Riley Industries Limited Company accounts

RILEY INDUSTRIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01965748

Riley Industries Limited

Unaudited Financial Statements

30 April 2019

Riley Industries Limited

Financial Statements

Year ended 30 April 2019

Contents	Page

Officers and professional advisers	1

Director's report	2

Accountants report to the director on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

Riley Industries Limited

Officers and Professional Advisers

Director	Mr M P A Riley

Company secretary	Deborah Hemming

Registered office	Redhouse Industrial Estate
	Middlemore Lane West
	Aldridge
	Walsall
	West Midlands
	WS9 8BG

Accountants	Barncroft Accountancy Services Ltd
	Accountants
	Barncroft House
	Bulls Lane
	Wishaw
	Sutton Coldfield
	United Kingdom
	B76 9QN

Bankers	Handelsbanken plc
	20 Hatherton Street
	Walsall
	WS4 2LA

Riley Industries Limited

Director's Report

Year ended 30 April 2019

The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2019 .

Director

The director who served the company during the year was as follows:

Mr M P A Riley

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 5 July 2019 and signed on behalf of the board by:

Mr M P A Riley	Deborah Hemming
Director	Company Secretary

Registered office:

Redhouse Industrial Estate

Middlemore Lane West

Aldridge

Walsall

West Midlands

WS9 8BG

Riley Industries Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Riley Industries Limited

Year ended 30 April 2019

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Barncroft Accountancy Services Ltd Accountants

Barncroft House Bulls Lane Wishaw Sutton Coldfield United Kingdom B76 9QN

5 July 2019

Riley Industries Limited

Statement of Income and Retained Earnings

Year ended 30 April 2019

	2019	2018
Note	£	£
Turnover	2,461,810	3,268,539

Cost of sales	1,227,146	1,904,877
	------------	------------
Gross profit	1,234,664	1,363,662

Distribution costs	138,832	194,207
Administrative expenses	1,012,056	930,158
	------------	------------
Operating profit	83,776	239,297

Interest payable and similar expenses		3,439	1,804
		------------	------------
Profit before taxation	5	80,337	237,493

Tax on profit	( 47,422)	31,979
	---------	---------
Profit for the financial year and total comprehensive income	127,759	205,514
	---------	---------

Dividends paid and payable	( 150,000)	( 200,000)

Retained earnings at the start of the year	103,967	98,453
	---------	---------
Retained earnings at the end of the year	81,726	103,967
	---------	---------

All the activities of the company are from continuing operations.

Riley Industries Limited

Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		157,202	94,353

Current assets

Stocks		444,092	431,595
Debtors	7	221,789	112,890
Cash at bank and in hand		141,686	168,823
		---------	---------
		807,567	713,308

Creditors: amounts falling due within one year	8	804,108		675,729
		---------		---------
Net current assets			3,459	37,579
			---------	---------
Total assets less current liabilities			160,661	131,932

Creditors: amounts falling due after more than one year	9	78,835	27,865
		---------	---------
Net assets		81,826	104,067
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	81,726	103,967
	--------	---------
Shareholders funds	81,826	104,067
	--------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Riley Industries Limited

Statement of Financial Position (continued)

30 April 2019

These financial statements were approved by the board of directors and authorised for issue on 5 July 2019 , and are signed on behalf of the board by:

Mr M P A Riley
Director

Company registration number: 01965748

Riley Industries Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Redhouse Industrial Estate, Middlemore Lane West, Aldridge, Walsall, West Midlands, WS9 8BG.

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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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.

Income tax

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant & Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2018: 22 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	52,403	31,454
	--------	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 May 2018	170,694	69,364	240,058
Additions	9,252	106,000	115,252
	---------	---------	---------
At 30 April 2019	179,946	175,364	355,310
	---------	---------	---------
Depreciation
At 1 May 2018	106,177	39,528	145,705
Charge for the year	18,443	33,960	52,403
	---------	---------	---------
At 30 April 2019	124,620	73,488	198,108
	---------	---------	---------
Carrying amount
At 30 April 2019	55,326	101,876	157,202
	---------	---------	---------
At 30 April 2018	64,517	29,836	94,353
	---------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 30 April 2019	–	–	–
	----	----	----
At 30 April 2018	15,826	26,140	41,966
	--------	--------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	10,595	12,241
Other debtors	211,194	100,649
	---------	---------
	221,789	112,890
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	4,506	7,351
Trade creditors	163,188	255,422
Amounts owed to group undertakings and undertakings in which the company has a participating interest	74,356	28,443
Corporation tax	3,131	42,950
Social security and other taxes	71,186	101,083
Other creditors	487,741	240,480
	---------	---------
	804,108	675,729
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	78,835	27,865
	--------	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr M P A Riley	( 5,549)	( 820)	( 6,369)
	-------	----	-------

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr M P A Riley	( 16,082)	10,533	( 5,549)
	--------	--------	-------

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value
	2019	2018
	£	£
Barry Riley & Sons Ltd - Rent	155,000	146,250
	---------	---------

Riley Industries Limited is the wholly owned subsidiary of Barry Riley & Sons Limited. Rent is payable under a 15-year lease with 13 years remaining.