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REGISTERED NUMBER: 07005916 (England and Wales)

















RYEBRIDGE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


RYEBRIDGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D J Coyle





REGISTERED OFFICE: Unit 4 Barratt Industrial Estate
Airport Way
Luton
Bedfordshire
LU2 9NH





REGISTERED NUMBER: 07005916 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
During the period under review, turnover increased to £38m, from £34m in 2023. In addition, the gross margin increased to 6.5%, from 4%, resulting in a rise in gross profits to £2.5m (2023: £1.27m).

Overheads rose to £1.3m (from £889,000 annual equivalent in 2023), which was a 46% increase. After adding in interest receivable of £1,500 (2023: £40,500) and deducting interest payable of £402,000 (2023: £429,500), pre-tax profits for the year were £787,000 (2023: loss of £446,500). Corporation and deferred tax charges were £217,000, leaving retained profits of £570,000 (2023: loss of £395,500). The retained profits converted the net liability position of £339,500 at the beginning of the year to net assets of £230,500 at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES
The director considers the following to be the company's principal operational risks in the short term:

The UK's departure from the European Union ('Brexit') and its impact on the labour market
Brexit continues to impact the company operationally, as the reduced pool of available employees leads to increases in salary expenditure and additional use of contractors to fill short-term staffing gaps. The director has diversified the company's recruitment practices and, to the greatest extent possible, has factored the prevailing uncertainty into the company's financial planning.

Health and safety
The company understands the need to provide a safe environment for its staff, subcontractors, customers, suppliers or anyone else on its premises. Everyone in the business has accountability for health and safety, and they are given the necessary tools (including training, safety equipment and resources) to operate safely. Compliance is organised and monitored through a dedicated health and safety team across the business.

Regulatory changes
The director always aim to respond proactively to, and exceed, any regulatory requirements affecting the company's operations. Major changes to these regulatory requirements can result in significant cost to the company, but no regulatory changes having a materially adverse effect on the company's activities are anticipated at this time.

Inflation and rises in energy prices
The UK is currently experiencing high levels of inflation, which impacts on the company's variable and fixed costs and could reduce the company's operating margin. Specifically, energy prices have risen significantly more than the general rate of inflation. The director will continue to assess the impact of inflation on the business regularly.

Liquidity and cashflow
The company continues to invest in its operations and therefore has to monitor its liquidity closely in order to ensure working capital requirements are met in addition to the cost of investment. Cash forecasts are maintained which include a range of possible outcomes, with the results discussed at board level so that any operational or financing requirements are agreed in advance of any large expenditure.

ON BEHALF OF THE BOARD:





D J Coyle - Director


5 September 2024

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of ground works and civil engineering.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTOR
D J Coyle held office during the whole of the period from 1 April 2023 to the date of this report.

INDEMNITY PROVISION FOR DIRECTORS
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial year or at the date of approval of this report.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by the Companies Act, the company has disclosed the future development of the business in its Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
Pursuant to Section 487(2) of the Companies Act 2006, the auditors will be deemed to be reappointed and Keelings Limited will therefore continue in office.

ON BEHALF OF THE BOARD:





D J Coyle - Director


5 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RYEBRIDGE LIMITED

Opinion
We have audited the financial statements of Ryebridge Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 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 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RYEBRIDGE LIMITED


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

We gained an understanding of the legal and regulatory framework applicable to the Entity and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations, and applicable Health and Safety and Employment Legislation. We made enquiries of the Directors of the Company to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of Management regarding known or suspected instances of non-compliance with laws and regulations;
- review of minutes of the Board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. 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
RYEBRIDGE LIMITED


Other matters
Without qualifying our opinion, we draw your attention to the fact that the corresponding figures throughout the financial statements are unaudited.

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.




Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

5 September 2024

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
Notes £    £   

TURNOVER 38,054,966 33,921,148

Cost of sales 35,629,297 32,703,435
GROSS PROFIT 2,425,669 1,217,713

Administrative expenses 1,238,243 1,277,255
1,187,426 (59,542 )

Other operating income - 2,089
OPERATING PROFIT/(LOSS) 4 1,187,426 (57,453 )

Interest receivable and similar income 1,535 40,654
1,188,961 (16,799 )

Interest payable and similar expenses 5 401,837 429,620
PROFIT/(LOSS) BEFORE TAXATION 787,124 (446,419 )

Tax on profit/(loss) 6 216,885 (51,087 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

570,239

(395,332

)

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 570,239 (395,332 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

570,239

(395,332

)

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

BALANCE SHEET
31 MARCH 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 411,026 513,938

CURRENT ASSETS
Stocks 8 150,000 150,000
Debtors 9 9,409,531 10,715,024
Cash at bank 540,578 82,882
10,100,109 10,947,906
CREDITORS
Amounts falling due within one year 10 9,720,490 11,148,282
NET CURRENT ASSETS/(LIABILITIES) 379,619 (200,376 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

790,645

313,562

CREDITORS
Amounts falling due after more than one
year

11

(529,549

)

(628,514

)

PROVISIONS FOR LIABILITIES 15 (30,473 ) (24,664 )
NET ASSETS/(LIABILITIES) 230,623 (339,616 )

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 230,523 (339,716 )
SHAREHOLDERS' FUNDS 230,623 (339,616 )

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





D J Coyle - Director


RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 100 55,616 55,716

Changes in equity
Total comprehensive income - (395,332 ) (395,332 )
Balance at 31 March 2023 100 (339,716 ) (339,616 )

Changes in equity
Total comprehensive income - 570,239 570,239
Balance at 31 March 2024 100 230,523 230,623

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ryebridge Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The corresponding figures throughout the financial statements are unaudited.

Going concern
The financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Additionally, the company has taken advantage of the exemption provided by FRS 102 not to disclose transactions with group members.

Related party exemption
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.

Significant judgements and estimates
In preparing these financial statements, the directors have exercised judgement in the following principal areas:
- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as past experience and expected performance are taken into account.
- In estimating the quantum of doubtful debts when collection of the full amount is no longer probable. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.
- In assessing the value of amounts recoverable on contracts, the amount recorded as turnover in respect of these contracts is ascertained by reference to the total value of the contract and the stage of completion of the contract at the balance sheet date.

Turnover
The company provides construction services and recognises income in its accounts when it is entitled to that income, whether invoiced or not, recorded at the fair value of the consideration received or receivable. If the income is not invoiced during the year, the appropriate amount is included in the balance sheet, under debtors, as 'amounts recoverable on contracts'. Turnover excludes discounts, rebates, value added tax and other sales taxes.

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.
Plant and machinery - at varying rates
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account.

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.

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.

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.

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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, which include debtors, 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.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

3. EMPLOYEES AND DIRECTORS
Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Wages and salaries 1,763,143 1,345,556
Social security costs 190,863 138,998
Other pension costs 27,792 25,411
1,981,798 1,509,965

The average number of employees during the year was as follows:
Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)

Direct 32 21
Administration 4 4
36 25

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS - continued

Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Director's remuneration 11,523 27,273

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Depreciation - owned assets 73,639 49,999
Depreciation - assets on hire purchase contracts 193,076 163,876
Profit on disposal of fixed assets (26,229 ) (35,944 )
Auditors' remuneration 35,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Bank interest - 258
Bank loan interest 106,445 123,078
Vat interest and surcharges 263,968 273,145
Corporation tax interest 58 1,245
PAYE & NIC Interest 2,839 23,252
Hire purchase 28,527 8,642
401,837 429,620

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Current tax:
UK corporation tax 193,525 (29,558 )
Under provision in
previous years 17,551 -
Total current tax 211,076 (29,558 )

Deferred tax 5,809 (21,529 )
Tax on profit/(loss) 216,885 (51,087 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.21
Year Ended to
31.3.24 31.3.23
(Unaudited)
£    £   
Profit/(loss) before tax 787,124 (446,419 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

196,781

(84,820

)

Effects of:
Expenses not deductible for tax purposes 81,011 56,335
Capital allowances in excess of depreciation - (1,073 )
Depreciation in excess of capital allowances 22,976 -
Utilisation of tax losses (14,624 ) -
Adjustments to tax charge in respect of previous periods 17,551 -
Group relief (92,619 ) -
Deferred tax 5,809 (21,529 )
Total tax charge/(credit) 216,885 (51,087 )

