Registration number:
Ribble Valley Tyre & Auto Services Limited
for the Year Ended 30 September 2019
Chartered Accountants
15 Olympic Court
Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
Ribble Valley Tyre & Auto Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Ribble Valley Tyre & Auto Services Limited
Company Information
Directors |
Mr D L Newby Mrs S M Newby |
Registered office |
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Accountants |
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Page 1 |
Ribble Valley Tyre & Auto Services Limited
(Registration number: 04025001)
Balance Sheet as at 30 September 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
817,816 |
760,982 |
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Total equity |
817,916 |
761,082 |
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Page 2 |
Ribble Valley Tyre & Auto Services Limited
(Registration number: 04025001)
Balance Sheet as at 30 September 2019
.........................................
Director
Page 3 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Kestor Lane
Longridge
Preston
Lancashire
PR3 3AD
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 4 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% on reducing balance |
Motor vehicles |
25% on reducing balance |
Office equipment |
33% on reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% on cost |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2018 |
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At 30 September 2019 |
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Amortisation |
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At 1 October 2018 |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
- |
- |
Page 6 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
( |
At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Included within the net book value of land and buildings above is £516,970 (2018 - £527,520) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 7 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 8 |
Ribble Valley Tyre & Auto Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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Page 9 |