IRIS Accounts Production v25.1.0.734 05236171 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052361712023-07-31052361712024-07-31052361712023-08-012024-07-31052361712022-07-31052361712022-08-012023-07-31052361712023-07-3105236171ns15:EnglandWales2023-08-012024-07-3105236171ns14:PoundSterling2023-08-012024-07-3105236171ns10:Director12023-08-012024-07-3105236171ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3105236171ns10:SmallEntities2023-08-012024-07-3105236171ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3105236171ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3105236171ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3105236171ns10:FullAccounts2023-08-012024-07-3105236171ns10:OrdinaryShareClass12023-08-012024-07-3105236171ns10:Director22023-08-012024-07-3105236171ns10:CompanySecretary12023-08-012024-07-3105236171ns10:RegisteredOffice2023-08-012024-07-3105236171ns5:CurrentFinancialInstruments2024-07-3105236171ns5:CurrentFinancialInstruments2023-07-3105236171ns5:Non-currentFinancialInstruments2024-07-3105236171ns5:Non-currentFinancialInstruments2023-07-3105236171ns5:ShareCapital2024-07-3105236171ns5:ShareCapital2023-07-3105236171ns5:RetainedEarningsAccumulatedLosses2024-07-3105236171ns5:RetainedEarningsAccumulatedLosses2023-07-3105236171ns5:PlantMachinery2023-08-012024-07-3105236171ns5:FurnitureFittings2023-08-012024-07-3105236171ns5:MotorVehicles2023-08-012024-07-3105236171ns5:ComputerEquipment2023-08-012024-07-3105236171ns5:PlantMachinery2023-07-3105236171ns5:PlantMachinery2024-07-3105236171ns5:PlantMachinery2023-07-3105236171ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3105236171ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3105236171ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 05236171 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

RIB SHOP LTD

RIB SHOP LTD (REGISTERED NUMBER: 05236171)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIB SHOP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Ms S French
K French





SECRETARY: G Craigen





REGISTERED OFFICE: Workshop 3 Spearfish Road
Hamble Point Marina
School Lane
Hamble
SO31 4JD





REGISTERED NUMBER: 05236171 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

RIB SHOP LTD (REGISTERED NUMBER: 05236171)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 26,544 28,323

CURRENT ASSETS
Stocks 75,663 116,003
Debtors 5 107,489 39,147
Cash at bank and in hand 181,275 181,289
364,427 336,439
CREDITORS
Amounts falling due within one year 6 274,803 220,207
NET CURRENT ASSETS 89,624 116,232
TOTAL ASSETS LESS CURRENT LIABILITIES 116,168 144,555

CREDITORS
Amounts falling due after more than one
year

7

(8,580

)

(18,983

)

PROVISIONS FOR LIABILITIES (5,043 ) -
NET ASSETS 102,545 125,572

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 102,445 125,472
SHAREHOLDERS' FUNDS 102,545 125,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RIB SHOP LTD (REGISTERED NUMBER: 05236171)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Ms S French - Director


RIB SHOP LTD (REGISTERED NUMBER: 05236171)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Rib Shop Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RIB SHOP LTD (REGISTERED NUMBER: 05236171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

RIB SHOP LTD (REGISTERED NUMBER: 05236171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 91,517
Additions 12,478
Disposals (13,990 )
At 31 July 2024 90,005
DEPRECIATION
At 1 August 2023 63,194
Charge for year 8,847
Eliminated on disposal (8,580 )
At 31 July 2024 63,461
NET BOOK VALUE
At 31 July 2024 26,544
At 31 July 2023 28,323

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,705 15,264
Other debtors 51,784 23,883
107,489 39,147

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,289 10,035
Payments on account 85,600 83,698
Trade creditors 100,786 60,747
Taxation and social security 53,608 36,352
Other creditors 24,520 29,375
274,803 220,207

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,580 18,983

RIB SHOP LTD (REGISTERED NUMBER: 05236171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

At the balance sheet date the balance due to the director was £11,843 (2023 - £10,865). No interest was accrued on this loan and the balance is unsecured.