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 117,388 751,993 38,739
Additions - - -
Disposals - - -
At 31 March 2024 117,388 751,993 38,739
DEPRECIATION
At 1 April 2023 83,076 653,314 36,655
Charge for year 8,278 98,679 2,084
Eliminated on disposal - - -
At 31 March 2024 91,354 751,993 38,739
NET BOOK VALUE
At 31 March 2024 26,034 - -
At 31 March 2023 34,312 98,679 2,084

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 566,870 1,075 1,476,065
Additions 207,120 - 207,120
Disposals (129,129 ) - (129,129 )
At 31 March 2024 644,861 1,075 1,554,056
DEPRECIATION
At 1 April 2023 188,007 1,075 962,127
Charge for year 157,674 - 266,715
Eliminated on disposal (85,812 ) - (85,812 )
At 31 March 2024 259,869 1,075 1,143,030
NET BOOK VALUE
At 31 March 2024 384,992 - 411,026
At 31 March 2023 378,863 - 513,938

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. 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 1 April 2023 414,600 407,955 822,555
Additions - 176,370 176,370
Disposals - (129,129 ) (129,129 )
At 31 March 2024 414,600 455,196 869,796
DEPRECIATION
At 1 April 2023 332,423 93,367 425,790
Charge for year 82,177 110,899 193,076
Eliminated on disposal - (85,812 ) (85,812 )
At 31 March 2024 414,600 118,454 533,054
NET BOOK VALUE
At 31 March 2024 - 336,742 336,742
At 31 March 2023 82,177 314,588 396,765

8. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 150,000 150,000

9. DEBTORS
2024 2023
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 2,507,486 2,244,580
Amounts recoverable
on contracts 2,468,051 4,823,334
Other debtors 281,710 184,907
Directors' current accounts 281,954 300,652
Tax 97,712 97,712
Prepayments and accrued income 62,710 31,854
5,699,623 7,683,039

Amounts falling due after more than one year:
Amounts owed by group undertakings 3,692,605 2,017,241
Other debtors 17,303 1,014,744
3,709,908 3,031,985

Aggregate amounts 9,409,531 10,715,024

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 12) 382,119 386,768
Hire purchase contracts (see note 13) 57,443 32,322
Trade creditors 6,813,383 8,373,692
Tax 235,749 24,615
Social security and other taxes 14,761 -
VAT 2,127,035 2,228,402
Other creditors - 2,275
Accrued expenses 90,000 100,208
9,720,490 11,148,282

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Bank loans (see note 12) 250,000 450,000
Hire purchase contracts (see note 13) 279,549 178,514
529,549 628,514

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 49,869 49,268
Bank loans 332,250 337,500
382,119 386,768

Amounts falling due between two and five years:
Bank loans 250,000 450,000

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 57,443 32,322
Between one and five years 279,549 178,514
336,992 210,836

Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 88,466 96,119
Between one and five years 127,189 188,015
215,655 284,134

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Bank overdrafts 49,869 49,268
Bank loans 582,250 787,500
Hire purchase contracts 336,992 210,836
969,111 1,047,604

The bank loan and overdraft are secured by a fixed and floating charge over the company's assets and
on a residential property owned by the director and his wife.

The hire purchase liabilities are secured on the assets concerned.

15. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 30,473 24,664

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 24,664
Capital allowances in advance 5,809
of depreciation
Balance at 31 March 2024 30,473

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
Value: £ £

60 Ordinary A £1 60 60
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
100 100

17. RESERVES
Retained
earnings
£   

At 1 April 2023 (339,716 )
Profit for the year 570,239
At 31 March 2024 230,523

18. ULTIMATE PARENT COMPANY

The ultimate parent company is Ryebridge Group Limited, a company incorporated in Great Britain. This company's registered office is at Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, United Kingdom, AL9 5BG.

RYEBRIDGE LIMITED (REGISTERED NUMBER: 07005916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

2024 2023
(Unaudited)
£    £   
D J Coyle
Balance outstanding at start of year 300,652 548,412
Amounts advanced 1,325,724 1,269,768
Amounts repaid (1,344,422 ) (1,517,528 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 281,954 300,652

During the year the group charged interest of £1,508 (2023: £40,652) on the loan at the rate of 2.75% (2023: 2.75%) per annum. After the balance sheet date, dividends were declared out of distributable profits and these dividends were used to repay the loan.