Company Registration No. 02106699 (England and Wales)
RITEC INTERNATIONAL LIMITED
Unaudited accounts
for the year ended 31 December 2023
RITEC INTERNATIONAL LIMITED
Unaudited accounts
Contents
RITEC INTERNATIONAL LIMITED
Company Information
for the year ended 31 December 2023
Company Number
02106699 (England and Wales)
Registered Office
15 Compass West Estate
West Road
London
N17 0XL
RITEC INTERNATIONAL LIMITED
Statement of financial position
as at 31 December 2023
Creditors: amounts falling due within one year
(1,181,903)
(1,133,969)
Net current liabilities
(72,338)
(88,419)
Net liabilities
(71,706)
(87,073)
Called up share capital
141,093
141,093
Share premium
956,751
956,751
Profit and loss account
(1,169,550)
(1,184,917)
Shareholders' funds
(71,706)
(87,073)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 September 2024 and were signed on its behalf by
K L Byers
Director
Company Registration No. 02106699
RITEC INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
RITEC INTERNATIONAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02106699. The registered office is 15 Compass West Estate, West Road, London, N17 0XL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the year end the company had net liabilities of £71,706 (2021: £87,073) which suggests that the going concern basis may not be appropriate. However, the director and a creditor have confirmed that they will continue to provide financial support and will not call upon the company to repay the amounts due until such time as this can be done without adversely affecting the company's financial position. On this basis, the directors consider it appropriate to prepare financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added
tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Fixtures & fittings
25% Straight line
Computer equipment
25% Straight line
RITEC INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash generating) is reduced to its recoverable amount. An impairment loss is recognised immediately
in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a
revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an
impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in profit or loss, unless the relevant
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents are basic financial assets include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
RITEC INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial
Instrument Issues" of FRS102 to all of it 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including
transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the
impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would
have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the assets expire or are settled, or
when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if
some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is
able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of
its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilites
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
RITEC INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with FRS 17.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
93,338
23,233
20,125
136,696
At 31 December 2023
93,338
23,233
20,125
136,696
At 1 January 2023
93,091
23,233
19,026
135,350
Charge for the year
124
-
590
714
At 31 December 2023
93,215
23,233
19,616
136,064
At 31 December 2023
123
-
509
632
At 31 December 2022
247
-
1,099
1,346
Amounts falling due within one year
Trade debtors
14,094
(902)
Amounts due from group undertakings etc.
1,028,168
981,568
RITEC INTERNATIONAL LIMITED
Notes to the Accounts
for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
48,953
38,497
Trade creditors
195,173
303,743
Taxes and social security
37,946
17,267
Other creditors
116,585
126,162
Loans from directors
776,800
648,300
7
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
85,000
Later than one year and not later than five years
61,000
-
At the balance sheet date the company owed the directors £776,800 (2022: £648,300). This loan is interest free and repayable upon demand.
9
Transactions with related parties
At the balance sheet date the company was owed £451,658 (2022: £427,127) by Ritec Holland BV and £576,509 (2022: £549,706 by Clearshield Technologies LLC.
10
Average number of employees
During the year the average number of employees was 5 (2022: 7).