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REGISTERED NUMBER: 04596773 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Ritec Automation Limited

Ritec Automation Limited (Registered number: 04596773)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Ritec Automation Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D A Ingry
P McLaughlin





REGISTERED OFFICE: 43-45 Broad Street
Bridgtown
Cannock
Staffordshire
WS11 0DA





REGISTERED NUMBER: 04596773 (England and Wales)





ACCOUNTANTS: Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Ritec Automation Limited (Registered number: 04596773)

Balance Sheet
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 39,850 19,706
39,850 19,706

CURRENT ASSETS
Stocks 1,006 964
Debtors 6 142,025 147,097
Cash at bank and in hand 127,825 126,207
270,856 274,268
CREDITORS
Amounts falling due within one year 7 (104,067 ) (108,571 )
NET CURRENT ASSETS 166,789 165,697
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,639

185,403

CREDITORS
Amounts falling due after more than one
year

8

(48,333

)

(38,785

)

PROVISIONS FOR LIABILITIES (7,474 ) (3,625 )
NET ASSETS 150,832 142,993

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 149,832 141,993
SHAREHOLDERS' FUNDS 150,832 142,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Ritec Automation Limited (Registered number: 04596773)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





P McLaughlin - Director


Ritec Automation Limited (Registered number: 04596773)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Ritec Automation Limited (Registered number: 04596773)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 69,000
AMORTISATION
At 1 July 2022
and 30 June 2023 69,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 58,164
Additions 27,185
At 30 June 2023 85,349
DEPRECIATION
At 1 July 2022 38,458
Charge for year 7,041
At 30 June 2023 45,499
NET BOOK VALUE
At 30 June 2023 39,850
At 30 June 2022 19,706

Ritec Automation Limited (Registered number: 04596773)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 24,578
At 30 June 2023 24,578
DEPRECIATION
Charge for year 2,048
At 30 June 2023 2,048
NET BOOK VALUE
At 30 June 2023 22,530

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,824 138,355
Other debtors 6,201 8,742
142,025 147,097

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,802 9,548
Hire purchase contracts (see note 9) 3,619 8,961
Trade creditors 22,932 23,226
Taxation and social security 44,428 46,818
Other creditors 23,286 20,018
104,067 108,571

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 28,279 38,785
Hire purchase contracts (see note 9) 20,054 -
48,333 38,785

Ritec Automation Limited (Registered number: 04596773)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,619 8,961
Between one and five years 20,054 -
23,673 8,961

Non-cancellable operating leases
2023 2022
£    £   
Within one year 11,599 5,248
Between one and five years 17,040 6,561
28,639 11,809

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. OTHER FINANCIAL COMMITMENTS

As at 30 June 2023, there were outstanding pension contributions of £503 (2022: £403).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ritec Automation Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ritec Automation Limited for the year ended 30 June 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ritec Automation Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ritec Automation Limited and state those matters that we have agreed to state to the Board of Directors of Ritec Automation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ritec Automation Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ritec Automation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ritec Automation Limited. You consider that Ritec Automation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ritec Automation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


13 October 2023