Company Registration No. 10623059 (England and Wales)
JM RIDLEY & SONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JM RIDLEY & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JM RIDLEY & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,138,718
710,316
Current assets
Stocks
328,467
309,237
Debtors
5
56,246
77,102
Investments
6
73,594
69,204
Cash at bank and in hand
149,191
290,233
607,498
745,776
Creditors: amounts falling due within one year
7
(241,454)
(227,611)
Net current assets
366,044
518,165
Total assets less current liabilities
1,504,762
1,228,481
Creditors: amounts falling due after more than one year
8
(25,166)
(232,888)
Provisions for liabilities
(172,500)
(118,000)
Net assets
1,307,096
877,593
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
10
331,700
-
0
Profit and loss reserves
975,395
877,592
Total equity
1,307,096
877,593
JM RIDLEY & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
James Michael Ridley
Director
Company registration number 10623059 (England and Wales)
JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

JM Ridley & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Matthews House, Haugh Lane, Hexham, Northumberland, NE46 3PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and equipment
15% reducing balance
Leasehold property improvements
2% straight line
Motor vehicles
10% and 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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

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 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

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 cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Leasehold property improvements
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
126,753
328,356
124,228
343,653
922,990
Additions
396,398
29,670
34,453
86,000
546,521
Disposals
-
0
-
0
-
0
(76,000)
(76,000)
At 31 March 2024
523,151
358,026
158,681
353,653
1,393,511
Depreciation and impairment
At 1 April 2023
-
0
134,976
11,452
66,246
212,674
Depreciation charged in the year
-
0
31,583
3,174
21,802
56,559
Eliminated in respect of disposals
-
0
-
0
-
0
(14,440)
(14,440)
At 31 March 2024
-
0
166,559
14,626
73,608
254,793
Carrying amount
At 31 March 2024
523,151
191,467
144,055
280,045
1,138,718
At 31 March 2023
126,753
193,380
112,776
277,407
710,316
JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,338
25,406
Other debtors
32,908
51,696
56,246
77,102
6
Current asset investments
2024
2023
£
£
Other investments
73,594
69,204
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
21,192
Trade creditors
26,425
20,037
Taxation and social security
33,451
51,113
Other creditors
171,578
135,269
241,454
227,611
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
186,135
Other creditors
11,833
46,753
25,166
232,888
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
JM RIDLEY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
-
0
-
0
Other movements
331,700
-
At the end of the year
331,700
-
2024-03-312023-04-01false26 July 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityJames Michael RidleyJames William RidleyMichael Thomas Ridleyfalsefalse106230592023-04-012024-03-31106230592024-03-31106230592023-03-3110623059core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3110623059core:PlantMachinery2024-03-3110623059core:FurnitureFittings2024-03-3110623059core:MotorVehicles2024-03-3110623059core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3110623059core:PlantMachinery2023-03-3110623059core:FurnitureFittings2023-03-3110623059core:MotorVehicles2023-03-3110623059core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110623059core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110623059core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110623059core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110623059core:CurrentFinancialInstruments2024-03-3110623059core:CurrentFinancialInstruments2023-03-3110623059core:Non-currentFinancialInstruments2024-03-3110623059core:Non-currentFinancialInstruments2023-03-3110623059core:ShareCapital2024-03-3110623059core:ShareCapital2023-03-3110623059core:RevaluationReserve2024-03-3110623059core:RevaluationReserve2023-03-3110623059core:RetainedEarningsAccumulatedLosses2024-03-3110623059core:RetainedEarningsAccumulatedLosses2023-03-3110623059core:RevaluationReserve2023-03-3110623059core:RevaluationReserve2022-03-3110623059bus:Director12023-04-012024-03-3110623059core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3110623059core:PlantMachinery2023-04-012024-03-3110623059core:FurnitureFittings2023-04-012024-03-3110623059core:MotorVehicles2023-04-012024-03-31106230592022-04-012023-03-3110623059core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3110623059core:PlantMachinery2023-03-3110623059core:FurnitureFittings2023-03-3110623059core:MotorVehicles2023-03-31106230592023-03-3110623059core:WithinOneYear2024-03-3110623059core:WithinOneYear2023-03-3110623059bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110623059bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110623059bus:FRS1022023-04-012024-03-3110623059bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110623059bus:Director22023-04-012024-03-3110623059bus:Director32023-04-012024-03-3110623059bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP