IRIS Accounts Production v23.3.0.418 02124318 Board of Directors 1.5.22 30.4.23 30.4.23 sale and hire of machinery. true true false true true false false true true true true false Ordinary 1.00000 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REGISTERED NUMBER: 02124318 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

RIDGWAY RENTALS LIMITED

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


RIDGWAY RENTALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: T R Jones
S R Jones
G R Jones





SECRETARY: T R Jones





REGISTERED OFFICE: Earthmover House
Ridgway Business Park
St Martins
Shropshire
SY11 3PZ





REGISTERED NUMBER: 02124318 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
Ridgway Rentals Ltd provides plant and machinery for hire and sale.

The company has maintained strong results during the year and it expects this to continue for the foreseeable future.

Key Performance Indicators

2023 2022 % Change
Turnover £23,911,790 £23,231,293 2.93%
Gross margin 17.12% 28.33% (11.21%)
Operating profit £2,573,104 £4,943,264 (47.95%)
Cash generation (£1,190,150) £2,359,000

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a competitive market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities.

ON BEHALF OF THE BOARD:





T R Jones - Director


6 November 2023

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

T R Jones
S R Jones
G R Jones

POLITICAL DONATIONS AND EXPENDITURE
Details of political donations are included in the consolidated accounts of the ultimate parent company, Ridgway Holdings Ltd.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T R Jones - Director


6 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGWAY RENTALS LIMITED

Opinion
We have audited the financial statements of Ridgway Rentals Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGWAY RENTALS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGWAY RENTALS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the renting and leasing of construction and civil engineering machinery and equipment sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, Financial Conduct Authority, employment, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti money laundering, Consumer Rights Act throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGWAY RENTALS LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

6 November 2023

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

30.4.23 30.4.22
Notes £    £   

TURNOVER 4 23,911,790 23,231,293

Cost of sales (19,817,214 ) (16,648,921 )
GROSS PROFIT 4,094,576 6,582,372

Administrative expenses (1,521,473 ) (1,639,609 )
2,573,103 4,942,763

Other operating income - 501
OPERATING PROFIT 6 2,573,103 4,943,264

Interest receivable and similar income 16,309 357
2,589,412 4,943,621

Interest payable and similar expenses 7 (1,534,771 ) (1,108,056 )
PROFIT BEFORE TAXATION 1,054,641 3,835,565

Tax on profit 8 (371,044 ) (616,501 )
PROFIT FOR THE FINANCIAL YEAR 683,597 3,219,064

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

30.4.23 30.4.22
Notes £    £   

PROFIT FOR THE YEAR 683,597 3,219,064


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

683,597

3,219,064

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 44,966,105 43,613,714
Investments 11 1 1
44,966,106 43,613,715

CURRENT ASSETS
Stocks 12 130,923 70,619
Debtors 13 3,707,175 6,882,111
Cash at bank 2,281,528 3,471,678
6,119,626 10,424,408
CREDITORS
Amounts falling due within one year 14 18,261,818 22,605,325
NET CURRENT LIABILITIES (12,142,192 ) (12,180,917 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,823,914

31,432,798

CREDITORS
Amounts falling due after more than one
year

15

(22,451,484

)

(22,029,162

)

PROVISIONS FOR LIABILITIES 18 (4,839,316 ) (4,554,119 )
NET ASSETS 5,533,114 4,849,517

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 5,533,014 4,849,417
SHAREHOLDERS' FUNDS 5,533,114 4,849,517

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





T R Jones - Director


RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 100 4,830,353 4,830,453

Changes in equity
Dividends - (3,200,000 ) (3,200,000 )
Total comprehensive income - 3,219,064 3,219,064
Balance at 30 April 2022 100 4,849,417 4,849,517

Changes in equity
Total comprehensive income - 683,597 683,597
Balance at 30 April 2023 100 5,533,014 5,533,114

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

30.4.23 30.4.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 11,611,924 13,381,696
Interest element of hire purchase payments
paid

(1,534,771

)

(1,108,056

)
Tax paid (341,883 ) -
Net cash from operating activities 9,735,270 12,273,640

Cash flows from investing activities
Purchase of tangible fixed assets (4,335,960 ) (413,600 )
Sale of tangible fixed assets 12,024,161 7,267,209
Interest received 16,309 357
Net cash from investing activities 7,704,510 6,853,966

