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NICK RYAN MOTOR WORKS LIMITED

Registered Number
09162612
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

NICK RYAN MOTOR WORKS LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

N Ryan

Registered Address

Flat 3 Wood View Court
Woodview
Shoreham-By-Sea
BN43 6AL

Registered Number

09162612 (England and Wales)
NICK RYAN MOTOR WORKS LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets427,36224,733
27,36224,733
Current assets
Stocks52,5002,500
Debtors67,3895,947
Cash at bank and on hand32,38431,250
42,27339,697
Creditors amounts falling due within one year7(17,527)(15,840)
Net current assets (liabilities)24,74623,857
Total assets less current liabilities52,10848,590
Provisions for liabilities8(3,314)(4,681)
Accruals and deferred income(630)(630)
Net assets48,16443,279
Capital and reserves
Called up share capital100100
Profit and loss account48,06443,179
Shareholders' funds48,16443,279
The financial statements were approved and authorised for issue by the Director on 12 February 2025, and are signed on its behalf by:
N Ryan
Director
Registered Company No. 09162612
NICK RYAN MOTOR WORKS LIMITED
Notes to the Financial Statements
for the year ended 31 August 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 September 2330,70030,700
At 31 August 2430,70030,700
Amortisation and impairment
At 01 September 2330,70030,700
At 31 August 2430,70030,700
Net book value
At 31 August 24--
At 31 August 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 September 233,69542,80046,495
Additions-9,0009,000
At 31 August 243,69551,80055,495
Depreciation and impairment
At 01 September 233,03718,72521,762
Charge for year1646,2076,371
At 31 August 243,20124,93228,133
Net book value
At 31 August 2449426,86827,362
At 31 August 2365824,07524,733
5.Stocks

2024

2023

££
Other stocks2,5002,500
Total2,5002,500
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables4,8053,364
Other debtors2,5842,583
Total7,3895,947
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security17,50415,822
Other creditors2318
Total17,52715,840
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,3144,681
Total3,3144,681