REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Ripley Engineering Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |
for and on behalf of |
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 |