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Registered Number: 07489192
England and Wales

 

 

 

RIPSTONE LTD.


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Intangible fixed assets 4 1,481,861    1,499,610 
Tangible fixed assets 5 45,729    42,312 
Investments   2 
1,527,590    1,541,924 
Current assets      
Stocks 6 620,340    137,180 
Debtors 7 734,203    409,335 
Cash at bank and in hand 1,658,182    1,696,936 
3,012,725    2,243,451 
Creditors: amount falling due within one year 8 (599,383)   (658,698)
Net current assets 2,413,342    1,584,753 
 
Total assets less current liabilities 3,940,932    3,126,677 
Creditors: amount falling due after more than one year 9 (601,000)   (749,500)
Accruals and deferred income (106,590)  
Net assets 3,233,342    2,377,177 
 

Capital and reserves
     
Called up share capital 10 25,815    25,815 
Share premium account 11 850,272    850,272 
Capital Redemption Reserve 12 24,456    24,456 
Profit and loss account 2,332,799    1,476,634 
Shareholder's funds 3,233,342    2,377,177 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 September 2023 and were signed on its behalf by:


-------------------------------
A L Wall
Director
1
General Information
Ripstone Ltd. is a private company, limited by shares, registered in England and Wales, registration number 07489192, registration address Elevator Studios, 25 Parliament Street, Liverpool, Merseyside, L8 5RN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is represented by:-
- the net invoiced sales of services.
- the sale of software downloaded by customers via a third party distributor. Such revenue is recognised at the point the download is completed.

Both of the above exclude value added tax.

Rental income is accounted for on a received basis.

Other Operating Income includes a one off grant from a collaborator, in support of small developers during the pandemic, accounted for on a received basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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.

Current taxation assets and liabilities are not discounted.

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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Costs relating to the development of the new products are capitalised and disclosed as an intangible asset once the Company has determined that:-

- the product is technically and commercially feasible.
- the project is clearly defined and associated costs are separately identifiable
- future revenues are expected to exceed current and future costs of the product
- the Company has the intention, ability and resources to complete development of the product

Development costs will include advances payable to external developers under development agreements and the direct payroll and overhead costs of the internal development teams. Amounts relating to software development which are not capitalised are expenses as incurred.

Deferred development expenditure for each unreleased product is reviewed at the end of each accounting period and where circumstances which have justified the deferral of the expenditure, as set out above, no longer apply, or are considered doubtful the previously capitalised development expenditure to the extent to which is considered to be irrecoverable, is immediately impaired on a project by project basis.

On product release, capitalised development costs are amortised in accordance with the proportion of revenue generated to date compared with total forecast revenue. At the end of financial year, the carrying value of each product is assessed. Where the forecast revenue for the product does not exceed the current and future costs of the product, a provision for impairment is recognised.

Capitalised development costs are removed from the schedule of intangible fixed asset 5 years after the product release.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Straight Line
Fixtures and Fittings 33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks and Work in Progress
Work-in-progress has been calculated as the monetary value of time spent on a contract at the year-end, versus the total forecasted time that will be spent.
2.

Average number of employees


Average number of employees during the year was 42 (2021 : 31).
3.

Financial Commitments, Guarantees and Contingencies

The company rents its premises and is currently entered into a seven year tenancy agreement, expiring in March 2027. The monthly rent payment is £1,750 (net).


4.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 January 2022 6,955,379    6,955,379 
Additions 440,196    440,196 
Disposals  
At 31 December 2022 7,395,575    7,395,575 
Amortisation
At 01 January 2022 5,455,769    5,455,769 
Charge for year 457,945    457,945 
On disposals  
At 31 December 2022 5,913,714    5,913,714 
Net book values
At 31 December 2022 1,481,861    1,481,861 
At 31 December 2021 1,499,610    1,499,610 


5.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2022 30,350    115,261    145,611 
Additions 4,401    28,832    33,233 
Disposals    
At 31 December 2022 34,751    144,093    178,844 
Depreciation
At 01 January 2022 20,966    82,333    103,299 
Charge for year 7,448    22,368    29,816 
On disposals    
At 31 December 2022 28,414    104,701    133,115 
Net book values
Closing balance as at 31 December 2022 6,337    39,392    45,729 
Opening balance as at 01 January 2022 9,384    32,928    42,312 


6.

Stocks

2022
£
  2021
£
Work in Progress 620,340    137,180 
620,340    137,180 

7.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 413,262    154,529 
Prepayments & Accrued Income 31,964    33,927 
Other Debtors 191,735    176,372 
Deferred Tax 8,689    8,039 
VAT   5,965 
645,650    378,832 

7.

Debtors: amounts falling due after one year

2022
£
  2021
£
Other Debtors 88,553    30,503 
88,553    30,503 

8.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 67,204    31,247 
Corporation Tax 34,407    62,447 
PAYE & Social Security 58,943    39,403 
Accrued Expenses 269,307    319,716 
Other Creditors 150,000    200,000 
Pension Payable 8,163    5,885 
VAT 11,359   
599,383    658,698 
Other Creditors include amounts subject to fixed and floating charges (covering all the property or undertaking of the company) and the charges also contains a negative pledge.

9.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Other Creditors 601,000    749,500 
601,000    749,500 


10.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
516,304 Ordinary shares of £0.05 each 25,815    25,815 
25,815    25,815 

11.

Share premium account

2022
£
  2021
£
Equity Share Premium b/fwd 850,272    850,272 
850,272    850,272 

12.

Capital Redemption Reserve

2022
£
  2021
£
Capital Redemption Reserve b/fwd 24,456    24,456 
24,456    24,456 

2