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Registration number: 00424135

Ryedale Garages (1946) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Ryedale Garages (1946) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ryedale Garages (1946) Limited

(Registration number: 00424135)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,280,217

2,269,919

Investment property

5

69,487

69,487

 

2,349,704

2,339,406

Current assets

 

Stocks

6

493,630

602,833

Debtors

7

14,432

27,697

Cash at bank and in hand

 

899,646

608,465

 

1,407,708

1,238,995

Creditors: Amounts falling due within one year

8

(614,435)

(660,709)

Net current assets

 

793,273

578,286

Total assets less current liabilities

 

3,142,977

2,917,692

Creditors: Amounts falling due after more than one year

8

-

(23,376)

Provisions for liabilities

(16,704)

(10,694)

Net assets

 

3,126,273

2,883,622

Capital and reserves

 

Called up share capital

9

30,000

30,000

Revaluation reserve

339,267

339,267

Retained earnings

2,757,006

2,514,355

Shareholders' funds

 

3,126,273

2,883,622

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Ryedale Garages (1946) Limited

(Registration number: 00424135)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 17 February 2025
 

.........................................
Mr JS Cook
Director

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
1 Riverview Keldholme
Kirkbymoorside
York
North Yorkshire
YO62 6LY
England

These financial statements were authorised for issue by the director on 17 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

10%, 20% and 33% on cost

Motor vehicles

25% on cost

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

2,267,761

813,314

32,954

3,114,029

Additions

5,800

27,900

-

33,700

At 31 December 2024

2,273,561

841,214

32,954

3,147,729

Depreciation

At 1 January 2024

46,604

771,086

26,420

844,110

Charge for the year

-

18,503

4,899

23,402

At 31 December 2024

46,604

789,589

31,319

867,512

Carrying amount

At 31 December 2024

2,226,957

51,625

1,635

2,280,217

At 31 December 2023

2,221,157

42,228

6,534

2,269,919

Included within the net book value of land and buildings above is £2,226,957 (2023 - £2,221,157) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 January

69,487

At 31 December

69,487


The 2015 valuations were made by CPH Surveyors Ltd, on an open market value for existing use basis. The director considers that the valuation represents an appropriate fair value as at 31 December 2024.

6

Stocks

2024
£

2023
£

Other inventories

493,630

602,833

 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,677

17,699

Prepayments

12,755

9,998

 

14,432

27,697

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

10,648

Trade creditors

 

222,974

205,715

Taxation and social security

 

132,545

139,784

Accruals and deferred income

 

179,477

161,201

Other creditors

 

79,439

143,361

 

614,435

660,709


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £0 ( 2023 £10,648) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

23,376


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £0 ( 2023 £23,376) falling due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

30,000

30,000

30,000

30,000

       
 

Ryedale Garages (1946) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

23,376

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,648

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

98,000

97,999

Contributions paid to money purchase schemes

45,000

60,000

143,000

157,999