REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
RIDGEWAY FACADES LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
RIDGEWAY FACADES LTD |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
RIDGEWAY FACADES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Registered Auditors |
162-164 High Street |
Rayleigh |
Essex |
SS6 7BS |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MAY 2023 |
The directors present their strategic report for the year ended 31st May 2023. |
REVIEW OF BUSINESS |
The Directors are pleased with the progress that has been made during the financial year ending 31st May 2023, which is in line with management's expectations as we continue with our focus on strategic growth to a level and mix that will enable us to optimise trading performance within our set-up. |
Considerable new investment has been made, and continues to be made, in all areas of the business. Our strategy is focused on developing new growth opportunities within our existing markets, as well as developing new opportunities that create synergies with our existing services, which will increase our competitiveness, providing cost-benefit and increased profit opportunity for both the company and our clients. |
PRINCIPAL RISKS AND UNCERTAINTIES |
World affairs have a very direct impact upon trade. The cost of energy, the availability of supplies and general market confidence are all factors of consideration when planning forward. As a management team we remain politically and market aware, whilst focusing on being the very best that we can be, regardless of the many challenges that external factors often impose upon trading conditions. |
FUTURE PROSPECTS |
The company operates within a highly competitive marketplace in which there is no room for complacency and, equally, there is no shortage of opportunity. |
As a company we are focused on continuing to provide an outstanding service, competitively. |
In order to achieve this objective, management focus has been, and continues to be, concentrated on the many strengths and opportunities of the company, enabled by the outstanding team of people that the company employs, the business location and site (and the opportunities that such set-up has enabled) and the investment that is being made in plant and machinery that will ensure that, as a company we are one of the most efficient, competitive, and capable providers within our chosen market areas. |
We fully expect to achieve all of our forward strategic objectives, specifically with regards to maintaining sales turnover and improving profitability. |
ON BEHALF OF THE BOARD: |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MAY 2023 |
The directors present their report with the financial statements of the company for the year ended 31st May 2023. |
PRINCIPAL ACTIVITY |
The company's primary activity remains focused on providing innovative and prestigious commercial glazing solutions to suit an extensive range of applications. |
DIVIDENDS |
The total interim dividends of £2,950 per ordinary share were paid during the year ended 31st May 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31st May 2023 will be £295,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st June 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
Financial risk management |
The company's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. |
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. |
Liquidity risk |
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned extensions. |
Interest rate cash flow risk |
The company only has interest bearing liabilities. |
Credit risk |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. |
Price risk |
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations paid during the year amounted to £1,300, none of which related to political organisations. |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MAY 2023 |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, ESW Limited, will be proposed for appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIDGEWAY FACADES LTD |
Qualified opinion |
We have audited the financial statements of Ridgeway Facades Ltd (the 'company') for the year ended 31st May 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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, except for the possible effect of the matter described in the Basis for Qualified Opinion paragraph, the financial statements: |
- give a true and fair view of the state of the company’s affairs as at 31 May 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 qualified 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. The evidence available to us was limited because we were not appointed as auditor of the company until 2 May 2023 and in consequence it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence for the closing balances included in the preceding years’ financial statements. Any adjustment to these figures would have a consequential effect on the profit for the year ended 31 May 2023. |
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 |
RIDGEWAY FACADES LTD |
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 four, 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. |
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: |
The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; environmental regulations, employment laws and regulations, health and safety, employment taxes, financial reporting and distributable profits. |
Our audit procedures to address potential fraud and non-compliance with laws and regulations included: |
- Enquiry of management regarding compliance with relevant laws and regulations, and any litigation or claims |
- Review of legal correspondence and documentation |
- Performance of analytical review to identify unexpected account movements and investigation of variances |
- Assessment of potential management override by review of journals and unusual accounting entries |
- Inspection of third-party supporting documentation |
- Identification and review of transactions with related parties |
- Review of year end cut-off and after date transactions |
- Reconciliation of intercompany balances |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIDGEWAY FACADES LTD |
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. |
for and on behalf of |
Chartered Accountants |
& Registered Auditors |
162-164 High Street |
Rayleigh |
Essex |
SS6 7BS |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income |
673,767 | (231,273 | ) |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
BALANCE SHEET |
31ST MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MAY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st June 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st May 2023 |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
1. | STATUTORY INFORMATION |
Ridgeway Facades Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from manufacturing and installation contracts is recognised by reference to the stage of completion of the contract activity at the end of the reporting period. Revenue is based upon surveys of measured works and materials at the stage of completion of each contract. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Consumable stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
Work in progress in relation to manufacturing and installation contracts is valued at the cost of materials and other direct costs incurred at the end of the reporting period. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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 FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 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. |
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. |
Rentals paid under operating leases are charged to the profit and loss account 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. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company, wholly within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 2 | 2 |
Direct staff | 54 | 57 |
Administration | 5 | 5 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
Taxation surcharges and interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
(Profit)/Loss on disposal of fixed assets | (3,886 | ) | (7,314 | ) |
Research and development tax credits | (194,199 | ) | (134,272 | ) |
Deferred tax | 264,058 | (65,468 | ) |
Total tax charge/(credit) | 75,282 | (307,755 | ) |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' current accounts | 916 | 37,514 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank Loans | 50,000 | 50,000 |
Other loans |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years |
by instalments | 108,333 | 158,333 |
108,333 | 158,333 |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 1,035,718 | 562,553 |
The bank overdraft facility is secured by a debenture over the whole of the company's assets. |
Hire purchase agreements are secured over the asset to which they relate. |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 268,086 | 4,028 |
Deferred |
tax |
£ |
Balance at 1st June 2022 |
Accelerated capital allowances | 264,058 |
Balance at 31st May 2023 |
RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | PARENT COMPANY |
The company's immediate and ultimate parent undertaking is Ridgeway Building Envelope Group Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including Ridgeway Facades Limited are prepared. The consolidated accounts of Ridgeway Building Envelope Group Limited are available from its registered office Unit 4 The Perry Centre, Davy Way, Quedgeley, Gloucestershire, GL2 2AD. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st May 2023 and 31st May 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
21. | 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. |