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REGISTERED NUMBER: 02159575 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Ridgeway Research Limited

Ridgeway Research Limited (Registered number: 02159575)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ridgeway Research Limited

Company Information
for the Year Ended 30 September 2023







Director: Mrs M A Fisher





Registered office: Park Farm Buildings
Park Lane
St Briavels
Lydney
Gloucestershire
GL15 6QX





Registered number: 02159575 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

Ridgeway Research Limited (Registered number: 02159575)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 242,318 368,431
Property, plant and equipment 5 30,157 42,535
Investments 6 1 1
272,476 410,967

CURRENT ASSETS
Inventories 202,231 191,169
Debtors 7 174,962 309,142
Cash at bank and in hand 5,081 88
382,274 500,399
CREDITORS
Amounts falling due within one year 8 868,092 389,086
NET CURRENT (LIABILITIES)/ASSETS (485,818 ) 111,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

(213,342

)

522,280

CREDITORS
Amounts falling due after more than one year 9 (86,341 ) (389,529 )

PROVISIONS FOR LIABILITIES (5,730 ) (8,082 )
NET (LIABILITIES)/ASSETS (305,413 ) 124,669

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (305,513 ) 124,569
(305,413 ) 124,669

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

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

The director acknowledges her 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.

Ridgeway Research Limited (Registered number: 02159575)

Balance Sheet - continued
30 September 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





Mrs M A Fisher - Director


Ridgeway Research Limited (Registered number: 02159575)

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

1. STATUTORY INFORMATION

Ridgeway Research 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern

Although there is a balance sheet deficit at the year end, the financial statements have been prepared on a going concern basis as a result of cash flow forecasts approved by the director.

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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred all the significant risks and rewards of ownership of the goods to the buyer;
- the company retains neither continuing managerial involvement, nor effective control, over the goods to the degree usually associated with ownership;
- the amount of the revenue can be reliably measured;
- it is probable (ie, more likely than not) that the economic benefits associated with the sale will flow to the entity;

Revenue from research contracts is recognised once the performance obligation is met.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

The acquired goodwill is now fully amortised.

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.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of six years.

Ridgeway Research Limited (Registered number: 02159575)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc. - Straight line over 5 years and 10% on cost

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period. The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the assets and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period.

Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

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

Inventories
Inventory is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

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.


Ridgeway Research Limited (Registered number: 02159575)

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

2. 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.

Research and development
Expenditure on research is written off to the profit and loss in the year in which it is incurred. Expenditure on development is capitalised only when it can be demonstrated that it will generate future economic benefits. If development expenditure does not meet the recognition criteria, or cannot be distinguished from the research phase, it is written off in the year in which it is incurred.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions for liabilities
Provisions for liabilities are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that there will be an outflow of economic benefit to discharge the obligation; and the amount of the obligation can be reliably estimated. Where these criteria are not met, a provision is not recognised in the financial statements but a contingent liability is disclosed if material. Amounts recoverable from third parties are only recognised as assets when the receipt is virtually certain.

Provisions are measured at the best estimate of the amount required to settle the obligation at the balance sheet date. The best estimate is the amount which the company would rationally pay to settle the obligation at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 21 ) .

Ridgeway Research Limited (Registered number: 02159575)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
Cost
At 1 October 2022 20,000 435,700 455,700
Additions - 78,827 78,827
At 30 September 2023 20,000 514,527 534,527
Amortisation
At 1 October 2022 20,000 67,269 87,269
Charge for year - 70,607 70,607
Impairments - 134,333 134,333
At 30 September 2023 20,000 272,209 292,209
Net book value
At 30 September 2023 - 242,318 242,318
At 30 September 2022 - 368,431 368,431

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 October 2022 82,927 209,408 292,335
Disposals - (666 ) (666 )
At 30 September 2023 82,927 208,742 291,669
Depreciation
At 1 October 2022 82,927 166,873 249,800
Charge for year - 11,745 11,745
Eliminated on disposal - (33 ) (33 )
At 30 September 2023 82,927 178,585 261,512
Net book value
At 30 September 2023 - 30,157 30,157
At 30 September 2022 - 42,535 42,535

Ridgeway Research Limited (Registered number: 02159575)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 October 2022
and 30 September 2023 1
Net book value
At 30 September 2023 1
At 30 September 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 37,515 52,562
Amounts owed by group undertakings - 68,927
Other debtors 137,447 187,653
174,962 309,142

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 84,682
Hire purchase contracts - 3,407
Trade creditors 149,651 123,313
Amounts owed to group undertakings 508,159 -
Taxation and social security 20,036 66,282
Other creditors 190,246 111,402
868,092 389,086

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 86,341 389,529

10. SECURED DEBTS

The parent company, Shernacre Enterprise Limited, has taken out a loan which contains fixed and floating charges over the assets of the company.

11. RELATED PARTY DISCLOSURES

During the year, the company recharged its subsidiary, Ridgeway Biotics Ltd, for services provided.

Ridgeway Research Limited (Registered number: 02159575)

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

12. ULTIMATE CONTROLLING PARTY

The controlling party is Shernacre Enterprise Limited.

13. OTHER DISCLOSURES

During the year ended 30 September 2023, the company terminated its unregulated sale and leaseback agreement for the company's website. The deferred income to be released over the lease term was fully released during the year and the website was impaired to its recoverable amount.