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COMPANY REGISTRATION NUMBER: 2748944
Ridham Sea Terminals Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
R E Jones & Co
Ridham Sea Terminals Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
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
2023
2022
Note
£
£
£
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
2023
2022
Note
£
£
£
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:
Mr J Russell
Director
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.