Company registration number 3098448 (England and Wales)
RIDGE SURVEYORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RIDGE SURVEYORS LIMITED
COMPANY INFORMATION
Directors
A W O'Hickey
J R M Price
Secretary
R Cannings
Company number
3098448
Registered office
The Cowyards
Blenheim Park
Oxford Road
Woodstock
Oxford
OX20 1QR
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
RIDGE SURVEYORS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 23
RIDGE SURVEYORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company operates the payroll and associated activities for Ridge and Partners LLP and has no external customers or revenues. Business activity levels and the year on year growth reflected in the financial statements is due to the increase in employee numbers to support Ridge and Partners LLP.

Principal risks and uncertainties

As referenced above the performance of the company is intrinsically linked to the activities of Ridge and Partners LLP.  Accordingly the main risk is a reduction in activities of the LLP.  As the company operates on a cost plus recharge basis the impact of this risk on profitability is low.

Section 172(1) Statement

Section 172 of The Companies Act 2006 states that a director of a company must act in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

 

In doing so a director of a company must have regard (amongst other matters) to:-

a. The likely consequences of any decision in the long term;

b. The interests of the company’s employees;

c. The need to foster the company’s business relationships with suppliers, customers and others;

d. The impact of the company’s operations on the community and the environment;

e. The desirability of the company maintaining a reputations for high standards of business conduct; and

f. The need to act fairly as between members of the company.

 

The Board reviewed their current approach to corporate governance and decision making, engagement with stakeholders and the Company’s impact on the environment. The following summarises how the company’s Board fulfils its duties under Section 172.

 

Decision Making

 Our vision is well-communicated and understood throughout our business: to be ever progressive by expanding our expertise and nurturing our talent.

 

Every one of us is aware of, and focused on, a clear business strategy. This sits within a framework of 12 initiatives that provide short and long-term targets for our business. We have identified a lead sponsor for each area.

 

At the centre of our business strategy is a focus on Quality, Innovation and Growth. Collectively these underpin who we are and they steer everything we do.

 

By achieving our strategy, we can deliver our fundamental aims:

RIDGE SURVEYORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Employee Engagement

Our 1,100+ people provide scale and expertise with a personal touch, based on understanding, commitment and trust.

 

Based across 11 offices, our multidisciplinary teams are Partner-led, providing expert counsel and practical hands-on support, aligned directly with our clients’ specific needs. They harness the right skills – at the right time – to deliver the very best results.

 

Our people are the foundation of our success. Driving our vision and embodying our values, they are creative, entrepreneurial and hard-working, operating within an inclusive and supportive culture that values innovation, trust and openness.

 

We have continued to invest in corporate functions during the year with expansion of the People Team in particular, to enhance our employees’ experience at Ridge by nurturing a culture where people feel valued, supported and connected to our vision and strategy. Further investment has also been made in our Marketing, Technology, Social Value, Compliance and Finance teams, to underpin the business growth.

 

We have been actively recruiting in the last 12 months with average headcount 267 higher than 2022. As part of our growth, we are continuing to employ people within our disciplines and sectors to drive our offering and deepen our expertise.

 

Sustainability

Our 360 Sustainability framework has become an integral part of our business in the last 24 months. It has nine themes that guide how we deliver environmental, social and governance (ESG) strategies for our clients: water; community; health and wellbeing; sustainable buildings; materials, resources and waste; travel and transport; ecology and biodiversity; energy, carbon and climate; and governance. We have over 40 sustainability specialists in Ridge.

 

Ensuring that we act in the same way that we advise our clients has resulted in us using the 360 ESG framework across our own business. This allows us to aim for the most positive and meaningful impact possible on the environment, our communities, and our people. Our 11 offices each have Environmental Champions to help support the delivery of a variety of sustainable initiatives.

 

Diversity and Inclusion

At Ridge we value difference. We understand the importance of creating a diverse and inclusive workplace because we know that a business that fully represents society drives greater creativity, innovation, collaboration and engagement. Our focus on diversity and inclusion means that we are committed to providing an environment where all our people feel able to bring their whole self to work and feel respected and able to achieve their potential.

 

Through our diversity and inclusion strategy, we outline actionable steps to drive meaningful change at Ridge which have been developed in consultation with our Executive Group and business impact groups. We have increased our focus on diversity and inclusion through the expansion of our people team and the continued growth of our business impact groups which provide a safe space for our people to discuss and share ideas around Gender, Ethnicity, LGBTQIA+, Disability and Neurodiversity, Working Parents and Carers, Religion and Belief, and Military Veterans, Reservists and Allies.

