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

IAN RIDLEY TRANSPORT LIMITED - Company Information

16 false false false false false false false false false true false false false false false false No description of principal activity 2020-08-01 Sage Accounts Production Advanced 2020 - FRS102_2019 28,000 28,000 142,179 25,000 17,747 184,926 184,926 142,179 xbrli:pure xbrli:shares iso4217:GBP 04480067 2020-08-01 2021-07-31 04480067 2021-07-31 04480067 2020-07-31 04480067 2019-08-01 2020-07-31 04480067 2020-07-31 04480067 core:NetGoodwill 2020-08-01 2021-07-31 04480067 core:FurnitureFittings 2020-08-01 2021-07-31 04480067 core:MotorVehicles 2020-08-01 2021-07-31 04480067 bus:Director1 2020-08-01 2021-07-31 04480067 core:NetGoodwill 2021-07-31 04480067 core:LandBuildings 2020-07-31 04480067 core:FurnitureFittings 2020-07-31 04480067 core:MotorVehicles 2020-07-31 04480067 core:LandBuildings 2021-07-31 04480067 core:FurnitureFittings 2021-07-31 04480067 core:MotorVehicles 2021-07-31 04480067 core:LandBuildings 2020-08-01 2021-07-31 04480067 core:WithinOneYear 2021-07-31 04480067 core:WithinOneYear 2020-07-31 04480067 core:AfterOneYear 2021-07-31 04480067 core:AfterOneYear 2020-07-31 04480067 core:ShareCapital 2021-07-31 04480067 core:ShareCapital 2020-07-31 04480067 core:RetainedEarningsAccumulatedLosses 2021-07-31 04480067 core:RetainedEarningsAccumulatedLosses 2020-07-31 04480067 core:CostValuation core:Non-currentFinancialInstruments 2020-07-31 04480067 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2021-07-31 04480067 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2021-07-31 04480067 core:CostValuation core:Non-currentFinancialInstruments 2021-07-31 04480067 core:Non-currentFinancialInstruments 2021-07-31 04480067 core:Non-currentFinancialInstruments 2020-07-31 04480067 core:LandBuildings 2020-07-31 04480067 core:FurnitureFittings 2020-07-31 04480067 core:MotorVehicles 2020-07-31 04480067 bus:Director1 2020-07-31 04480067 bus:Director1 2021-07-31 04480067 bus:Director1 2019-07-31 04480067 bus:Director1 2020-07-31 04480067 bus:Director1 2019-08-01 2020-07-31 04480067 bus:SmallEntities 2020-08-01 2021-07-31 04480067 bus:AuditExemptWithAccountantsReport 2020-08-01 2021-07-31 04480067 bus:FullAccounts 2020-08-01 2021-07-31 04480067 bus:SmallCompaniesRegimeForAccounts 2020-08-01 2021-07-31 04480067 bus:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31

COMPANY REGISTRATION NUMBER: 04480067

Ian Ridley Transport Limited

Filleted Unaudited Financial Statements

31 July 2021

Ian Ridley Transport Limited

Statement of Financial Position

31 July 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	625,668	665,437
Investments	7	184,926	142,179
		------------	------------
		810,594	807,616

Current assets

Debtors	8	479,729	427,070
Cash at bank and in hand		138,017	172,520
		------------	------------
		617,746	599,590

Creditors: amounts falling due within one year	9	( 323,530)	( 332,592)
		------------	------------
Net current assets		294,216	266,998
		-------------	-------------
Total assets less current liabilities		1,104,810	1,074,614

Creditors: amounts falling due after more than one year	10	( 237,769)	( 298,586)

Provisions

Taxation including deferred tax	( 106,928)	( 106,965)
	-------------	-------------
Net assets	760,113	669,063
	-------------	-------------

Capital and reserves

Called up share capital	3	3
Profit and loss account	760,110	669,060
	------------	------------
Shareholders funds	760,113	669,063
	------------	------------

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 2021

For the year ending 31 July 2021 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 13 April 2022 , 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 2021

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 16 (2020: 15 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2020 and 31 July 2021	28,000
	------------
Amortisation
At 1 August 2020 and 31 July 2021	28,000
	------------
Carrying amount
At 31 July 2021	–
	------------
At 31 July 2020	–
	------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2020	62,445	71,698	1,286,941	1,421,084
Additions	443	8,725	197,345	206,513
Disposals	–	( 6,199)	( 198,250)	( 204,449)
	------------	------------	-------------	-------------
At 31 July 2021	62,888	74,224	1,286,036	1,423,148
	------------	------------	-------------	-------------
Depreciation
At 1 August 2020	–	47,081	708,566	755,647
Charge for the year	–	4,846	178,440	183,286
Disposals	–	( 5,162)	( 136,291)	( 141,453)
	------------	------------	-------------	-------------
At 31 July 2021	–	46,765	750,715	797,480
	------------	------------	-------------	-------------
Carrying amount
At 31 July 2021	62,888	27,459	535,321	625,668
	------------	------------	-------------	-------------
At 31 July 2020	62,445	24,617	578,375	665,437
	------------	------------	-------------	-------------

7. Investments

	Other investments other than loans
	£
Cost
At 1 August 2020	142,179
Additions	25,000
Revaluations	17,747
	------------
At 31 July 2021	184,926
	------------
Impairment
At 1 August 2020 and 31 July 2021	–
	------------

Carrying amount
At 31 July 2021	184,926
	------------
At 31 July 2020	142,179
	------------

8. Debtors

	2021	2020
	£	£
Trade debtors	460,475	398,582
Other debtors	19,254	28,488
	------------	------------
	479,729	427,070
	------------	------------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	8,152
Trade creditors	83,215	75,271
Corporation tax	26,684	–
Social security and other taxes	64,534	78,655
Other creditors	139,097	170,514
	------------	------------
	323,530	332,592
	------------	------------

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

	2021	2020
	£	£
Bank loans and overdrafts	40,000	50,000
Other creditors	197,769	248,586
	------------	------------
	237,769	298,586
	------------	------------

11. Directors' advances, credits and guarantees

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

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr I Ridley	( 10,605)	7,803	( 2,802)
	------------	------------	------------

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

12.