IRIS Accounts Production v23.3.1.45 SC413624 Board of Directors 1.4.22 31.3.23 31.3.23 23/10/2023 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC4136242022-03-31SC4136242023-03-31SC4136242022-04-012023-03-31SC4136242021-03-31SC4136242021-04-012022-03-31SC4136242022-03-31SC413624ns15:PoundSterling2022-04-012023-03-31SC413624ns11:Director12022-04-012023-03-31SC413624ns11:PrivateLimitedCompanyLtd2022-04-012023-03-31SC413624ns11:SmallEntities2022-04-012023-03-31SC413624ns11:Audited2022-04-012023-03-31SC413624ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC413624ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC413624ns11:FullAccounts2022-04-012023-03-31SC41362412022-04-012023-03-31SC413624ns6:CurrentFinancialInstruments2023-03-31SC413624ns6:CurrentFinancialInstruments2022-03-31SC413624ns6:ShareCapital2023-03-31SC413624ns6:ShareCapital2022-03-31SC413624ns6:SharePremium2023-03-31SC413624ns6:SharePremium2022-03-31SC413624ns6:RetainedEarningsAccumulatedLosses2023-03-31SC413624ns6:RetainedEarningsAccumulatedLosses2022-03-31SC413624ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC413624ns6:PlantMachinery2022-04-012023-03-31SC413624ns6:IntangibleAssetsOtherThanGoodwill2022-03-31SC413624ns6:IntangibleAssetsOtherThanGoodwill2023-03-31SC413624ns6:IntangibleAssetsOtherThanGoodwill2022-03-31SC413624ns6:PlantMachinery2022-03-31SC413624ns6:PlantMachinery2023-03-31SC413624ns6:PlantMachinery2022-03-31SC413624ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31SC413624ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: SC413624















JOHN RITCHIE LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,658 -
Tangible assets 5 7,811 6,261
22,469 6,261

CURRENT ASSETS
Stocks 196,595 156,717
Debtors 6 34,211 28,643
Cash at bank and in hand 18,737 28,256
249,543 213,616
CREDITORS
Amounts falling due within one year 7 170,847 134,745
NET CURRENT ASSETS 78,696 78,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,165

85,132

ACCRUALS AND DEFERRED INCOME 19,263 -
NET ASSETS 81,902 85,132

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Share premium 119,999 119,999
Retained earnings (88,097 ) (84,867 )
SHAREHOLDERS' FUNDS 81,902 85,132

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 23 October 2023 and were signed on its behalf by:





A W Sinclair - Director


JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

John Ritchie Limited is a private company, limited by shares, registered in Scotland. The registered office is 42 Beansburn, Kilmarnock, KA3 1RL.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. Having reviewed the company's budgets and forecasts, the directors consider it appropriate to prepare the financial statements on a going concern basis as the company will be supported financially by its parent undertaking if required.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise income when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Subscription income included in turnover is recognised in the period to which it relates.

Grant income
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grant assistance of a capital nature is deferred and credited to the profit and loss account in line with the depreciation charged in respect of the related asset.

Intangible assets
Intangible assets, being website development costs, are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised on a straight line basis over their estimated useful life. The useful life of website development costs is estimated at 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 20% on reducing balance

Items of £250 and over are capitalised.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of tangible fixed assets
At each reporting date, non financial assets not carried at fair value such as plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of the value in use and the fair value less costs to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured initially, and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account.

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

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown withing borrowings in current liabilities.

Provisions
Provisions are recognised where the company has a legal or constructive obligation at the reporting date resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the period in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Operating lease 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 10,000
Additions 16,650
Disposal (10,000 )
At 31 March 2023 16,650
AMORTISATION
At 1 April 2022 10,000
Charge for year 1,992
Eliminated on disposal (10,000 )
At 31 March 2023 1,992
NET BOOK VALUE
At 31 March 2023 14,658
At 31 March 2022 -

JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 32,308
Additions 3,266
At 31 March 2023 35,574
DEPRECIATION
At 1 April 2022 26,047
Charge for year 1,716
At 31 March 2023 27,763
NET BOOK VALUE
At 31 March 2023 7,811
At 31 March 2022 6,261

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,858 12,564
Other debtors 14,353 16,079
34,211 28,643

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 97,239 53,545
Taxation and social security 1,911 1,824
Other creditors 71,697 79,376
170,847 134,745

8. LEASING AGREEMENTS

The company has future leasing operating commitments of £1,792 (2022: £2,699).

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ewen F Dyer BA CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of the Lord's Work Trust. The registered office of the Lord's Work Trust is 42 Beansburn, Kilmarnock, KA3 1RL. The only group in which the company's results are consolidated is that headed by Lord's Work Trust. Consolidated financial statements for Lord's Work Trust are available upon request to the Directors of Lord's Work Trust Ltd, the corporate Trustee of Lord's Work Trust at the above address. As such, the Board of Lord's Work Trust Ltd, are the ultimate controlling party of the company.




11. APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.