RIDGE SURVEYORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Social Value

 

We all believe in taking positive action to benefit each other, our communities and the whole of society. Social Value has become a core component of our sustainability strategy, helping our teams to understand the social, economic and environmental value we create for our people, communities and supply chain partners.  We leverage our strategic relationships with charities to deliver social value across a wide range of communities.  We also set a side an annual Community Investment Fund and donate our expertise to support charitable causes.

Our social value approach is guided by 4 strategic social value outcomes:

 

 

 

 

On behalf of the board

A W O'Hickey
Director
25 June 2024
RIDGE SURVEYORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is to provide support services to its parent entity, Ridge and Partners LLP.

 

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A W O'Hickey
J R M Price
J M Farrant
(Resigned 13 April 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Company facilitates the exchange of ideas and suggestions through its relatively flat structure. Regular meetings between employees and management take place in our local offices. Formal consultation is carried out in line with legal requirements when appropriate. The intranet site keeps employees informed of business secured by the Company.

Energy and carbon report

Carbon reporting for the group is included in the report of this company's parent undertaking (Ridge and Partners LLP). Therefore no separate reporting is required in this company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Price risk, credit risk, liquidity risk, and cash flow risk

The company's cash balances are held so as to achieve a competitive rate of interest. Loans consist of intercompany balances with group companies. The group companies would ensure that the company has sufficient funds to meet its obligations. The company has limited financial risk as its main activity is operating payroll for its parent company.

RIDGE SURVEYORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
A W O'Hickey
Director
25 June 2024
RIDGE SURVEYORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

RIDGE SURVEYORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIDGE SURVEYORS LIMITED
- 7 -
Opinion

We have audited the financial statements of Ridge Surveyors Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

RIDGE SURVEYORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIDGE SURVEYORS LIMITED
- 8 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

RIDGE SURVEYORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIDGE SURVEYORS LIMITED
- 9 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Robert Kirtland
Senior Statutory Auditor
For and on behalf of Critchleys Audit LLP
26 June 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
RIDGE SURVEYORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
75,788,051
54,641,330
Cost of sales
(72,671,049)
(52,443,881)
Gross profit
3,117,002
2,197,449
Administrative expenses
(221,424)
(93,588)
Operating profit
4
2,895,578
2,103,861
Income from shares in group undertakings
2,764,212
7,389,606
Other interest receivable and similar income
145
-
0
Amounts written off investments
8
(2,608,832)
(4,234,037)
Profit before taxation
3,051,103
5,259,430
Tax on profit
7
(713,186)
(478,950)
Profit for the financial year
2,337,917
4,780,480

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RIDGE SURVEYORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
2,337,917
4,780,480
Other comprehensive income
-
-
Total comprehensive income for the year
2,337,917
4,780,480
RIDGE SURVEYORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
73,984
Investments
11
518,601
3,127,433
518,601
3,201,417
Current assets
Debtors
13
21,806,976
10,378,345
Cash at bank and in hand
759,470
4,717,589
22,566,446
15,095,934
Creditors: amounts falling due within one year
14
(12,490,921)
(10,041,142)
Net current assets
10,075,525
5,054,792
Net assets
10,594,126
8,256,209
Capital and reserves
Called up share capital
17
2
2
Profit and loss reserves
10,594,124
8,256,207
Total equity
10,594,126
8,256,209
The financial statements were approved by the board of directors and authorised for issue on 25 June 2024 and are signed on its behalf by:
A W O'Hickey
Director
Company registration number 3098448 (England and Wales)
RIDGE SURVEYORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2
3,579,661
3,579,663
Year ended 31 December 2022:
Profit and total comprehensive income
-
4,780,480
4,780,480
Dividends
9
-
(103,934)
(103,934)
Balance at 31 December 2022
2
8,256,207
8,256,209
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,337,917
2,337,917
Balance at 31 December 2023
2
10,594,124
10,594,126
RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Ridge Surveyors Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cowyards, Blenheim Park, Oxford Road, Woodstock, Oxford, OX20 1QR.

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.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Ridge and Partners LLP. These consolidated financial statements are available from its registered office, The Cowyards Blenheim Park, Oxford Road, Woodstock, OX20 1QR.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Ridge Surveyors Limited is a wholly owned subsidiary of Ridge and Partners LLP and the results of Ridge Surveyors Limited are included in the consolidated financial statements of Ridge and Partners LLP which are available from The Cowyards Blenheim Park, Oxford Road, Woodstock, OX20 1QR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7 years.

RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. The impairment is calculated so as to write off the amount of the purchase price that was deemed to be attributable to goodwill over its expected useful life of 7 years.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

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 or 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 profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset 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.

RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
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. The main estimate is impairment in the value of fixed asset investments.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
75,788,051
54,641,330
2023
2022
£
£
Turnover analysed by geographical market
UK
75,788,051
54,641,330
2023
2022
£
£
Other significant revenue
Interest income
145
-
Dividends received
2,764,212
7,389,606
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
RDEC Credit (prior years)
(256,261)
(203,156)
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
5,995
Amortisation of intangible assets
73,984
58,512
Operating lease charges
167,928
114,147
5
Directors' remuneration

No remuneration was paid to the directors.

RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
6
Employees

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

2023
2022
Number
Number
Total
1,043
776

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries (including benefits)
59,597,616
42,612,054
Social security costs
5,986,996
4,430,658
Pension costs
3,574,668
2,620,154
69,159,280
49,662,866
Termination payments made or committed
183,525
24,580
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
809,686
465,455
Adjustments in respect of prior periods
21,755
13,495
Total current tax
831,441
478,950
Deferred tax
Changes in tax rates
(28,381)
-
0
Adjustment in respect of prior periods
(89,874)
-
0
Total deferred tax
(118,255)
-
0
Total tax charge
713,186
478,950
RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,051,103
5,259,430
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
717,636
999,292
Tax effect of expenses that are not deductible in determining taxable profit
673,916
815,584
Tax effect of income not taxable in determining taxable profit
(710,431)
(1,404,025)
Adjustments in respect of prior years
(68,119)
13,495
Effect of change in corporation tax rate
(28,381)
-
0
Other
-
0
54,604
Effects of CFC charge
128,565
-
0
Taxation charge for the year
713,186
478,950
8
Amounts written off investments
2023
2022
£
£
Amounts written off investments
(2,608,832)
(4,234,037)
9
Dividends
2023
2022
£
£
Interim paid
-
0
103,934
RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
292,570
Amortisation and impairment
At 1 January 2023
218,586
Amortisation charged for the year
73,984
At 31 December 2023
292,570
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
73,984
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
218,601
2,827,433
Investment in insurance captive
300,000
300,000
518,601
3,127,433
Movements in fixed asset investments
Shares in subsidiaries
Investment in insurance captive
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
11,539,653
300,000
11,839,653
Impairment
At 1 January 2023
8,712,220
-
8,712,220
Impairment losses
2,608,832
-
2,608,832
At 31 December 2023
11,321,052
-
11,321,052
Carrying amount
At 31 December 2023
218,601
300,000
518,601
At 31 December 2022
2,827,433
300,000
3,127,433
RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
CRE8 Holdings Limited
UK
Ordinary Shares
100.00
-
CRE8 Management Limited
UK
Ordinary Shares
-
100.00
CRE8 Infrastructure Limited
UK
Ordinary Shares
-
100.00
CRE8 Projects Limited
UK
Ordinary Shares
-
100.00
Upton McGougan Limited
UK
Ordinary Shares
100.00
-
Hunter Page Planning Limited
UK
Ordinary Shares
100.00
-
Scott Hughes Design Limited
UK
Ordinary Shares
100.00
-
Projex Building Solutions Limited
UK
Ordinary Shares
100.00
-

All of the above subsidiaries are in member's voluntary liquidation.

13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
20,657,149
9,803,543
Other debtors
15,609
304,717
Prepayments and accrued income
1,015,963
270,085
21,688,721
10,378,345
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
118,255
-
0
Total debtors
21,806,976
10,378,345
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Deferred consideration
-
250,000
Trade creditors
134,259
185,176
Amounts owed to group undertakings
218,601
961,330
Corporation tax
673,686
261,991
Other taxation and social security
2,125,088
1,367,447
Other creditors
3,898,699
3,316,088
Accruals and deferred income
5,440,588
3,699,110
12,490,921
10,041,142
RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Short term timing differences
118,255
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Credit to profit or loss
(118,255)
Asset at 31 December 2023
(118,255)
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,574,668
2,620,154
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
18
Financial commitments, guarantees and contingent liabilities

There is a charge over the company's assets in respect of a loan taken out by its parent undertaking. As at 31 December 2023 the balance of the loan was £50,500,000.

 

The company has a contingent liability at 31 December 2023 to subscribe up to £1,000,000 of further shares in the other investment, if called upon by the company in the future.

 

RIDGE SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Ultimate controlling party

The company's immediate parent is Ridge and Partners LLP, incorporated in the UK.

 

The most senior parent entity producing publicly available financial statements is Rise Topco Limited. These financial statements are available upon request from Horizon Capital LLP, Level 9, The Shard, 32 London Bridge Street, London, SE1 9SG.

 

As at 31 December 2023 the Directors considered the ultimate controlling party to be Horizon Capital II Limited Partnership.

 

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