Cash flows from financing activities
Capital repayments in year (18,629,930 ) (13,568,606 )
Equity dividends paid - (3,200,000 )
Net cash from financing activities (18,629,930 ) (16,768,606 )

(Decrease)/increase in cash and cash equivalents (1,190,150 ) 2,359,000
Cash and cash equivalents at beginning of
year

2

3,471,678

1,112,678

Cash and cash equivalents at end of year 2 2,281,528 3,471,678

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.4.23 30.4.22
£    £   
Profit before taxation 1,054,641 3,835,565
Depreciation charges 6,257,914 5,908,235
Profit on disposal of fixed assets (121,872 ) (15,207 )
Finance costs 1,534,771 1,108,056
Finance income (16,309 ) (357 )
8,709,145 10,836,292
Increase in stocks (60,304 ) (54,682 )
Decrease in trade and other debtors 3,174,935 1,141,227
(Decrease)/increase in trade and other creditors (211,852 ) 1,458,859
Cash generated from operations 11,611,924 13,381,696

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,281,528 3,471,678
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 3,471,678 1,112,678


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank 3,471,678 (1,190,150 ) 2,281,528
3,471,678 (1,190,150 ) 2,281,528
Debt
Finance leases (39,345,044 ) 3,453,297 (35,891,747 )
(39,345,044 ) 3,453,297 (35,891,747 )
Total (35,873,366 ) 2,263,147 (33,610,219 )

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Ridgway Rentals Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

Going concern
At the balance sheet date the company had net current liabilities of £12,142,192 (2022: £12,180,917). As shown in note 14 of the full financial statements £13,440,263 (2022: £17,315,882) relates to hire purchase and finance lease liabilities which are used to finance the hire fleet shown in the balance sheet under tangible fixed assets. The directors have considered post year-end trading and believe that the going concern basis of preparation remains appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Ridgway Rentals Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Sandford Assets Limited, a company registered in England and Wales.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of tangible fixed assets, and the note below for the useful economic lives for each class of assets.

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes the proceeds of sale of hire fleet assets. The net book value of these assets is disclosed within cost of sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold buildings - 33% on cost
Plant and machinery - 25% on cost
Hire fleet - 10% on cost
Motor vehicles - 25% on cost and 10% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to it working condition for its intended use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 or deferred 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.

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase agreements or finance leases are capitalised in the balance sheet. The assets are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Obligations under operating leases are charged to the profit and loss account in the relevant period.

Pension costs and other post-retirement benefits
The company makes contributions to personal pension schemes for the benefit of the directors and employees. Contributions payable are charged to the profit and loss account in the period to which they relate.

Amounts receivable in respect of conditional sales contracts.
Amounts receivable from third parties under conditional sales contracts are recorded in the balance sheet within debtors.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.4.23 30.4.22
£    £   
Goods 9,679,681 7,674,688
Services 14,232,109 15,556,605
23,911,790 23,231,293

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

30.4.23 30.4.22
£    £   
United Kingdom 20,265,339 21,820,433
Overseas 3,646,451 1,410,860
23,911,790 23,231,293

5. EMPLOYEES AND DIRECTORS
30.4.23 30.4.22
£    £   
Wages and salaries 1,288,342 1,244,714
Social security costs 167,766 147,052
Other pension costs 81,093 52,867
1,537,201 1,444,633

The average number of employees during the year was as follows:
30.4.23 30.4.22

Directors 3 3
Parts and hire 4 7
Workshop 14 16
Administration 5 5
Transport 14 12
40 43

30.4.23 30.4.22
£    £   
Directors' remuneration 164,745 152,523
Directors' pension contributions to money purchase schemes 15,866 2,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.23 30.4.22
£    £   
Hire of plant and machinery 148,034 124,450
Depreciation - owned assets 601,632 721,833
Depreciation - assets on hire purchase contracts 5,656,281 5,186,402
Profit on disposal of fixed assets (121,872 ) (15,207 )
Auditors' remuneration 19,876 17,718
Auditors' remuneration for non audit work 4,592 8,865
Rental payments in respect of operating leases 139,200 139,200
(Profit) / loss on disposal of fixed assets (in cost of sales) 382,479 (419,008 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.23 30.4.22
£    £   
Hire purchase and finance lease charges 1,534,771 1,108,056

