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RIDINGS COMMERCE LIMITED - Company Information

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Registered number: 07279994

RIDINGS COMMERCE LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

RIDINGS COMMERCE LIMITED

REGISTERED NUMBER:07279994

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2018

		2018		2017
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	5	625		21,140
Bank and cash balances		129,542		37,076
		130,167		58,216
Creditors: Amounts Falling Due Within One Year	6	(130,166)		(58,215)
NET CURRENT ASSETS			1		1
TOTAL ASSETS LESS CURRENT LIABILITIES			1		1

NET ASSETS			1		1

CAPITAL AND RESERVES
Called up share capital	7	1	1
		1	1

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Sully

Director

Date: 24 May 2019

The notes on pages 2 to 4 form part of these financial statements.

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RIDINGS COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	GENERAL INFORMATION

The company is registered in England and Wales with the registration number 07279994. The company is private and limited by shares. The company's registered office is: Federation House, 17 High Street, Winterbourne,South Gloucestershire, BS36 1JL.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

From September 2018 the operations of the Company will be taken over by The Olympus Academy Trust within a seperate entity. As such these financial statements are not prepared on a going concern basis.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term debtors are measured at transaction price, less any impairment.

2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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RIDINGS COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.ACCOUNTING POLICIES (continued)

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimations and assumptions that effect the amounts reported for assets and liabilities as at the date of the Statement of Financial Position and the amounts reported for revenues and expenses during the year then ended. However, the nature of estimation means that actual outcomes could differ from those estimates.
Management do not conisder that there are any judgements or estimations to note that have had a significant effect on amounts recognised in the financial statements.

EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:

	2018	2017
	No.	No.

Directors	4	4

DEBTORS

					2018	2017
					£	£


Trade debtors	264	360
Amounts owed by group undertakings	-	20,779
Other debtors	361	-
Called up share capital not paid	-	1
	625	21,140

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RIDINGS COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£

Trade creditors	38,490	-
Amounts owed to group undertakings	47,482	-
Other taxation and social security	258	3,061
Other creditors	-	96
Accruals and deferred income	43,936	55,058
	130,166	58,215

7.	SHARE CAPITAL
		2018	2017
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2017:1) Ordinary share of £1.00	1	1

8.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of the exemption provided by FRS 102 section 33.1A not to disclose transactions with other members of a 100% controlled group.

9.	CONTROLLING PARTY

The immediate and ultimate controlling party is The Olympus Academy Trust.

10.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2018 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

"We draw attention to note 2.2 in the financial statements which explains that the company’s operations have been taken over by a separate entity from September 2018 and transferred all of its assets and liabilities to that entity on this date therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter."

The audit report was signed on 24 May 2019 by Simon Morrison FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

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