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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
500,000
500,000
500,000
xbrli:pure
xbrli:shares
iso4217:GBP
2748944
2023-01-01
2023-12-31
2748944
2023-12-31
2748944
2022-12-31
2748944
2022-01-01
2022-12-31
2748944
2022-12-31
2748944
2021-12-31
2748944
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
2748944
core:PlantMachinery
2023-01-01
2023-12-31
2748944
core:FurnitureFittings
2023-01-01
2023-12-31
2748944
bus:RegisteredOffice
2023-01-01
2023-12-31
2748944
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
2748944
bus:Director1
2023-01-01
2023-12-31
2748944
bus:Director3
2023-01-01
2023-12-31
2748944
bus:Director5
2023-01-01
2023-12-31
2748944
bus:Director6
2023-01-01
2023-12-31
2748944
bus:CompanySecretary1
2023-01-01
2023-12-31
2748944
core:LandBuildings
2022-12-31
2748944
core:PlantMachinery
2022-12-31
2748944
core:FurnitureFittings
2022-12-31
2748944
core:LandBuildings
2023-12-31
2748944
core:PlantMachinery
2023-12-31
2748944
core:FurnitureFittings
2023-12-31
2748944
core:LandBuildings
2023-01-01
2023-12-31
2748944
core:WithinOneYear
2023-12-31
2748944
core:WithinOneYear
2022-12-31
2748944
core:AfterOneYear
2023-12-31
2748944
core:AfterOneYear
2022-12-31
2748944
core:ShareCapital
2023-12-31
2748944
core:ShareCapital
2022-12-31
2748944
core:SharePremium
2023-12-31
2748944
core:SharePremium
2022-12-31
2748944
core:RevaluationReserve
2022-12-31
2748944
core:RetainedEarningsAccumulatedLosses
2023-12-31
2748944
core:RetainedEarningsAccumulatedLosses
2022-12-31
2748944
core:BetweenOneFiveYears
2023-12-31
2748944
core:BetweenOneFiveYears
2022-12-31
2748944
core:MoreThanFiveYears
2023-12-31
2748944
core:MoreThanFiveYears
2022-12-31
2748944
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
2748944
core:Non-currentFinancialInstruments
2023-12-31
2748944
core:Non-currentFinancialInstruments
2022-12-31
2748944
core:LandBuildings
2022-12-31
2748944
core:PlantMachinery
2022-12-31
2748944
core:FurnitureFittings
2022-12-31
2748944
bus:SmallEntities
2023-01-01
2023-12-31
2748944
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
2748944
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
2748944
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
2748944
bus:FullAccounts
2023-01-01
2023-12-31
2748944
core:OfficeEquipment
2023-01-01
2023-12-31
2748944
core:OfficeEquipment
2022-12-31
2748944
core:OfficeEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
2748944
Ridham Sea Terminals Limited |
|
Filleted Unaudited Financial Statements |
|
R E Jones & Co
Ridham Sea Terminals Limited |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
R E Jones & Co
Ridham Sea Terminals Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr J O'Connell |
|
Mr J Russell |
|
Mr T Heathcote |
|
Mr M Heathcote |
|
|
Company secretary |
Mr J Russell |
|
|
Registered office |
132 Burnt Ash Road |
|
Lee |
|
London |
|
UK |
|
SE12 8PU |
|
|
Accountants |
R. E. Jones & Co. |
|
Chartered accountants |
|
132 Burnt Ash Road |
|
Lee |
|
London |
|
SE12 8PU |
|
|
Bankers |
HSBC Bank Plc |
|
16 High Street |
|
Maidstone |
|
Kent |
|
ME14 1HX |
|
|
R E Jones & Co
Ridham Sea Terminals Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
1,425,726 |
1,503,578 |
Investments |
6 |
|
500,000 |
500,000 |
|
|
------------- |
------------- |
|
|
1,925,726 |
2,003,578 |
|
|
|
|
|
Current assets
Stocks |
2,661 |
|
2,591 |
Debtors |
7 |
463,143 |
|
613,769 |
Cash at bank and in hand |
872,691 |
|
360,193 |
|
------------- |
|
---------- |
|
1,338,495 |
|
976,553 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
711,615 |
|
685,227 |
|
------------- |
|
---------- |
Net current assets |
|
626,880 |
291,326 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
2,552,606 |
2,294,904 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
184,406 |
284,980 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
248,994 |
195,204 |
|
|
------------- |
------------- |
Net assets |
|
2,119,206 |
1,814,720 |
|
|
------------- |
------------- |
|
|
|
|
R E Jones & Co
Ridham Sea Terminals Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
|
436,366 |
436,366 |
Share premium account |
|
213,636 |
213,636 |
Revaluation reserve |
|
– |
1,250 |
Profit and loss account |
|
1,469,204 |
1,163,468 |
|
|
------------- |
------------- |
Shareholders funds |
|
2,119,206 |
1,814,720 |
|
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
24 July 2024
, and are signed on behalf of the board by:
Company registration number:
2748944
R E Jones & Co
Ridham Sea Terminals Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold |
- |
2% straight line |
|
Pland and machinery |
- |
5% straight line |
|
Fixtures and Fittings |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
9
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
242,678 |
3,981,946 |
189,376 |
4,927 |
4,418,927 |
Additions |
– |
82,650 |
– |
– |
82,650 |
|
---------- |
------------- |
---------- |
------- |
------------- |
