REGISTERED NUMBER: 09141781 (England and Wales) |
RYEBRIDGE GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 09141781 (England and Wales) |
RYEBRIDGE GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
RYEBRIDGE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
The principal activity of the group in the period under review was that of ground works and civil engineering. |
REVIEW OF BUSINESS |
During the period under review, turnover increased to £38m (from £34m for an eighteen month period in 2023). In addition, the gross margin increased to 7%, from 4%, resulting in a rise in gross profits to £2.65m (2023: £1.38m). |
Overheads rose to £1.9m (from £943,000 annual equivalent in 2023), which was a 38% increase. After adding in interest receivable of £1,500 (2023: £40,500) and deducting interest payable of £402,000 (2023: £443,500), pre-tax profits for the year were £410,000 (2023: loss of £438,500). Corporation and deferred tax charges were £213,000, leaving retained profits of £197,000 (2023: loss of £397,500). The retained profits reduced the group's net liabilities to £499,500 (from £696,500 in 2023). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The director considers the following to be the group'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 group 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 group's recruitment practices and, to the greatest extent possible, has factored the prevailing uncertainty into the group's financial planning. |
Health and safety |
The group 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 aims to respond proactively to, and exceed, any regulatory requirements affecting the group's operations. Major changes to these regulatory requirements can result in significant cost to the group, but no regulatory changes having a materially adverse effect on the group'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 group's variable and fixed costs and could reduce the group'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 group 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: |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTOR |
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 OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RYEBRIDGE GROUP LIMITED |
Opinion |
We have audited the financial statements of Ryebridge Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent 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 group 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 director of the group 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: |
- agreeing the financial statement disclosures to underlying supporting documentation; |
- enquiring of management about known or suspected instances of non-compliance with laws and regulations; |
- reviewing minutes of 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 from 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 GROUP 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. |
for and on behalf of |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONSOLIDATED PROFIT AND LOSS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Period |
1.10.21 |
Year Ended | to |
31.3.24 | 31.3.23 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 38,191,347 | 34,032,294 |
Cost of sales | 35,529,679 | 32,655,961 |
GROSS PROFIT | 2,661,668 | 1,376,333 |
Administrative expenses | 1,850,919 | 1,407,022 |
810,749 | (30,689 | ) |
Other operating income | - | 2,089 |
OPERATING PROFIT/(LOSS) | 4 | 810,749 | (28,600 | ) |
Interest receivable and similar income | 1,535 | 40,654 |
812,284 | 12,054 |
Interest payable and similar expenses | 5 | 402,198 | 450,481 |
PROFIT/(LOSS) BEFORE TAXATION | 410,086 | (438,427 | ) |
Tax on profit/(loss) | 6 | 212,940 | (40,745 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 197,146 | (397,682 | ) |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONSOLIDATED 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 | 197,146 | (397,682 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
197,146 |
(397,682 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 197,146 | (397,682 | ) |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 3,437,183 | 1,101,015 |
Investments | 9 | - | - |
3,437,183 | 1,101,015 |
CURRENT ASSETS |
Stocks | 10 | 150,000 | 150,000 |
Debtors | 11 | 5,967,747 | 10,114,719 |
Cash at bank and in hand | 552,694 | 94,396 |
