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Registration number: 03376771

Riley & Son (Electromec) Limited
Annual Report and
Unaudited Financial Statements

31 August 2024

 

Riley & Son (Electromec) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Riley & Son (Electromec) Limited

Balance Sheet
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,327,184

1,992,394

Current assets

 

Stocks

5

372,786

225,556

Debtors

6

183,327

180,673

Cash at bank and in hand

 

125,565

165,417

 

681,678

571,646

Creditors: Amounts falling due within one year

7

(796,802)

(634,617)

Net current liabilities

 

(115,124)

(62,971)

Total assets less current liabilities

 

2,212,060

1,929,423

Creditors: Amounts falling due after more than one year

7

(298,535)

(225,621)

Net assets

 

1,913,525

1,703,802

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

269,702

269,702

Retained earnings

1,643,723

1,434,000

Shareholders' funds

 

1,913,525

1,703,802

 

Riley & Son (Electromec) Limited

Balance Sheet
31 August 2024

For the financial year ending 31 August 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 28 May 2025 and signed on its behalf by:
 

.........................................
I V Riley
Director

Company Registration Number: 03376771

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 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:
Irwell Works
Off Lower Woodhill Road
Bury
BL8 1AR

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.

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 in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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

Steam locomotives

2% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Leasehold locomotives

straight line over the lease term

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.

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

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 34 (2023 - 36).

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

4

Tangible assets

Long leasehold land and buildings
£

Leasehold locomotives
 £

Fixtures and fittings
£

Plant and machinery
£

Steam Locos
£

Motor vehicles
 £

Coaches
£

Total
£

Cost or valuation

At 1 September 2023

-

277,802

38,205

582,829

1,762,517

153,314

50,000

2,864,667

Additions

27,548

-

10,850

273,144

100,000

11,450

16,059

439,051

Disposals

-

-

-

(3,000)

-

-

-

(3,000)

At 31 August 2024

27,548

277,802

49,055

852,973

1,862,517

164,764

66,059

3,300,718

Depreciation

At 1 September 2023

-

34,914

15,880

349,713

413,145

58,621

-

872,273

Charge for the year

46

4,858

3,674

40,286

28,486

23,911

-

101,261

At 31 August 2024

46

39,772

19,554

389,999

441,631

82,532

-

973,534

Carrying amount

At 31 August 2024

27,502

238,030

29,501

462,974

1,420,886

82,232

66,059

2,327,184

At 31 August 2023

-

242,888

22,325

233,116

1,349,372

94,693

50,000

1,992,394

Included within the net book value of land and buildings above is £27,502 (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

5

Stocks

2024
£

2023
£

Other inventories

372,786

225,556

6

Debtors

Current

2024
£

2023
£

Trade debtors

115,882

60,286

Prepayments

56,187

60,000

Other debtors

11,258

60,387

 

183,327

180,673

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

279,937

170,033

Trade creditors

 

232,039

137,341

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

9

42,161

54,107

Taxation and social security

 

108,800

161,315

Accruals and deferred income

 

5,946

101,920

Other creditors

 

127,919

9,901

 

796,802

634,617

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

298,535

225,621

 

Riley & Son (Electromec) Limited

Notes to the Financial Statements
Year Ended 31 August 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

196,967

68,996

Other borrowings

101,568

156,625

298,535

225,621

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

73,395

41,954

Hire purchase contracts

79,484

21,711

Other borrowings

127,058

106,368

279,937

170,033

9

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors who are also the shareholders receive dividends as part of their remuneration package. The directors consider that their remuneration meets the criteria of being under normal market conditions.