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Registration number: 04025001

Ribble Valley Tyre & Auto Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Ribble Valley Tyre & Auto Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Ribble Valley Tyre & Auto Services Limited

Company Information

Directors

Mr D L Newby

Mrs S M Newby

Registered office

Willow Tree Barn
Ashley Lane
Goosnargh
Preston
PR3 2EE

Accountants

Red Dot Accountants Ltd
Chartered Accountants
15 Olympic Court
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU

 

Ribble Valley Tyre & Auto Services Limited

(Registration number: 04025001)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

498,759

505,355

Current assets

 

Stocks

6

42,956

45,966

Debtors

7

887,987

886,485

Cash at bank and in hand

 

337,826

268,895

 

1,268,769

1,201,346

Creditors: Amounts falling due within one year

8

(347,396)

(360,269)

Net current assets

 

921,373

841,077

Total assets less current liabilities

 

1,420,132

1,346,432

Creditors: Amounts falling due after more than one year

8

(65,700)

(78,300)

Provisions for liabilities

(5,977)

(5,418)

Net assets

 

1,348,455

1,262,714

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,348,355

1,262,614

Shareholders' funds

 

1,348,455

1,262,714

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.

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
Mr D L Newby
Director

 

Ribble Valley Tyre & Auto Services Limited

Notes to the 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.

The address of its registered office is:
Willow Tree Barn
Ashley Lane
Goosnargh
Preston
PR3 2EE

The principal place of business is:
Kestor Lane
Longridge
Preston
Lancashire
PR3 3AD
England

These financial statements were authorised for issue by the Board on 17 December 2024.

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 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.

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.

 

Ribble Valley Tyre & Auto Services Limited

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on reducing balance

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 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% on cost

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. 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.

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.

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.

 

Ribble Valley Tyre & Auto Services Limited

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

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 8 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

5,050

5,050

At 30 September 2024

5,050

5,050

Amortisation

At 1 October 2023

5,050

5,050

At 30 September 2024

5,050

5,050

Carrying amount

At 30 September 2024

-

-

 

Ribble Valley Tyre & Auto Services Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

549,188

123,922

10,575

683,685

Additions

-

3,143

6,500

9,643

At 30 September 2024

549,188

127,065

17,075

693,328

Depreciation

At 1 October 2023

72,350

97,020

8,960

178,330

Charge for the year

9,537

4,672

2,030

16,239

At 30 September 2024

81,887

101,692

10,990

194,569

Carrying amount

At 30 September 2024

467,301

25,373

6,085

498,759

At 30 September 2023

476,838

26,902

1,615

505,355

Included within the net book value of land and buildings above is £467,301 (2023 - £476,838) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

42,956

45,966

7

Debtors

2024
£

2023
£

Trade debtors

83,111

81,935

Prepayments

4,976

5,050

Other debtors

799,900

799,500

887,987

886,485

 

Ribble Valley Tyre & Auto Services Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,600

12,600

Trade creditors

 

55,389

48,435

Taxation and social security

 

73,266

68,823

Accruals and deferred income

 

4,795

4,445

Other creditors

 

201,346

225,966

 

347,396

360,269

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

65,700

78,300

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Ribble Valley Tyre & Auto Services Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

65,700

78,300

Current loans and borrowings

2024
£

2023
£

Other borrowings

12,600

12,600