6,670,441 | 10,359,115 |
CREDITORS |
Amounts falling due within one year | 12 | 9,942,426 | 11,372,827 |
NET CURRENT LIABILITIES | (3,271,985 | ) | (1,013,712 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
165,198 |
87,303 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(529,549 |
) |
(650,664 |
) |
PROVISIONS FOR LIABILITIES | 17 | (134,844 | ) | (132,980 | ) |
NET LIABILITIES | (499,195 | ) | (696,341 | ) |
CAPITAL AND RESERVES |
Called up share capital | 18 | 200 | 200 |
Retained earnings | 19 | (499,395 | ) | (696,541 | ) |
(499,195 | ) | (696,341 | ) |
The financial statements were approved by the director and authorised for issue on 6 September 2024 and were signed by: |
D J Coyle - Director |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Company's profit for the financial year | - | - |
The financial statements were approved by the director and authorised for issue on |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONSOLIDATED 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 | 200 | (298,859 | ) | (298,659 | ) |
Changes in equity |
Total comprehensive income | - | (397,682 | ) | (397,682 | ) |
Balance at 31 March 2023 | 200 | (696,541 | ) | (696,341 | ) |
Changes in equity |
Total comprehensive income | - | 197,146 | 197,146 |
Balance at 31 March 2024 | 200 | (499,395 | ) | (499,195 | ) |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
COMPANY 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 |
Changes in equity |
Balance at 31 March 2023 |
Changes in equity |
Balance at 31 March 2024 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Period |
1.10.21 |
Year Ended | to |
31.3.24 | 31.3.23 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,906,831 | 2,173,040 |
Interest paid | (373,671 | ) | (429,827 | ) |
Interest element of hire purchase payments paid |
(28,527 |
) |
(20,654 |
) |
Tax paid | 192 | (304,559 | ) |
Net cash from operating activities | 2,504,825 | 1,418,000 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,223,278 | ) | (443,050 | ) |
Sale of tangible fixed assets | 69,546 | 120,198 |
Interest received | 1,535 | 40,654 |
Net cash from investing activities | (3,152,197 | ) | (282,198 | ) |
Cash flows from financing activities |
Hire purchase finance | 109,120 | 10,023 |
Loan repayments in year | (205,250 | ) | (162,500 | ) |
Capital repayments in year | (6,170 | ) | - |
Amount introduced by directors | 2,533,093 | 328,897 |
Amount withdrawn by directors | (1,325,724 | ) | (1,269,808 | ) |
Net cash from financing activities | 1,105,069 | (1,093,388 | ) |
Increase in cash and cash equivalents | 457,697 | 42,414 |
Cash and cash equivalents at beginning of year |
2 |
45,128 |
2,714 |
Cash and cash equivalents at end of year | 2 | 502,825 | 45,128 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.10.21 |
Year Ended | to |
31.3.24 | 31.3.23 |
(Unaudited) |
£ | £ |
Profit/(loss) before taxation | 410,086 | (438,427 | ) |
Depreciation charges | 633,193 | 282,201 |
Loss/(profit) on disposal of fixed assets | 184,371 | (23,218 | ) |
Finance costs | 402,198 | 450,481 |
Finance income | (1,535 | ) | (40,654 | ) |
1,628,313 | 230,383 |
Increase in stocks | - | (22,500 | ) |
Decrease/(increase) in trade and other debtors | 2,939,603 | (5,020,418 | ) |
(Decrease)/increase in trade and other creditors | (1,661,085 | ) | 6,985,575 |
Cash generated from operations | 2,906,831 | 2,173,040 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 552,694 | 94,396 |
Bank overdrafts | (49,869 | ) | (49,268 | ) |
502,825 | 45,128 |
Period ended 31 March 2023 |
31.3.23 | 1.10.21 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 94,396 | 52,298 |
Bank overdrafts | (49,268 | ) | (49,584 | ) |
45,128 | 2,714 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 94,396 | 458,298 | 552,694 |
Bank overdrafts | (49,268 | ) | (601 | ) | (49,869 | ) |
45,128 | 457,697 | 502,825 |
Debt |
Finance leases | (254,518 | ) | (102,950 | ) | (357,468 | ) |
Debts falling due within 1 year | (337,500 | ) | 5,250 | (332,250 | ) |
Debts falling due after 1 year | (450,000 | ) | 200,000 | (250,000 | ) |
(1,042,018 | ) | 102,300 | (939,718 | ) |
Total | (996,890 | ) | 559,997 | (436,893 | ) |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Ryebridge Group Limited is a |
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. |
