REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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RIDE OF THE LEGENDS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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FOR |
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RIDE OF THE LEGENDS LIMITED |
RIDE OF THE LEGENDS LIMITED (REGISTERED NUMBER: 08617357) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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Page |
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Balance sheet | 1 |
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Notes to the financial statements | 2 |
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RIDE OF THE LEGENDS LIMITED (REGISTERED NUMBER: 08617357) |
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BALANCE SHEET |
31 JULY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one year | 7 |
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Net (liabilities)/assets | ( |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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RIDE OF THE LEGENDS LIMITED (REGISTERED NUMBER: 08617357) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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1. | Statutory information |
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Ride of the Lions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08617357. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is 3 Connaught Drive, Weybridge, Surrey, KT13 0XA. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The company made a loss of £5,558 during the year and had a deficiency of assets at the year end of £5,267. The company is dependant upon the continued support of its directors.The directors give their assurance that they will provide sufficient further finance as may prove necessary to meet the company's working capital requirements. |
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Turnover |
Turnover represents amounts received for the provision of fundraising events during the year, net of value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Government grants |
Using the accrual basis government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
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Grants which become 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 shall be recognised in income in the period in which it becomes receivable. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
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At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
RIDE OF THE LEGENDS LIMITED (REGISTERED NUMBER: 08617357) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 August 2019 |
and 31 July 2020 |
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Depreciation |
At 1 August 2019 |
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Charge for year |
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At 31 July 2020 |
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Net book value |
At 31 July 2020 |
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At 31 July 2019 |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
VAT |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Directors' current accounts | 1,222 | 6,221 |
Accruals and deferred income |
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7. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 2,298 | - |
RIDE OF THE LEGENDS LIMITED (REGISTERED NUMBER: 08617357) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 400 | 400 |
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Ordinary A | £1 | 1 | 1 |
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Ordinary B | £1 | 1 | 1 |
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Ordinary C | £1 | 1 | 1 |
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Ordinary D | £1 | 1 | 1 |
404 | 404 |
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9. | Ultimate controlling party |
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The company is controlled by its directors, who between them own 100% of the issued voting share capital. |