At 31 December 2023 |
242,678 |
4,064,596 |
189,376 |
4,927 |
4,501,577 |
|
---------- |
------------- |
---------- |
------- |
------------- |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
– |
2,728,826 |
181,873 |
4,650 |
2,915,349 |
Charge for the year |
4,854 |
152,428 |
1,876 |
94 |
159,252 |
Revaluations |
– |
1,250 |
– |
– |
1,250 |
|
---------- |
------------- |
---------- |
------- |
------------- |
At 31 December 2023 |
4,854 |
2,882,504 |
183,749 |
4,744 |
3,075,851 |
|
---------- |
------------- |
---------- |
------- |
------------- |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
237,824 |
1,182,092 |
5,627 |
183 |
1,425,726 |
|
---------- |
------------- |
---------- |
------- |
------------- |
At 31 December 2022 |
242,678 |
1,253,120 |
7,503 |
277 |
1,503,578 |
|
---------- |
------------- |
---------- |
------- |
------------- |
|
|
|
|
|
|
6.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
500,000 |
|
---------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---------- |
|
|
Carrying amount |
|
At 31 December 2023 |
500,000 |
|
---------- |
At 31 December 2022 |
500,000 |
|
---------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
406,661 |
390,528 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,230 |
1,230 |
Other debtors |
55,252 |
222,011 |
|
---------- |
---------- |
|
463,143 |
613,769 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
55,000 |
60,000 |
Trade creditors |
217,093 |
177,865 |
Corporation tax |
121,232 |
13,862 |
Social security and other taxes |
5,030 |
4,390 |
Other creditors |
313,260 |
429,110 |
|
---------- |
---------- |
|
711,615 |
685,227 |
|
---------- |
---------- |
|
|
|
HSBC Invoice Finance (UK) Limited hold a fixed charge on purchased debts which fail to vest, dated 5 May 2000, the amount secured is all monies due or to become due from the company to the charge whether arising under an agreement for the purchase of debts or otherwise. HSBC Bank Plc hold a debenture dated 4 May 2004, the amount secured is for all monies due or to become due from the company to the charge on any account. HSBC Bank Plc hold a charge dated 5 May 2022, which is a legal assignment of contract monies including a negative pledge.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
184,406 |
234,678 |
Other creditors |
– |
50,302 |
|
---------- |
---------- |
|
184,406 |
284,980 |
|
---------- |
---------- |
|
|
|
HSBC Invoice Finance (UK) Limited hold a fixed charge on purchased debts which fail to vest, dated 5 May 2000, the amount secured is all monies due or to become due from the company to the charge whether arising under an agreement for the purchase of debts or otherwise. HSBC Bank Plc hold a debenture dated 4 May 2004, the amount secured is for all monies due or to become due from the company to the charge on any account. HSBC Bank Plc hold a charge dated 5 May 2022, which is a legal assignment of contract monies including a negative pledge.
10.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
50,302 |
190,372 |
Later than 1 year and not later than 5 years |
– |
50,302 |
|
--------- |
---------- |
|
50,302 |
240,674 |
|
--------- |
---------- |
|
|
|
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
860,000 |
548,983 |
Later than 1 year and not later than 5 years |
3,440,000 |
3,440,000 |
Later than 5 years |
17,439,350 |
17,988,333 |
|
-------------- |
-------------- |
|
21,739,350 |
21,977,316 |
|
-------------- |
-------------- |
|
|
|
12.
Related party transactions
During the year the company paid management fees to companies associated by common directorship, to Specialist Shipping Services Limited of £77,000 (2022 : £72,000) to Recycling Materials Limited of £77,000 (2022 : £72,000) and to Trevor Heathcote LLP of £72,000 (2022 : £72,000). The company also purchased goods and services in the normal course of business from, Specialist Shipping Services Limited for £2,765 (2022 : £3,850)and from Recycling Materials Limited for £2,674 (2022 : £2,986). The normal market price was charged on this transactions. The company owns 100% of the ordinary share capital of Charles England Shipping Limited. The company also traded with Charles England Shipping Limited, selling goods and services for £149,463 (2022 : £122,284), and buying goods and services for £45,869 (2022 : £44,434). These transactions took place during the normal course of business, and the normal market price was charged. At the Balance Sheet date the trading debt due from Charles England Shipping Limited was £8,733 (2022 : £9,770). This was from transactions carried out in the normal course of business. Also included in debtors is a loan of £1,230 (2021 : £1,230) owed by Charles England Shipping Limited, this is an interest free loan with no fixed terms for repayment. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.
13.
Controlling party
The Company's ultimate parent company is U.K. Port Holdings Limited, owning 100% of the ordinary share capital.