Previously, the company's financial statements were prepared in accordance with section 1A of Financial Reporting Standard 102 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006. As the company is no longer eligible for section 1A of FRS 102, these financial statements have been prepared in accordance with the full FRS 102. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The corresponding figures throughout the financial statements are unaudited. |
Going concern |
Based on current and projected performance, the director has a reasonable expectation that the Company will continue to operate and meet its liabilities as they fall due for at least the twelve months following the date of approval of these accounts. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group 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 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. |
Related party exemption |
Advantage has been taken of the following disclosure exemptions available in FRS 102: |
- only one reconciliation of the number of shares outstanding at the end of the period has been presented, as the reconciliations for the group and parent company would be identical; |
- no cash flow statement has been presented for the parent company; |
- no disclosure has been made of the aggregate remuneration of key management personnel of the parent company, as their remuneration is included in the totals for the group as a whole; and |
- related party transactions and balances with group members are not disclosed. Transactions between group entities that have been eliminated on consolidation are not included in the consolidated financial statements. |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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. |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
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. |
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 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
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 |
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) |
£ | £ |
Hire of plant and machinery | 239 | 337 |
Depreciation - owned assets | 403,302 | 51,634 |
Depreciation - assets on hire purchase contracts | 229,891 | 230,567 |
Loss/(profit) on disposal of fixed assets | 184,371 | (23,218 | ) |
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 other |
surcharges | 264,329 | 280,148 |
Corporation tax interest | 58 | 1,245 |
PAYE & NIC interest | 2,839 | 25,098 |
Hire purchase | 28,527 | 20,654 |
402,198 | 450,481 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED 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 |
prior years | 17,551 | - |
Total current tax | 211,076 | (29,558 | ) |
Deferred tax | 1,864 | (11,187 | ) |
Tax on profit/(loss) | 212,940 | (40,745 | ) |
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 | 410,086 | (438,427 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
102,522 |
(83,301 |
) |
Effects of: |
Expenses not deductible for tax purposes | 81,009 | 56,553 |
Depreciation in excess of capital allowances | 24,618 | 7,777 |
Utilisation of tax losses | (14,624 | ) | - |
Adjustments to tax charge in respect of previous periods | 17,551 | - |
Subsidiary losses not utilised | - | 560 |
Tax on subsidiary profits not provided | - | (11,147 | ) |
Deferred tax | 1,864 | (11,187 | ) |
Total tax charge/(credit) | 212,940 | (40,745 | ) |
7. | INDIVIDUAL PROFIT AND LOSS |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 118,458 | 876,758 | 38,739 |
Additions | - | - | - |
Disposals | - | - | - |
At 31 March 2024 | 118,458 | 876,758 | 38,739 |
DEPRECIATION |
At 1 April 2023 | 84,146 | 753,519 | 36,655 |
Charge for year | 8,278 | 111,197 | 2,084 |
Eliminated on disposal | - | - | - |
At 31 March 2024 | 92,424 | 864,716 | 38,739 |
NET BOOK VALUE |
At 31 March 2024 | 26,034 | 12,042 | - |
At 31 March 2023 | 34,312 | 123,239 | 2,084 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 1,330,758 | 1,075 | 2,365,788 |
Additions | 3,223,278 | - | 3,223,278 |
Disposals | (339,729 | ) | - | (339,729 | ) |
At 31 March 2024 | 4,214,307 | 1,075 | 5,249,337 |
DEPRECIATION |
At 1 April 2023 | 389,378 | 1,075 | 1,264,773 |
Charge for year | 511,634 | - | 633,193 |
Eliminated on disposal | (85,812 | ) | - | (85,812 | ) |
At 31 March 2024 | 815,200 | 1,075 | 1,812,154 |
NET BOOK VALUE |
At 31 March 2024 | 3,399,107 | - | 3,437,183 |
