Ian Ridley Transport Limited Filleted accounts for Companies House (small and micro)

IAN RIDLEY TRANSPORT LIMITED - Company Information

15 false false false false false false false false false true false false false false false false No description of principal activity 2019-08-01 Sage Accounts Production Advanced 2020 - FRS102_2019 28,000 28,000 146,835 4,656 142,179 142,179 146,835 xbrli:pure xbrli:shares iso4217:GBP 04480067 2019-08-01 2020-07-31 04480067 2020-07-31 04480067 2019-07-31 04480067 2018-08-01 2019-07-31 04480067 2019-07-31 04480067 core:NetGoodwill 2019-08-01 2020-07-31 04480067 core:FurnitureFittings 2019-08-01 2020-07-31 04480067 core:MotorVehicles 2019-08-01 2020-07-31 04480067 bus:Director1 2019-08-01 2020-07-31 04480067 core:NetGoodwill 2020-07-31 04480067 core:LandBuildings 2019-07-31 04480067 core:FurnitureFittings 2019-07-31 04480067 core:MotorVehicles 2019-07-31 04480067 core:LandBuildings 2020-07-31 04480067 core:FurnitureFittings 2020-07-31 04480067 core:MotorVehicles 2020-07-31 04480067 core:LandBuildings 2019-08-01 2020-07-31 04480067 core:WithinOneYear 2020-07-31 04480067 core:WithinOneYear 2019-07-31 04480067 core:AfterOneYear 2020-07-31 04480067 core:AfterOneYear 2019-07-31 04480067 core:ShareCapital 2020-07-31 04480067 core:ShareCapital 2019-07-31 04480067 core:RetainedEarningsAccumulatedLosses 2020-07-31 04480067 core:RetainedEarningsAccumulatedLosses 2019-07-31 04480067 core:CostValuation core:Non-currentFinancialInstruments 2019-07-31 04480067 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2020-07-31 04480067 core:CostValuation core:Non-currentFinancialInstruments 2020-07-31 04480067 core:Non-currentFinancialInstruments 2020-07-31 04480067 core:Non-currentFinancialInstruments 2019-07-31 04480067 core:LandBuildings 2019-07-31 04480067 core:FurnitureFittings 2019-07-31 04480067 core:MotorVehicles 2019-07-31 04480067 bus:Director1 2019-07-31 04480067 bus:Director1 2020-07-31 04480067 bus:Director1 2018-07-31 04480067 bus:Director1 2019-07-31 04480067 bus:Director1 2018-08-01 2019-07-31 04480067 bus:SmallEntities 2019-08-01 2020-07-31 04480067 bus:AuditExemptWithAccountantsReport 2019-08-01 2020-07-31 04480067 bus:FullAccounts 2019-08-01 2020-07-31 04480067 bus:SmallCompaniesRegimeForAccounts 2019-08-01 2020-07-31 04480067 bus:PrivateLimitedCompanyLtd 2019-08-01 2020-07-31

COMPANY REGISTRATION NUMBER: 04480067

Ian Ridley Transport Limited

Filleted Unaudited Financial Statements

31 July 2020

Ian Ridley Transport Limited

Statement of Financial Position

31 July 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	665,437	616,628
Investments	7	142,179	146,835
		------------	------------
		807,616	763,463

Current assets

Debtors	8	427,070	444,349
Cash at bank and in hand		172,520	44,000
		------------	------------
		599,590	488,349

Creditors: amounts falling due within one year	9	( 332,592)	( 341,067)
		------------	------------
Net current assets		266,998	147,282
		-------------	------------
Total assets less current liabilities		1,074,614	910,745

Creditors: amounts falling due after more than one year	10	( 298,586)	( 180,286)

Provisions

Taxation including deferred tax	( 106,965)	( 82,931)
	-------------	------------
Net assets	669,063	647,528
	-------------	------------

Capital and reserves

Called up share capital	3	3
Profit and loss account	669,060	647,525
	------------	------------
Shareholders funds	669,063	647,528
	------------	------------

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.

Ian Ridley Transport Limited

Statement of Financial Position (continued)

31 July 2020

For the year ending 31 July 2020 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 were approved by the board of directors and authorised for issue on 16 April 2021 , and are signed on behalf of the board by:

Mr I Ridley

Director

Company registration number: 04480067

Ian Ridley Transport Limited

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Pallett Hill, Penrith, Cumbria, CA11 0BY, United Kingdom.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Deferred tax

Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Goodwill	-	9% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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 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.

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.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2019: 16 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2019 and 31 July 2020	28,000
	------------
Amortisation
At 1 August 2019 and 31 July 2020	28,000
	------------
Carrying amount
At 31 July 2020	–
	------------
At 31 July 2019	–
	------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2019	37,445	70,529	1,258,306	1,366,280
Additions	25,000	1,169	316,330	342,499
Disposals	–	–	( 287,695)	( 287,695)
	------------	------------	-------------	-------------
At 31 July 2020	62,445	71,698	1,286,941	1,421,084
	------------	------------	-------------	-------------
Depreciation
At 1 August 2019	–	42,737	706,915	749,652
Charge for the year	–	4,344	192,792	197,136
Disposals	–	–	( 191,141)	( 191,141)
	------------	------------	-------------	-------------
At 31 July 2020	–	47,081	708,566	755,647
	------------	------------	-------------	-------------
Carrying amount
At 31 July 2020	62,445	24,617	578,375	665,437
	------------	------------	-------------	-------------
At 31 July 2019	37,445	27,792	551,391	616,628
	------------	------------	-------------	-------------

7. Investments

	Other investments other than loans
	£
Cost
At 1 August 2019	146,835
Revaluations	( 4,656)
	------------
At 31 July 2020	142,179
	------------
Impairment
At 1 August 2019 and 31 July 2020	–
	------------

Carrying amount
At 31 July 2020	142,179
	------------
At 31 July 2019	146,835
	------------

8. Debtors

	2020	2019
	£	£
Trade debtors	398,582	426,506
Other debtors	28,488	17,843
	------------	------------
	427,070	444,349
	------------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	8,152	4,276
Trade creditors	75,271	107,987
Corporation tax	–	18,349
Social security and other taxes	78,655	74,709
Other creditors	170,514	135,746
	------------	------------
	332,592	341,067
	------------	------------

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

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
Other creditors	248,586	180,286
	------------	------------
	298,586	180,286
	------------	------------

11. Directors' advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr I Ridley	2,481	( 13,086)	( 10,605)
	------------	------------	------------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr I Ridley	13,648	( 11,167)	2,481
	------------	------------	------------

12.