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Registration number: SC529147

Ryze Dundee Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Ryze Dundee Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ryze Dundee Limited

Company Information

Directors

Mr Joshua David Shenk

Mr J Fairgrieve

Company secretary

MBM Secretarial Services Limited

Registered office

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

 

Ryze Dundee Limited

(Registration number: SC529147)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

621,592

816,000

Current assets

 

Stocks

5

18,000

18,000

Debtors

6

212,556

192,557

Cash at bank and in hand

 

137,947

153,156

 

368,503

363,713

Creditors: Amounts falling due within one year

7

(13,398)

(77,025)

Net current assets

 

355,105

286,688

Total assets less current liabilities

 

976,697

1,102,688

Creditors: Amounts falling due after more than one year

7

(1,368,208)

(1,495,130)

Provisions for liabilities

(35,128)

(43,236)

Net liabilities

 

(426,639)

(435,678)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(426,739)

(435,778)

Shareholders' deficit

 

(426,639)

(435,678)

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:
 

 

Ryze Dundee Limited

(Registration number: SC529147)
Balance Sheet as at 31 December 2021

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

 

Ryze Dundee 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
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.

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.

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.

 

Ryze Dundee Limited

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

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

Leasehold Improvements

10% straight line

Plant and Machinery

25% straight line

Computer & Office Equipment

25% 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 Dundee 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 40 (2020 - 44).

 

Ryze Dundee 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

838,628

1,503

447,086

1,287,217

Additions

-

419

1,187

1,606

At 31 December 2021

838,628

1,922

448,273

1,288,823

Depreciation

At 1 January 2021

204,868

624

265,725

471,217

Charge for the year

83,732

411

111,871

196,014

At 31 December 2021

288,600

1,035

377,596

667,231

Carrying amount

At 31 December 2021

550,028

887

70,677

621,592

At 31 December 2020

633,760

879

181,361

816,000

Included within the net book value of land and buildings above is £550,028 (2020 - £633,760) in respect of short leasehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

18,000

18,000

6

Debtors

Current

2021
£

2020
£

Other debtors

212,556

192,557

 

Ryze Dundee 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

9,617

2,778

Trade creditors

 

-

10,935

Taxation and social security

 

3,781

63,310

Other creditors

 

-

2

 

13,398

77,025

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

35,670

47,222

Other non-current financial liabilities

 

1,332,538

1,447,908

 

1,368,208

1,495,130

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

35,670

47,222

 

Ryze Dundee Limited

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

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,617

2,778

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 £158,229 (2020 - £90,416). As at 31st December the company had annual commitments under non-cancellable operating leases as stated above.

 

Ryze Dundee 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
Ryze Edinburgh Limited

 
Astronaut Guild LLC is a shareholder in Ryze Dundee Limited.
Included within creditors is a loan of £1,332,538 from Astronaut Guild LLC. [2019 - £1,447,908]
Included within debtors is a loan of £173,000 to Ryze Edinburgh Limited.[2019 - £153,000]

 
Loans to Ryze Edinburgh Limited are interest free and repayable on demand.

Loans from Astronaut Guild LLC accrue interest at a rate of 0.54% per month on the outstanding balance.