At 31 March 2023 | 941,380 | - | 1,101,015 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Group |
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 | 532,865 | 762,543 | 1,295,408 |
Additions | - | 176,370 | 176,370 |
Disposals | - | (129,129 | ) | (129,129 | ) |
At 31 March 2024 | 532,865 | 809,784 | 1,342,649 |
DEPRECIATION |
At 1 April 2023 | 429,997 | 350,961 | 780,958 |
Charge for year | 93,766 | 136,125 | 229,891 |
Eliminated on disposal | - | (85,812 | ) | (85,812 | ) |
At 31 March 2024 | 523,763 | 401,274 | 925,037 |
NET BOOK VALUE |
At 31 March 2024 | 9,102 | 408,510 | 417,612 |
At 31 March 2023 | 102,868 | 411,582 | 514,450 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 4 Barratt Industrial Estate, Airport Way, Luton, Bedfordshire, LU2 9NH |
Nature of business: |
% |
Class of shares: | holding |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, United Kingdom, AL9 5BG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, England, AL9 5BG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, England, AL9 5BG |
Nature of business: |
% |
Class of shares: | holding |
The following subsidiary entities are exempt from audit by virtue of s479A of Companies Act 2006: |
Ryebridge Construction Limited |
Ryebridge Autos Limited |
10. | STOCKS |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Stocks | 150,000 | 150,000 |
11. | DEBTORS |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 2,541,760 | 2,277,399 |
Amounts recoverable on contract | 2,468,051 | 4,823,334 |
Other debtors | 385,298 | 287,907 |
Directors' current accounts | 281,914 | 1,489,283 |
Tax | 97,712 | 97,712 |
Prepayments and accrued income | 175,709 | 124,340 |
5,950,444 | 9,099,975 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | DEBTORS - continued |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Amounts falling due after more than one | year: |
Other debtors | 17,303 | 1,014,744 |
Aggregate amounts | 5,967,747 | 10,114,719 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 14) | 382,119 | 386,768 |
Hire purchase contracts (see note 15) | 77,919 | 53,854 |
Trade creditors | 6,933,195 | 8,488,375 |
Amounts owed to group undertakings | - | - |
Tax | 243,352 | 32,084 |
Social security and other taxes | 14,761 | - |
VAT | 2,199,760 | 2,307,843 | - | - |
Other creditors | 1,320 | 3,695 |
Directors' current accounts | - | - | 40 | 40 |
Accrued expenses | 90,000 | 100,208 |
9,942,426 | 11,372,827 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Bank loans (see note 14) | 250,000 | 450,000 |
Hire purchase contracts (see note 15) | 279,549 | 200,664 |
529,549 | 650,664 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
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 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year | 77,919 | 53,854 |
Between one and five years | 279,549 | 200,664 |
357,468 | 254,518 |
Group |
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 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Bank overdrafts | 49,869 | 49,268 |
Bank loans | 582,250 | 787,500 |
Hire purchase contracts | 357,468 | 254,518 |
989,587 | 1,091,286 |
The bank loan and overdraft are secured by a fixed and floating charge over the group's assets and on a residential property owned by the director and his wife. |
The hire purchase liabilities are secured on the assets concerned. |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Deferred tax | 134,844 | 132,980 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 132,980 |
Excess of depreciation over |
capital allowances | 1,864 |
Balance at 31 March 2024 | 134,844 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
Value: | £ | £ |
120 | Ordinary A | £1 | 120 | 120 |
20 | Ordinary B | £1 | 20 | 20 |
20 | Ordinary C | £1 | 20 | 20 |
20 | Ordinary D | £1 | 20 | 20 |
20 | Ordinary E | £1 | 20 | 20 |
200 | 200 |
RYEBRIDGE GROUP LIMITED (REGISTERED NUMBER: 09141781) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | (696,541 | ) |
Profit for the year | 197,146 |
At 31 March 2024 | (499,395 | ) |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 March 2024 |
20. | 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 | 1,489,283 | 548,412 |
Amounts advanced | 1,325,724 | 1,269,768 |
Amounts repaid | (2,533,093 | ) | (328,897 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 281,914 | 1,489,283 |
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. |