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Registration number: 02802712

Ridgenorth Limited

trading as Tommy Holmes

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Ridgenorth Limited

trading as Tommy Holmes

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ridgenorth Limited

trading as Tommy Holmes

(Registration number: 02802712)
Balance Sheet as at 31 May 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

1,037,486

 

1,009,625

Investment property

5

 

57,000

 

57,000

   

1,094,486

 

1,066,625

Current assets

   

 

Stocks

87,698

 

65,273

 

Debtors

6

67,952

 

105,184

 

Cash at bank and in hand

 

802,574

 

926,422

 

 

958,224

 

1,096,879

 

Creditors: Amounts falling due within one year

7

(394,784)

 

(548,440)

 

Net current assets

   

563,440

 

548,439

Total assets less current liabilities

   

1,657,926

 

1,615,064

Creditors: Amounts falling due after more than one year

7

 

(26,243)

 

(51,313)

Provisions for liabilities

 

(200,000)

 

(152,000)

Net assets

   

1,431,683

 

1,411,751

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Non-distributable reserve

 

37,000

 

37,000

 

Profit and loss account

1,394,583

 

1,374,651

 

Total equity

   

1,431,683

 

1,411,751

 

Ridgenorth Limited

trading as Tommy Holmes

(Registration number: 02802712)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 February 2024
 

.........................................

M D D Galloway

Director

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Scrapyard
Lawkholme Lane
Keighley
West Yorkshire
BD21 3LB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing involvement or control over the goods, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Plant and machinery

12.5% reducing balance basis

Vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed during the yearthe director was 9 (2022 - 9).

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

208,509

1,378,710

45,187

638,873

2,271,279

Additions

-

73,419

1,295

216,957

291,671

Disposals

-

(18,200)

-

(122,719)

(140,919)

At 31 May 2023

208,509

1,433,929

46,482

733,111

2,422,031

Depreciation

At 1 June 2022

64,709

822,499

32,786

341,660

1,261,654

Charge for the year

3,596

78,417

3,424

112,697

198,134

Eliminated on disposal

-

(15,907)

-

(59,336)

(75,243)

At 31 May 2023

68,305

885,009

36,210

395,021

1,384,545

Carrying amount

At 31 May 2023

140,204

548,920

10,272

338,090

1,037,486

At 31 May 2022

143,800

556,211

12,401

297,213

1,009,625

Included within land and buildings is an asset acquired at a cost of £63,381. The fair value of this asset was revalued on 31st October 1997 to £58,000. Had this asset been measured on a historical cost basis, accumulated depreciation at 31 May 2023 would have been £14,400 (2022 - £13,800) and the carrying amount would have been £48,981 (2022 - £49,581). The remaining balance is made up of improvements made since acquisition.

5

Investment properties

2023
£

At 1 June 2022

57,000

At 31 May 2023

57,000

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

59,737

100,051

Prepayments

8,215

3,933

Other debtors

-

1,200

 

67,952

105,184

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

141,576

151,565

Trade creditors

42,285

37,000

Taxation and social security

147,446

242,692

Accruals and deferred income

18,963

9,477

Other creditors

44,514

107,706

394,784

548,440


Included in creditors due in one year are net obligations under finance lease and hire purchase contracts of £25,070 (2022 - £28,519) These liabilites are secured on the assets to which they relate.

2023
£

2022
£

Due after one year

Loans and borrowings

26,243

51,313


Included in creditors due in over one year are net obligations under finance lease and hire purchase contracts of £26,243 (2022 - £51,313). These liabilites are secured on the assets to which they relate.

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

25,070

28,518

Other borrowings

116,506

123,047

141,576

151,565

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

26,243

51,313

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,494 (2022 - £23,320).

 

Ridgenorth Limited

trading as Tommy Holmes

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

11

Related party transactions

Transactions with the director

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

116,506

2022

Key management
£

Amounts payable to related party

123,047