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.23 30.4.22
£    £   
Current tax:
UK corporation tax 85,847 341,883

Deferred tax 285,197 274,618
Tax on profit 371,044 616,501

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.23 30.4.22
£    £   
Profit before tax 1,054,641 3,835,565
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

200,382

728,757

Effects of:
Expenses not deductible for tax purposes 2,342 4,866
Capital allowances in excess of depreciation (159,405 ) (75,618 )
Utilisation of tax losses - (321,138 )
Chargeable gains 48,297 14,945
Deferred Tax 285,197 274,618
Group relief (claimed)/surrendered (8,074 ) (9,929 )
Change in tax rates 2,305 -
Total tax charge 371,044 616,501

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. DIVIDENDS
30.4.23 30.4.22
£    £   
Interim - 3,200,000

10. TANGIBLE FIXED ASSETS
Freehold Plant and Hire
buildings machinery fleet
£    £    £   
COST
At 1 May 2022 19,703 61,449 54,114,415
Additions - 8,255 18,989,328
Disposals - - (17,338,364 )
At 30 April 2023 19,703 69,704 55,765,379
DEPRECIATION
At 1 May 2022 19,703 39,714 11,027,270
Charge for year - 11,071 6,137,328
Eliminated on disposal - - (5,442,135 )
At 30 April 2023 19,703 50,785 11,722,463
NET BOOK VALUE
At 30 April 2023 - 18,919 44,042,916
At 30 April 2022 - 21,735 43,087,145

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 1,740,771 67,328 56,003,666
Additions 515,010 - 19,512,593
Disposals (370,364 ) (6,489 ) (17,715,217 )
At 30 April 2023 1,885,417 60,839 57,801,042
DEPRECIATION
At 1 May 2022 1,243,982 59,283 12,389,952
Charge for year 103,895 5,619 6,257,913
Eliminated on disposal (364,427 ) (6,366 ) (5,812,928 )
At 30 April 2023 983,450 58,536 12,834,937
NET BOOK VALUE
At 30 April 2023 901,967 2,303 44,966,105
At 30 April 2022 496,789 8,045 43,613,714

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Hire Motor
fleet vehicles Totals
£    £    £   
COST
At 1 May 2022 51,505,379 828,791 52,334,170
Additions 14,888,391 288,242 15,176,633
Disposals (14,238,256 ) - (14,238,256 )
Transfer to ownership (2,310,927 ) (108,000 ) (2,418,927 )
At 30 April 2023 49,844,587 1,009,033 50,853,620
DEPRECIATION
At 1 May 2022 9,964,360 409,091 10,373,451
Charge for year 5,610,812 45,469 5,656,281
Eliminated on disposal (4,008,417 ) - (4,008,417 )
Transfer to ownership (1,015,179 ) (108,000 ) (1,123,179 )
At 30 April 2023 10,551,576 346,560 10,898,136
NET BOOK VALUE
At 30 April 2023 39,293,011 662,473 39,955,484
At 30 April 2022 41,541,019 419,700 41,960,719

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2022
and 30 April 2023 1
NET BOOK VALUE
At 30 April 2023 1
At 30 April 2022 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ridgway Leasing Limited
Registered office: Earthmover House Ridgway Business Park, St. Martins, Oswestry, Shropshire,UK, SY11 3PZ
Nature of business: Hire of plant and equipment
%
Class of shares: holding
Ordinary £1 100.00
30.4.23 30.4.22
£    £   
Aggregate capital and reserves 1,867 1,867

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. STOCKS
30.4.23 30.4.22
£    £   
Parts stock 130,923 70,619

13. DEBTORS
30.4.23 30.4.22
£    £   
Amounts falling due within one year:
Trade debtors 2,584,064 2,532,031
Amounts receivable in respect of conditional
sales contracts

499,184

1,310,015
VAT - 8,186
Prepayments and accrued income 88,170 47,205
3,171,418 3,897,437

