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COMPANY REGISTRATION NUMBER: NI061791
Ryansmith Limited
Filleted Unaudited Financial Statements
30 November 2024
Ryansmith Limited
Financial Statements
Year ended 30 November 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ryansmith Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
195,352
185,915
Investments
6
1,071,735
926,736
------------
------------
1,267,087
1,112,651
Current assets
Stocks
202,000
393,000
Debtors
7
123,733
91,733
Cash at bank and in hand
228,294
97,702
---------
---------
554,027
582,435
Creditors: amounts falling due within one year
8
62,683
42,579
---------
---------
Net current assets
491,344
539,856
------------
------------
Total assets less current liabilities
1,758,431
1,652,507
Provisions
Taxation including deferred tax
29,745
26,967
------------
------------
Net assets
1,728,686
1,625,540
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,728,586
1,625,440
------------
------------
Shareholders funds
1,728,686
1,625,540
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 30 November 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 .
Ryansmith Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr D Ryan
Mr J Smith
Director
Director
Company registration number: NI061791
Ryansmith Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 North Street, Stewartstown, Co Tyrone, BT71 5JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis, under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 & machinery
-
10% reducing balance
Fixture & fittings
-
10% reducing balance
Motor vehicles
-
12% reducing balance
Equipment
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
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 stock to its 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.
Dividends
Dividends to the company's equity shareholders are recognised as a liability of the company when approved by the company's shareholders.
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and bonus arrangements.
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.
Trade debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Trade creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
83,878
40,903
2,068
96,065
18,339
241,253
Additions
6,417
39,767
774
46,958
Disposals
( 31,251)
( 31,251)
--------
--------
-------
---------
--------
---------
At 30 Nov 2024
83,878
47,320
2,068
104,581
19,113
256,960
--------
--------
-------
---------
--------
---------
Depreciation
At 1 Dec 2023
5,830
19,514
1,664
18,306
10,024
55,338
Charge for the year
1,677
2,781
40
12,677
850
18,025
Disposals
( 11,755)
( 11,755)
--------
--------
-------
---------
--------
---------
At 30 Nov 2024
7,507
22,295
1,704
19,228
10,874
61,608
--------
--------
-------
---------
--------
---------
Carrying amount
At 30 Nov 2024
76,371
25,025
364
85,353
8,239
195,352
--------
--------
-------
---------
--------
---------
At 30 Nov 2023
78,048
21,389
404
77,759
8,315
185,915
--------
--------
-------
---------
--------
---------
6. Investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 December 2023
100
926,636
926,736
Additions
144,999
144,999
----
------------
------------
At 30 November 2024
100
1,071,635
1,071,735
----
------------
------------
Impairment
At 1 December 2023 and 30 November 2024
----
------------
------------
Carrying amount
At 30 November 2024
100
1,071,635
1,071,735
----
------------
------------
At 30 November 2023
100
926,636
926,736
----
------------
------------
The company holds 100% share capital of Ryansmith Properties Limited.
7. Debtors
2024
2023
£
£
Other debtors
123,733
91,733
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,904
5,185
Corporation tax
32,245
9,617
Social security and other taxes
13,171
14,016
Other creditors
11,363
13,761
--------
--------
62,683
42,579
--------
--------
9. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.