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REGISTERED NUMBER: 08514678 (England and Wales)
















Financial Statements

for the Year Ended 31 December 2023

for

Ripley Engineering Limited

Ripley Engineering Limited (Registered number: 08514678)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ripley Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D R Gillett
D South





REGISTERED OFFICE: 36 Brunel Way
Fareham
Hampshire
PO15 5SA





REGISTERED NUMBER: 08514678 (England and Wales)





AUDITORS: Roches
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

Ripley Engineering Limited (Registered number: 08514678)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,827 89,128

CURRENT ASSETS
Stocks 340,276 412,782
Debtors 5 1,942,980 1,193,999
Cash at bank 1,044 23,127
2,284,300 1,629,908
CREDITORS
Amounts falling due within one year 6 1,558,761 1,052,914
NET CURRENT ASSETS 725,539 576,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

748,366

666,122

PROVISIONS FOR LIABILITIES 7 5,051 7,703
NET ASSETS 743,315 658,419

CAPITAL AND RESERVES
Called up share capital 400,000 400,000
Retained earnings 343,315 258,419
SHAREHOLDERS' FUNDS 743,315 658,419

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





D South - Director


Ripley Engineering Limited (Registered number: 08514678)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ripley Engineering 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Over the term of the lease
Plant and machinery etc - Straight line over 4 years and Over the term of the lease

Stocks
Stocks, work in progress and finished goods are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Work in progress and finished goods costs include materials, as incurred, and a relevant proportion of the total labour and overhead costs according to the stage of completion.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.


Ripley Engineering Limited (Registered number: 08514678)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Critical accounting estimates and judgements
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. These estimates and underlying assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 47 ) .

Ripley Engineering Limited (Registered number: 08514678)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 31,069 250,749 281,818
Additions - 2,990 2,990
At 31 December 2023 31,069 253,739 284,808
DEPRECIATION
At 1 January 2023 27,227 165,463 192,690
Charge for year 3,842 65,449 69,291
At 31 December 2023 31,069 230,912 261,981
NET BOOK VALUE
At 31 December 2023 - 22,827 22,827
At 31 December 2022 3,842 85,286 89,128

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 445,007 416,612
Amounts owed by group undertakings 1,322,780 620,586
Other debtors 175,193 156,801
1,942,980 1,193,999

Included in trade debtors are amounts totalling £436,007 (2022 - £451,471) covered under an invoice discounting facility.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 349,731 4,358
Trade creditors 434,417 504,218
Amounts owed to group undertakings 320,000 1,000
Taxation and social security 173,624 227,810
Other creditors 280,989 315,528
1,558,761 1,052,914

7. PROVISIONS FOR LIABILITIES

£22,500 has been included within other creditors in relation to a provision as a result of a rent review, which has not reached a conclusion. The provision is based on the experience of the directors and the negotiations that have taken place to date.
The conclusion of the above negotiations, could have an impact on the operating lease commitment (note 10).

Ripley Engineering Limited (Registered number: 08514678)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Roche (Senior Statutory Auditor)
for and on behalf of Roches

9. CONTINGENT LIABILITIES

The company has guaranteed the borrowings of C & C Industrial Group Limited, CRB Group Limited, Coolers & Condensers Limited & Box Clever Projects Limited. The company is party to a cross composite guarantee arrangement with C & C Industrial Group Limited, CRB Group Limited, Coolers & Condensers Limited & Box Clever Projects Limited in favour of HSBC Bank plc.

10. OTHER FINANCIAL COMMITMENTS

As at the year end, the company had obligations totalling £1,157,104 (2022 : £156,563) under non-cancellable operating leases.

11. RELATED PARTY DISCLOSURES

Ripley Engineering Limited is a member of a group. Ripley Engineering Limited's parent is CRB Group Limited and ultimate parent is C & C Industrial Group Limited, whose registered address is as follows:
36 Brunel Way
Segensworth East
Fareham
Hampshire
PO15 5SA