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Registration number: 09765519

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

(Registration number: 09765519)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

23,417

39,947

Tangible assets

5

553

684

 

23,970

40,631

Current assets

 

Debtors

6

139,619

138,623

Cash at bank and in hand

 

23,967

35,083

 

163,586

173,706

Creditors: Amounts falling due within one year

7

(144,378)

(129,760)

Net current assets

 

19,208

43,946

Total assets less current liabilities

 

43,178

84,577

Creditors: Amounts falling due after more than one year

7

(6,682)

(16,667)

Net assets

 

36,496

67,910

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

36,396

67,810

Shareholders' funds

 

36,496

67,910

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

(Registration number: 09765519)
Balance Sheet as at 30 September 2024

.........................................
Mr M V O'Flynn
Director

.........................................
Mrs J A O'Flynn
Director

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Unit G6 The Innovation Centre
Innovation Way
Grimsby
North East Lincolnshire
DN37 9TT
England

These financial statements were authorised for issue by the Board on 9 April 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.

The financial statements represent the individual entity. The company does not form part of a group.

The financial statements are prepared in pounds sterling and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which they become receiveable.

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% per annum on a reducing balance basis

Office equipment

33% per annum on a straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on a straight line basis

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.

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 32 (2023 - 31).

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

165,299

165,299

At 30 September 2024

165,299

165,299

Amortisation

At 1 October 2023

125,352

125,352

Amortisation charge

16,530

16,530

At 30 September 2024

141,882

141,882

Carrying amount

At 30 September 2024

23,417

23,417

At 30 September 2023

39,947

39,947

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

5,938

5,938

Additions

394

394

At 30 September 2024

6,332

6,332

Depreciation

At 1 October 2023

5,254

5,254

Charge for the year

525

525

At 30 September 2024

5,779

5,779

Carrying amount

At 30 September 2024

553

553

At 30 September 2023

684

684

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

120,156

116,775

Prepayments

4,743

4,399

Other debtors

14,720

17,449

 

139,619

138,623

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

82,727

70,643

Trade creditors

 

13,615

12,293

Taxation and social security

 

32,993

34,532

Accruals and deferred income

 

5,678

3,930

Other creditors

 

9,365

8,362

 

144,378

129,760

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £72,735 (2023 - £64,643).

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,682

16,667

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,682

16,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

82,727

70,643

 

Reilyn Limited

trading as Driver Hire Grimsby and Scunthorpe

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Related party transactions

Transactions with Directors

2024

At 1 October 2023
£

Advances to Director
£

Repayments by Director
£

At 30 September 2024
£

Joint loan to directors - Interest free

-

23,458

(23,458)

-

 

2023

At 1 October 2022
£

Advances to Director
£

Repayments by Director
£

At 30 September 2023
£

Joint loan to directors - Interest free

-

15,747

(15,747)

-