Reirse Ryan Limited 31/05/2019 iXBRL

Reirse Ryan Limited 31/05/2019 iXBRL

REIRSE RYAN LIMITED - Company Information

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Company registration number: 02711539
Reirse Ryan Limited
Unaudited filleted financial statements
31 May 2019
Reirse Ryan Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Reirse Ryan Limited
Directors and other information
Directors Francis E Ryan
Cherry Ryan
Company number 02711539
Registered office 58 Warwick Road
Solihull
West Midlands
B92 7JJ
Business address 58 Warwick Road
Solihull
West Midlands
B92 7JJ
Accountants Thursfield & Co
Holbeche House
437 Shirley Road
Acocks Green
Birmingham
B27 7NX
Reirse Ryan Limited
Statement of financial position
31 May 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 77,492 51,542
Investments 6 954,133 957,562
_______ _______
1,031,625 1,009,104
Current assets
Stocks 61,785 364,680
Debtors 7 560,516 616,035
Cash at bank and in hand 1,147,277 355,795
_______ _______
1,769,578 1,336,510
Creditors: amounts falling due
within one year 8 ( 1,013,298) ( 626,088)
_______ _______
Net current assets 756,280 710,422
_______ _______
Total assets less current liabilities 1,787,905 1,719,526
Creditors: amounts falling due
after more than one year 9 ( 19,807) -
_______ _______
Net assets 1,768,098 1,719,526
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Revaluation reserve 210,433 210,433
Profit and loss account 1,556,565 1,507,993
_______ _______
Shareholders funds 1,768,098 1,719,526
_______ _______
For the year ending 31 May 2019 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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2020 , and are signed on behalf of the board by:
Francis E Ryan
Director
Reirse Ryan Limited
Statement of changes in equity
Year ended 31 May 2019
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 June 2017 1,100 210,433 1,523,981 1,735,514
Profit for the year 250,303 250,303
_______ _______ _______ _______
Total comprehensive income for the year - - 250,303 250,303
Dividends paid and payable ( 266,291) ( 266,291)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 266,291) ( 266,291)
_______ _______ _______ _______
At 31 May 2018 and 1 June 2018 1,100 210,433 1,507,993 1,719,526
Profit for the year 273,978 273,978
_______ _______ _______ _______
Total comprehensive income for the year - - 273,978 273,978
Dividends paid and payable ( 225,406) ( 225,406)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 225,406) ( 225,406)
_______ _______ _______ _______
At 31 May 2019 1,100 210,433 1,556,565 1,768,098
_______ _______ _______ _______
Reirse Ryan Limited
Notes to the financial statements
Year ended 31 May 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 58 Warwick Road, Solihull, West Midlands, B92 7JJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 9 (2018: 8 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2018 50,948 8,621 5,866 - 65,435
Additions - - - 34,799 34,799
_______ _______ _______ _______ _______
At 31 May 2019 50,948 8,621 5,866 34,799 100,234
_______ _______ _______ _______ _______
Depreciation
At 1 June 2018 - 8,262 5,631 - 13,893
Charge for the year - 90 59 8,700 8,849
_______ _______ _______ _______ _______
At 31 May 2019 - 8,352 5,690 8,700 22,742
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2019 50,948 269 176 26,099 77,492
_______ _______ _______ _______ _______
At 31 May 2018 50,948 359 235 - 51,542
_______ _______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 June 2018 957,562 957,562
Additions 15,881 15,881
Fair value adjustment (19,310) (19,310)
_______ _______
At 31 May 2019 954,133 954,133
_______ _______
Impairment
At 1 June 2018 and 31 May 2019 - -
_______ _______
Carrying amount
At 31 May 2019 954,133 954,133
_______ _______
At 31 May 2018 957,562 957,562
_______ _______
7. Debtors
2019 2018
£ £
Trade debtors 473,976 471,314
Other debtors 86,540 144,721
_______ _______
560,516 616,035
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 803,685 533,594
Corporation tax 36,275 58,043
Social security and other taxes 141,178 23,745
Other creditors 32,160 10,706
_______ _______
1,013,298 626,088
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 19,807 -
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Francis E Ryan 120,000 ( 120,000) -
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Francis E Ryan 200,000 ( 80,000) 120,000
_______ _______ _______
During the year the company paid £24,000 (2018-£24,000) to Mr Francis Ryan for rent of the company premises.