Amounts falling due after more than one year:
Amounts receivable in respect of conditional
sales contracts

535,757

2,984,674

Aggregate amounts 3,707,175 6,882,111

The aggregate rentals receivable in respect of conditional sales contracts for the year ended 30 April 2023 was £916,832 (2022: £1,237,590). During the year, Ridgway Rentals Limited exercised their right to terminate a rent to buy contract with a customer. As a result, hire fleet assets with a net book value of £2,436,971 have been brought back into fixed assets, debtor balances of £2,933,085 have been written off and deferred income of £308,819 released. The net effect of cancelling the contracts is to reduce profit by £187,295.

The cost of assets acquired for letting under conditional sales contracts was £1,055,406 (2022: £1,194,619).

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts (see note 16) 13,440,263 17,315,882
Trade creditors 1,372,998 867,940
Amounts owed to group undertakings 2,268,977 3,389,647
Corporation tax 85,847 341,883
Social security and other taxes 44,685 45,088
VAT 614,134 -
Other creditors 5,238 8,223
Accruals and deferred income 429,676 636,662
18,261,818 22,605,325

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts (see note 16) 22,451,484 22,029,162

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.23 30.4.22
£    £   
Gross obligations repayable:
Within one year 14,536,368 18,108,761
Between one and five years 23,872,703 22,671,501
38,409,071 40,780,262

Finance charges repayable:
Within one year 1,096,105 792,879
Between one and five years 1,421,219 642,339
2,517,324 1,435,218

Net obligations repayable:
Within one year 13,440,263 17,315,882
Between one and five years 22,451,484 22,029,162
35,891,747 39,345,044

Non-cancellable operating leases
30.4.23 30.4.22
£    £   
Within one year 139,200 139,200

17. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Hire purchase contracts 35,891,747 39,345,044

Hire purchase and finance lease obligations are secured by guarantees from the immediate parent company Sandford Assets Limited and the group company Ridgway Holdings International Limited. The liabilities are secured over the assets to which they relate.

Barclays Bank plc hold a debenture dated 24th May 2018 as a security including a fixed and floating charge over the assets of the company.

18. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax
Accelerated capital allowances 4,839,316 4,554,119

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2022 4,554,119
Provided during year 285,197
Balance at 30 April 2023 4,839,316

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
100 Ordinary £1 100 100

Ordinary shares are entitled to full voting rights and dividends.

Called-up share capital represents the nominal value of shares that have been issued.

20. RESERVES
Retained
earnings
£   

At 1 May 2022 4,849,417
Profit for the year 683,597
At 30 April 2023 5,533,014

Retained earnings includes all current and prior period retained profits and losses.

21. ULTIMATE PARENT COMPANY

The immediate parent company is Sandford Assets Limited. Sandford Assets Limited is the parent of the smallest
group for which consolidated financial statements are prepared, which include Ridgway Rentals Limited.

The ultimate parent company is Ridgway Holdings Limited, a company registered in England and Wales.

Ridgway Holdings Limited is the parent of the largest group for which consolidated financial statements are
prepared, which include Ridgway Rentals Limited.

Group accounts are freely available from Companies House.

The registered office of both the immediate parent company and the ultimate parent company is Earthmover House Ridgway Business Park, St Martins, Oswestry, Shropshire, SY11 3PZ.

22. CONTINGENT LIABILITIES

The company has provided a number of guarantees to lenders and other providers of finance to secure the obligations of other group companies.

The company has provided an unlimited cross guarantee to Barclays Bank plc, dated 7th June 2018 in respect of bank borrowings of Ridgway Properties Limited, a group company. As at the year end the contingent liability in respect of this cross guarantee amounted to £152,250 (2022: £175,193).

RIDGWAY RENTALS LIMITED (REGISTERED NUMBER: 02124318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

23. CAPITAL COMMITMENTS
30.4.23 30.4.22
£    £   
Contracted but not provided for in the
financial statements 300,000 467,889

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity
30.4.23 30.4.22
£    £   
Management charges 18,550 -

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T R Jones Esq and Mrs W M Jones, by virtue of their controlling shareholding in the ultimate parent company, Ridgway Holdings Limited .