES LTD
Notes to the Accounts
for the year ended 31 August 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:
Land and buildings No provision has been made in the accounts for depreciation
of freehold property. This policy does not comply with
FRS15. No depreciation charge is made on the grounds
that it would be immaterial because the estimated residual
value of the tangible fixed asset is not materially different from
the carrying amount of the asset.
Plant and machinery 10% written down value
Motor vehicles 25% written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 473,559 538,715 620,194 1,632,468
Additions - 3,465 - 3,465
At 31 August 2024 473,559 542,180 620,194 1,635,933
Depreciation
At 1 September 2023 - 224,252 300,462 524,714
Charge for the year - 31,751 42,903 74,654
At 31 August 2024 - 256,003 343,365 599,368
Net book value
At 31 August 2024 473,559 286,177 276,829 1,036,565
At 31 August 2023 473,559 314,463 319,732 1,107,754
4 Debtors 2024 2023
£ £
Trade debtors 8,184 45,728
Other debtors 118,690 117,158
126,874 162,886
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 359,294 350,660
Obligations under finance lease and hire purchase contracts - 2,083
Trade creditors 58,750 9,370
Corporation tax 57,575 25,395
Other taxes and social security costs 73,479 62,923
Other creditors 37,857 23,866
586,955 474,297
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 70,800 112,800
7 Other information
GEOFFREY RIPLEY & SON BUS & COACH SALES LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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