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REGISTERED NUMBER: 02638704 (England and Wales)



















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: J L Arrowsmith
Mrs C Arrowsmith





SECRETARY: J L Arrowsmith





REGISTERED OFFICE: Unit 4
The Perry Centre
Davy Way
Quedgeley
Gloucestershire
GL2 2AD





REGISTERED NUMBER: 02638704 (England and Wales)





AUDITORS: ESW Limited
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:





J L Arrowsmith - Director


30th January 2024

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.

J L Arrowsmith
Mrs C Arrowsmith

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:





J L Arrowsmith - Director


30th January 2024

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.




Stephen Cracknell FCA (Senior Statutory Auditor)
for and on behalf of ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS

30th January 2024

RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST MAY 2023

2023 2022
Notes £    £   

TURNOVER 3 19,360,679 17,229,103

Cost of sales (16,923,802 ) (15,977,945 )
GROSS PROFIT 2,436,877 1,251,158

Administrative expenses (1,766,189 ) (1,484,484 )
OPERATING PROFIT/(LOSS) 5 670,688 (233,326 )

Interest receivable and similar income 3,079 2,053
673,767 (231,273 )

Interest payable and similar expenses 6 (82,517 ) (39,429 )
PROFIT/(LOSS) BEFORE TAXATION 591,250 (270,702 )

Tax on profit/(loss) 7 (75,282 ) 307,755
PROFIT FOR THE FINANCIAL YEAR 515,968 37,053

RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MAY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 515,968 37,053


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

515,968

37,053

RIDGEWAY FACADES LTD (REGISTERED NUMBER: 02638704)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 1,411,216 834,491

CURRENT ASSETS
Stocks 10 1,367,653 1,216,152
Debtors 11 3,631,494 4,210,430
Cash at bank 1 229,559
4,999,148 5,656,141
CREDITORS
Amounts falling due within one year 12 (3,438,940 ) (4,204,998 )
NET CURRENT ASSETS 1,560,208 1,451,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,971,424

2,285,634

CREDITORS
Amounts falling due after more than one
year

13

(1,039,293

)

(838,529

)

PROVISIONS FOR LIABILITIES 17 (268,086 ) (4,028 )
NET ASSETS 1,664,045 1,443,077

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 1,663,945 1,442,977
SHAREHOLDERS' FUNDS 1,664,045 1,443,077

The financial statements were approved by the Board of Directors and authorised for issue on 30th January 2024 and were signed on its behalf by:





J L Arrowsmith - Director


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 100 1,615,924 1,616,024

Changes in equity
Dividends - (210,000 ) (210,000 )
Total comprehensive income - 37,053 37,053
Balance at 31st May 2022 100 1,442,977 1,443,077

Changes in equity
Dividends - (295,000 ) (295,000 )
Total comprehensive income - 515,968 515,968
Balance at 31st May 2023 100 1,663,945 1,664,045

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 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
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.
Improvements to property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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 2,224,232 2,197,539
Social security costs 249,943 241,995
Other pension costs 51,029 49,555
2,525,204 2,489,089

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Direct staff 54 57
Administration 5 5
61 64

2023 2022
£    £   
Directors' remuneration 17,568 17,737

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 44,336 40,657
Depreciation - assets on hire purchase contracts 164,283 83,221
Profit on disposal of fixed assets (20,455 ) (38,493 )
Auditors' remuneration 15,000 -
Auditors' remuneration for non audit work 8,400 8,480

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 21,727 14,785
Bank loan interest 24,095 5,722
Taxation surcharges and interest 829 191
Hire purchase 35,866 18,731
82,517 39,429

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 (188,776 ) (242,287 )

Deferred tax 264,058 (65,468 )
Tax on profit/(loss) 75,282 (307,755 )

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 591,250 (270,702 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

112,338

(51,433

)

Effects of:
Expenses not deductible for tax purposes 11,276 6,515
Capital allowances in excess of depreciation (114,305 ) (55,783 )
(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 295,000 210,000

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st June 2022 171,028 502,994 45,254
Additions 20,361 534,277 -
Disposals - (10,750 ) -
At 31st May 2023 191,389 1,026,521 45,254
DEPRECIATION
At 1st June 2022 11,537 352,361 41,139
Charge for year 3,828 63,788 972
Eliminated on disposal - (10,750 ) -
At 31st May 2023 15,365 405,399 42,111
NET BOOK VALUE
At 31st May 2023 176,024 621,122 3,143
At 31st May 2022 159,491 150,633 4,115

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st June 2022 715,668 105,571 1,540,515
Additions 331,086 7,325 893,049
Disposals (243,869 ) - (254,619 )
At 31st May 2023 802,885 112,896 2,178,945
DEPRECIATION
At 1st June 2022 220,600 80,387 706,024
Charge for year 129,541 10,490 208,619
Eliminated on disposal (136,164 ) - (146,914 )
At 31st May 2023 213,977 90,877 767,729
NET BOOK VALUE
At 31st May 2023 588,908 22,019 1,411,216
At 31st May 2022 495,068 25,184 834,491

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 130,707 658,022 788,729
Additions 493,218 331,086 824,304
Disposals - (243,869 ) (243,869 )
At 31st May 2023 623,925 745,239 1,369,164
DEPRECIATION
At 1st June 2022 31,814 170,413 202,227
Charge for year 36,607 127,676 164,283
Eliminated on disposal - (136,164 ) (136,164 )
At 31st May 2023 68,421 161,925 230,346
NET BOOK VALUE
At 31st May 2023 555,504 583,314 1,138,818
At 31st May 2022 98,893 487,609 586,502

10. STOCKS
2023 2022
£    £   
Stocks 470,154 467,961
Work-in-progress 897,499 748,191
1,367,653 1,216,152

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,091,568 1,011,847
Amounts owed by group undertakings 15,975 -
Other debtors 2,372,162 2,868,346
VAT 94,320 285,360
Prepayments 57,469 44,877
3,631,494 4,210,430

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) 141,269 50,000
Other loans (see note 14) 138,357 174,268
Hire purchase contracts (see note 15) 276,783 168,645
Trade creditors 2,752,966 3,615,284
Amounts owed to group undertakings - 22,536
Social security and other taxes 92,549 107,247
Other creditors 21,100 29,504
Directors' current accounts 916 37,514
Accruals and deferred income 15,000 -
3,438,940 4,204,998

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 108,333 158,333
Other loans (see note 14) 172,025 286,288
Hire purchase contracts (see note 15) 758,935 393,908
1,039,293 838,529

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 91,269 -
Bank Loans 50,000 50,000
Other loans 138,357 174,268
279,626 224,268

Amounts falling due between two and five years:
Other loans - 2-5 years 172,025 286,288

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 276,783 168,645
Between one and five years 758,935 393,908
1,035,718 562,553

Non-cancellable operating leases
2023 2022
£    £   
Within one year 91,250 85,000
Between one and five years 475,000 471,250
In more than five years 419,583 514,583
985,833 1,070,833

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 91,269 -
Bank loans 158,333 208,333
Hire purchase contracts 1,035,718 562,553
1,285,320 770,886

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 4,028
Accelerated capital allowances 264,058
Balance at 31st May 2023 268,086

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: £    £   
100 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
£    £   
J L Arrowsmith and Mrs C Arrowsmith
Balance outstanding at start of year (37,514 ) (33,598 )
Amounts advanced 36,598 -
Amounts repaid - (3,916 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (916 ) (37,514 )

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.