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Registration number: SC478281

Ryze Edinburgh Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Ryze Edinburgh Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Ryze Edinburgh Limited

Company Information

Directors

Mr J D Shenk

Mr J Fairgrieve

Company secretary

MBM Secretarial Services Limited

Registered office

Ryze Adventure Parks 23 Mayfield Industrial Estate
Dalkeith
Midlothian
EH22 4AD

 

Ryze Edinburgh Limited

(Registration number: SC478281)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

360,319

493,847

Current assets

 

Stocks

5

25,000

25,000

Debtors

6

72,834

124,687

Cash at bank and in hand

 

97,144

65,504

 

194,978

215,191

Creditors: Amounts falling due within one year

7

(228,179)

(265,980)

Net current liabilities

 

(33,201)

(50,789)

Total assets less current liabilities

 

327,118

443,058

Creditors: Amounts falling due after more than one year

7

(1,104,519)

(1,084,896)

Net liabilities

 

(777,401)

(641,838)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(777,501)

(641,938)

Shareholders' deficit

 

(777,401)

(641,838)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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 Board on 1 September 2022 and signed on its behalf by:
 

.........................................
Mr J Fairgrieve
Director

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Ryze Adventure Parks 23 Mayfield Industrial Estate
Dalkeith
Midlothian
EH22 4AD
Scotland

These financial statements were authorised for issue by the Board on 1 September 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 sales/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.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.

Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Tax

The tax expense for the period comprises 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.

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

25% straight line & 10% straight line

Office Equipment

25% straight line

Leasehold Improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2020 - 40).

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

994,746

14,208

328,357

1,337,311

Disposals

-

(2,889)

(34,274)

(37,163)

At 31 December 2021

994,746

11,319

294,083

1,300,148

Depreciation

At 1 January 2021

541,979

13,166

287,576

842,721

Charge for the year

99,474

285

30,860

130,619

Eliminated on disposal

-

(2,889)

(30,622)

(33,511)

At 31 December 2021

641,453

10,562

287,814

939,829

Carrying amount

At 31 December 2021

353,293

757

6,269

360,319

At 31 December 2020

452,767

299

40,781

493,847

Included within the net book value of land and buildings above is £353,293 (2020 - £452,767) in respect of short leasehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

25,000

25,000

6

Debtors

Current

2021
£

2020
£

Other debtors

72,834

124,687

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

9,575

-

Trade creditors

 

16,741

16,469

Taxation and social security

 

3,227

44,338

Accruals and deferred income

 

22,636

48,006

Other creditors

 

176,000

157,167

 

228,179

265,980

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

37,290

-

Other non-current financial liabilities

 

1,067,229

1,084,896

 

1,104,519

1,084,896

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

37,290

-

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,575

-

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £162,347 (2020 - £162,535). As at 31st December 2021 the company had annual commitments under non-cancellable operating leases as detailed above.

 

Ryze Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

11

Related party transactions

Summary of transactions with other related parties

Astronaut Guild LLC is a shareholder in Ryze Edinburgh Limited.
 Included within creditors falling due are loans of £1,067,228 from Astronaut Guild LLC and third party investors. These loans are in USD $1,440,439 and are translated at the spot rate on 31 December 2021

Interest is charged on these loans at rates of either 3.96% or 6.48%

There are intercompany loans from Ryze Dundee Ltd of £173,000 included in creditors due.