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Company registration number: 02732686
Ribblesdale Auto Electrics 1992 Limited
Unaudited filleted financial statements
30 September 2024
Ribblesdale Auto Electrics 1992 Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ribblesdale Auto Electrics 1992 Limited
Directors and other information
Directors Mrs E Eadie (Retired 28 November 2024)
Mr S Eadie
Mrs M Cookson (Retired 10 October 2023)
Mrs S Baines (Appointed 16 February 2024)
Secretary Mr P Bracegirdle
Company number 02732686
Registered office Marsh Lane
Preston
Lancashire
PR1 8YN
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Bankers Royal Bank of Scotland plc
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
Ribblesdale Auto Electrics 1992 Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 120,158 83,665
_______ _______
120,158 83,665
Current assets
Stocks 372,928 366,108
Debtors 7 531,645 460,617
Cash at bank and in hand 223,684 316,651
_______ _______
1,128,257 1,143,376
Creditors: amounts falling due
within one year 8 ( 657,850) ( 605,816)
_______ _______
Net current assets 470,407 537,560
_______ _______
Total assets less current liabilities 590,565 621,225
Provisions for liabilities ( 30,039) ( 20,916)
_______ _______
Net assets 560,526 600,309
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 560,524 600,307
_______ _______
Shareholders funds 560,526 600,309
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 March 2025 , and are signed on behalf of the board by:
Mr S Eadie Mrs S Baines
Director Director
Company registration number: 02732686
Ribblesdale Auto Electrics 1992 Limited
Statement of changes in equity
Year ended 30 September 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2022 2 563,887 563,889
Profit for the year 111,420 111,420
_______ _______ _______
Total comprehensive income for the year - 111,420 111,420
Dividends paid and payable ( 75,000) ( 75,000)
_______ _______ _______
Total investments by and distributions to owners - ( 75,000) ( 75,000)
_______ _______ _______
At 30 September 2023 and 1 October 2023 2 600,307 600,309
Profit for the year 105,217 105,217
_______ _______ _______
Total comprehensive income for the year - 105,217 105,217
Dividends paid and payable ( 145,000) ( 145,000)
_______ _______ _______
Total investments by and distributions to owners - ( 145,000) ( 145,000)
_______ _______ _______
At 30 September 2024 2 560,524 560,526
_______ _______ _______
Ribblesdale Auto Electrics 1992 Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Marsh Lane, Preston, Lancashire, PR1 8YN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2023 and 30 September 2024 65,000 65,000
_______ _______
Amortisation
At 1 October 2023 and 30 September 2024 65,000 65,000
_______ _______
Carrying amount
At 30 September 2024 - -
_______ _______
At 30 September 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 17,985 233,899 134,535 386,419
Additions - 16,373 53,241 69,614
Disposals - ( 4,620) ( 26,504) ( 31,124)
_______ _______ _______ _______
At 30 September 2024 17,985 245,652 161,272 424,909
_______ _______ _______ _______
Depreciation
At 1 October 2023 10,429 199,247 93,078 302,754
Charge for the year 360 11,144 18,388 29,892
Disposals - ( 4,620) ( 23,275) ( 27,895)
_______ _______ _______ _______
At 30 September 2024 10,789 205,771 88,191 304,751
_______ _______ _______ _______
Carrying amount
At 30 September 2024 7,196 39,881 73,081 120,158
_______ _______ _______ _______
At 30 September 2023 7,556 34,652 41,457 83,665
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 511,395 442,088
Other debtors 20,250 18,529
_______ _______
531,645 460,617
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 310,114 289,711
Amounts owed to group undertakings and undertakings in which the company has a participating interest 108,796 33,542
Corporation tax 15,539 37,642
Social security and other taxes 51,963 55,507
Other creditors 171,438 189,414
_______ _______
657,850 605,816
_______ _______
9. Other financial commitments
The company has an unlimited guarantee to repay any bank borrowings of its parent company Ribblesdale Auto Electrics Units Limited.
10. Controlling party
The company is a wholly owned subsidiary of Ribblesdale Auto Electrics Units Limited, registered office at Deepdale Mill Street, Preston, Lancashire, PR1 5BY, a company registered in England and Wales.The company is exempt from the obligation to prepare and deliver group accounts.