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Registration number: 05692599

Prepared for the registrar

Ruskinn Technology Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ruskinn Technology Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Ruskinn Technology Limited

Company Information

Directors

A J Skinn

S H Patel

D Eagleson

D C Eagleson

D Eagleson

Registered office

Units 8 & 9 York Park
Bridgend Industrial Estate
Bridgend
CF31 3TB

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Ruskinn Technology Limited

(Registration number: 05692599)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

5

34,497

52,683

Current assets

 

Stocks

900,139

641,872

Debtors

6

295,826

475,899

Cash at bank and in hand

 

171,405

211,252

 

1,367,370

1,329,023

Creditors: Amounts falling due within one year

7

(967,790)

(542,748)

Net current assets

 

399,580

786,275

Total assets less current liabilities

 

434,077

838,958

Provisions

8

(78,343)

(78,343)

Net assets

 

355,734

760,615

Capital and reserves

 

Called up share capital

9

1,067,860

1,067,860

Share premium reserve

133,500

133,500

Capital redemption reserve

778,726

778,726

Profit and loss account

(1,624,352)

(1,219,471)

Total equity

 

355,734

760,615

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 


D C Eagleson
Director

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
Units 8 & 9 York Park
Bridgend Industrial Estate
Bridgend
CF31 3TB

 

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

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

The presentational currency of the financial statements is UK £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.


Name of parent of group
These financial statements are consolidated in the financial statements of The Baker Company Inc.

The financial statements of The Baker Company Inc. may be obtained from the company's registered office.

Going concern

The directors have prepared cash flow forecasts for the company for more than 12 months from the approval of these financial statements. After reviewing the company’s forecasts, and on the assumption that the company’s parent company will provide financial support, which they have indicated to do, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity.

The company consider that the risks and rewards of ownership pass when products are delivered to customers and it is at this point revenue is recognised.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

The company makes a significant judgement in regards to the stock provision. The carrying amount of the provision is £22,584 (2022 - £22,584). The company also makes a significant judgement in regards to the dilapidations provision. The carrying amount of the provision is £80,000 (2022 - £70,000).

Key sources of estimation uncertainty

The company makes provision for warranty claims on their products based on historical performance. The carrying amount is £78,343 (2022 - £78,343).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income 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.

Deferred income tax is recognised on temporary differences arising between tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current and future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

4 years straight line basis

Furniture, fittings and equipment

4 - 6 years straight line basis

Land and buildings

3 years straight line basis

Intangible assets

Separately acquired intellectual property are shown at historical cost and have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

10 years straight line

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating lease are charged to the profit and loss account on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme and the pension charge represents the amount payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Debt instruments like loans and other receivables and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
 

Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying value and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the statement of financial position when there is an 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.
 

Impairment
At each reporting date non-financial assets not carried at fair value, such as property, 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 of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its 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 profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item is found to be impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 21).

 

4

Intangible assets

Intellectual Property
£

Cost

At 1 January 2023 and 31 December 2023

300,000

Amortisation

At 1 January 2023 and 31 December 2023

300,000

Carrying amount

At 1 January 2023 and 31 December 2023

-

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost

At 1 January 2023

25,275

114,264

245,757

385,296

At 31 December 2023

25,275

114,264

245,757

385,296

Depreciation

At 1 January 2023

25,275

70,897

236,441

332,613

Charge for the year

-

9,823

8,363

18,186

At 31 December 2023

25,275

80,720

244,804

350,799

Carrying amount

At 31 December 2023

-

33,544

953

34,497

At 31 December 2022

-

43,367

9,316

52,683

 

6

Debtors

2023
 £

2022
 £

Trade debtors

216,072

391,321

Other debtors

46,269

40,012

Prepayments

33,485

44,566

 

295,826

475,899

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

7

Creditors

2023
 £

2022
 £

Trade creditors

59,320

52,893

Amounts due to group undertakings

720,796

273,946

Social security and other taxes

15,721

14,035

Other creditors

19,715

21,049

Accrued expenses and deferred income

152,238

180,825

967,790

542,748

 

8

Provisions

Warranty provision
£

At 1 January 2023 and 31 December 2023

78,343

 

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

82,500

82,500

82,500

82,500

Preference shares of £1 each

985,360

985,360

985,360

985,360

 

1,067,860

1,067,860

1,067,860

1,067,860

The ordinary shares have attached to them full voting, dividend and capital distribution (including on wind up) rights; they do not confer any rights of redemption.

The redeemable preference shares carry rights to dividends. They are non-voting and have no rights to any further participation, other than a return of share capital in a distribution of assets including on winding up. They can be redeemed by the company upon three months written notice.

 

10

Financial commitments, guarantees and contingencies

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £208,524 (2022 - £266,203).

 

11

Related party transactions


Summary of transactions with other related parties
During the year the company made sales of £1,983 (2022 - £40,481) to Ruskinn Life Sciences Limited, a company with common directors. These transactions are deemed to have been made on an arms's length basis. At the balance sheet date the company was owed £160 (2022 - £308) from Ruskinn Life Sciences Limited in respect of these transactions.

During the year the company made purchases of £65,832 (2022 - £82,290) from Faweather Grange Limited, a company with common directors. The balance due to Faweather Grange Limited at the balance sheet date in respect of these transactions was £18,600 (2022 - £16,458).

Balances with group companies are disclosed in note 8 to these financial statements.

 

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

12

Parent and ultimate parent undertaking

The company is controlled by The Baker Company Inc, which is incorporated and registered in The United States of America, being the smallest group of which the company is a member. The financial statements of The Baker Company Inc. are available from: 175 Gatehouse Road, Sanford, Maine, 04073 USA.

 

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 April 2024 was Paul Fussell, who signed for and on behalf of Hazlewoods LLP.