Ian Ridley Transport Limited Small abridged accounts

IAN RIDLEY TRANSPORT LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Ian Ridley Transport Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04480067

Ian Ridley Transport Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

Ian Ridley Transport Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Ian Ridley Transport Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Ian Ridley Transport Limited

Year ended 31 July 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 July 2017, which comprise the abridged 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 abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

DHC ACCOUNTING LIMITED

Unit 7 Lillyhall Business Centre Jubilee Road Workington Cumbria CA14 4HA

29 March 2018

Ian Ridley Transport Limited

Abridged Statement of Financial Position

31 July 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	6	605,873	479,460
Investments	7	129,389	124,728
		-----------	-----------
		735,262	604,188

Current assets

Debtors	533,825	510,432
Cash at bank and in hand	51,688	51,851
	-----------	-----------
	585,513	562,283

Creditors: amounts falling due within one year	( 344,822)	( 333,012)
	-----------	-----------
Net current assets	240,691	229,271
	-----------	-----------
Total assets less current liabilities	975,953	833,459

Creditors: amounts falling due after more than one year	( 162,543)	( 62,762)

Provisions

Taxation including deferred tax	( 83,666)	( 82,015)
	-----------	-----------
Net assets	729,744	688,682
	-----------	-----------

Capital and reserves

Called up share capital	3	3
Profit and loss account	729,741	688,679
	-----------	-----------
Shareholders funds	729,744	688,682
	-----------	-----------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 2017 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 abridged 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 abridged financial statements .

Ian Ridley Transport Limited

Abridged Statement of Financial Position (continued)

31 July 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 29 March 2018 , and are signed on behalf of the board by:

Mr I Ridley

Director

Company registration number: 04480067

Ian Ridley Transport Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2017

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 abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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 abridged 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.

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 17 (2016: 16 ).

5. Intangible assets

	£
Cost
At 1 August 2016 and 31 July 2017	28,000
	-----------
Amortisation
At 1 August 2016 and 31 July 2017	28,000
	-----------
Carrying amount
At 31 July 2017	–
	-----------
At 31 July 2016	–
	-----------

6. Tangible assets

	£
Cost
At 1 August 2016	911,568
Additions	355,254
Disposals	( 127,500)
	-------------
At 31 July 2017	1,139,322
	-------------
Depreciation
At 1 August 2016	432,108
Charge for the year	185,202
Disposals	( 83,861)
	-------------
At 31 July 2017	533,449
	-------------
Carrying amount
At 31 July 2017	605,873
	-------------
At 31 July 2016	479,460
	-------------

7. Investments

	£
Cost
At 1 August 2016	124,728
Revaluations	4,661
	-----------
At 31 July 2017	129,389
	-----------
Impairment
At 1 August 2016 and 31 July 2017	–
	-----------
Carrying amount
At 31 July 2017	129,389
	-----------
At 31 July 2016	124,728
	-----------

8. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I Ridley	17,389	( 90,868)	100,518	27,039
	-----------	-----------	-----------	-----------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I Ridley	8,461	( 68,220)	77,148	17,389
	-----------	-----------	-----------	-----------

10. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.