www.ridestalbans.com Ltd 31/07/2022 iXBRL

www.ridestalbans.com Ltd 31/07/2022 iXBRL

WWW.RIDESTALBANS.COM LTD - Company Information

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Company registration number: 12616137
www.ridestalbans.com Ltd
Unaudited filleted financial statements
31 July 2022
www.ridestalbans.com Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
www.ridestalbans.com Ltd
Directors and other information
Directors Michael Narramore
Maureen Narramore
Jonathan Burden
Company number 12616137
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
www.ridestalbans.com Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of www.ridestalbans.com Ltd
Year ended 31 July 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of www.ridestalbans.com Ltd for the year ended 31 July 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of www.ridestalbans.com Ltd, as a body, in accordance with the terms of our engagement letter dated 22 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of www.ridestalbans.com Ltd and state those matters that we have agreed to state to the board of directors of www.ridestalbans.com Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than www.ridestalbans.com Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that www.ridestalbans.com Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of www.ridestalbans.com Ltd. You consider that www.ridestalbans.com Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of www.ridestalbans.com Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
20 July 2023
www.ridestalbans.com Ltd
Statement of financial position
31 July 2022
31/07/22 31/07/21
Note £ £ £ £
Fixed assets
Tangible assets 5 14,625 -
_______ _______
14,625 -
Current assets
Stocks 92,000 62,708
Debtors 6 10 4,582
Cash at bank and in hand 11,629 22,630
_______ _______
103,639 89,920
Creditors: amounts falling due
within one year 7 ( 108,574) ( 42,589)
_______ _______
Net current (liabilities)/assets ( 4,935) 47,331
_______ _______
Total assets less current liabilities 9,690 47,331
_______ _______
Net assets 9,690 47,331
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 8,690 46,331
_______ _______
Shareholders funds 9,690 47,331
_______ _______
For the year ending 31 July 2022 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 July 2023 , and are signed on behalf of the board by:
Michael Narramore Jonathan Burden
Director Director
Company registration number: 12616137
www.ridestalbans.com Ltd
Statement of changes in equity
Year ended 31 July 2022
Called up share capital Profit and loss account Total
£ £ £
At 21 May 2020 - - -
Profit for the year 46,331 46,331
_______ _______ _______
Total comprehensive income for the year - 46,331 46,331
Issue of shares 1,000 1,000
_______ _______ _______
Total investments by and distributions to owners 1,000 - 1,000
_______ _______ _______
At 31 July 2021 and 1 August 2021 1,000 46,331 47,331
Profit for the year 12,359 12,359
_______ _______ _______
Total comprehensive income for the year - 12,359 12,359
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 July 2022 1,000 8,690 9,690
_______ _______ _______
www.ridestalbans.com Ltd
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
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:
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.
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 entity 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.
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 4 (2021: 3 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 August 2021 - -
Additions 18,000 18,000
_______ _______
At 31 July 2022 18,000 18,000
_______ _______
Depreciation
At 1 August 2021 - -
Charge for the year 3,375 3,375
_______ _______
At 31 July 2022 3,375 3,375
_______ _______
Carrying amount
At 31 July 2022 14,625 14,625
_______ _______
At 31 July 2021 - -
_______ _______
6. Debtors
31/07/22 31/07/21
£ £
Other debtors 10 4,582
_______ _______
7. Creditors: amounts falling due within one year
31/07/22 31/07/21
£ £
Trade creditors 2,616 10,417
Amounts owed to group undertakings and undertakings in which the company has a participating interest 46,720 19,070
Corporation tax 10,948 10,938
Social security and other taxes 9,416 -
Other creditors 38,874 2,164
_______ _______
108,574 42,589
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/07/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Michael Narramore 1,068 ( 35,693) ( 34,625)
Jonathan Burden 2,500 ( 2,500) -
_______ _______ _______
3,568 ( 38,193) ( 34,625)
_______ _______ _______
Period ended 31/07/21
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Michael Narramore - 1,068 1,068
Jonathan Burden - 2,500 2,500
_______ _______ _______
- 3,568 3,568
_______ _______ _______