2024-01-012024-12-312024-12-31false07025733East Riding Finance 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East Riding Finance Ltd

Registered Number
07025733
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

East Riding Finance Ltd
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

Mr S Kipling

Registered Address

Suite 22 Cariocca Business Park
Manchester
M40 8BB

Place of Business

19 Hainsworth Park

Hull

HU6 8QQ


Registered Number

07025733 (England and Wales)
East Riding Finance Ltd
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,2062,253
2,2062,253
Current assets
Cash at bank and on hand12,10015,961
12,10015,961
Creditors amounts falling due within one year4(6,555)(7,574)
Net current assets (liabilities)5,5458,387
Total assets less current liabilities7,75110,640
Creditors amounts falling due after one year5(1,279)(4,293)
Provisions for liabilities6(419)(428)
Net assets6,0535,919
Capital and reserves
Called up share capital1,0001,000
Profit and loss account5,0534,919
Shareholders' funds6,0535,919
The financial statements were approved and authorised for issue by the Director on 4 March 2025, and are signed on its behalf by:
Mr S Kipling
Director
Registered Company No. 07025733
East Riding Finance Ltd
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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 (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
2.Average number of employees
The average number of employees during the year was as follows:

20242023
Average number of employees during the year12
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 244,2334,233
Additions1,0861,086
At 31 December 245,3195,319
Depreciation and impairment
At 01 January 241,9801,980
Charge for year1,1331,133
At 31 December 243,1133,113
Net book value
At 31 December 242,2062,206
At 31 December 232,2532,253
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts3,0172,943
Amounts owed to related parties2266
Taxation and social security2,8063,923
Accrued liabilities and deferred income710642
Total6,5557,574
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. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £3,017 (2023 £2,943) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in May 2026. The overall carrying value of the loan as at the year-end is £4,296 (2023 £7,236).
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,2794,293
Total1,2794,293
Long 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. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £1,279 (2023 £4,293) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in May 2026. The overall carrying value of the loan as at the year-end is £4,296 (2023 £7,236).
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)419428
Total419428