35 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03103809 2023-01-01 2023-12-31 03103809 2023-12-31 03103809 2022-12-31 03103809 2022-01-01 2022-12-31 03103809 2022-12-31 03103809 2021-12-31 03103809 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 03103809 bus:Director1 2023-01-01 2023-12-31 03103809 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03103809 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03103809 core:WithinOneYear 2023-12-31 03103809 core:WithinOneYear 2022-12-31 03103809 core:ShareCapital 2023-12-31 03103809 core:ShareCapital 2022-12-31 03103809 core:RetainedEarningsAccumulatedLosses 2023-12-31 03103809 core:RetainedEarningsAccumulatedLosses 2022-12-31 03103809 core:ShareCapital 2021-12-31 03103809 core:RetainedEarningsAccumulatedLosses 2021-12-31 03103809 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 03103809 bus:SmallEntities 2023-01-01 2023-12-31 03103809 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03103809 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03103809 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03103809 bus:AbridgedAccounts 2023-01-01 2023-12-31
Company registration number: 03103809
Ridgemount Technologies Limited
Trading as Ridgemount Technologies Limited
Unaudited filleted abridged financial statements
31 December 2023
Ridgemount Technologies Limited
Contents
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Ridgemount Technologies Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Ridgemount Technologies Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ridgemount Technologies Limited for the year ended 31 December 2023 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Ridgemount Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ridgemount Technologies Limited and state those matters that we have agreed to state to the board of directors of Ridgemount Technologies Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ridgemount Technologies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ridgemount Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ridgemount Technologies Limited. You consider that Ridgemount Technologies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ridgemount Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carol Colinswood & Co
Chartered Accountants
Dorchester House
15 Dorchester Place
Thame
Oxfordshire
OX9 2DL
15 July 2024
Ridgemount Technologies Limited
Abridged statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 317,165 211,314
_______ _______
317,165 211,314
Current assets
Stocks 778,447 773,021
Debtors 629,623 905,456
Cash at bank and in hand 898,372 617,029
_______ _______
2,306,442 2,295,506
Creditors: amounts falling due
within one year ( 630,860) ( 1,322,596)
_______ _______
Net current assets 1,675,582 972,910
_______ _______
Total assets less current liabilities 1,992,747 1,184,224
_______ _______
Net assets 1,992,747 1,184,224
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,991,747 1,183,224
_______ _______
Shareholders funds 1,992,747 1,184,224
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 10 July 2024 , and are signed on behalf of the board by:
Chris Peters Mark Limbert
Director Director
Company registration number: 03103809
Ridgemount Technologies Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 1,000 729,112 730,112
Profit for the year 494,112 494,112
_______ _______ _______
Total comprehensive income for the year - 494,112 494,112
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 1,000 1,183,224 1,184,224
Profit for the year 868,523 868,523
_______ _______ _______
Total comprehensive income for the year - 868,523 868,523
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 December 2023 1,000 1,991,747 1,992,747
_______ _______ _______
Ridgemount Technologies Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Ridgemount Technologies Limited, Unit 5, Field Farm Business Centre, Launton, Bicester, Oxfordshire, OX26 5EL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Straight line over 36 months
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2022: 40 ).
5. Tangible assets
£
Cost
At 1 January 2023 604,855
Additions 259,461
_______
At 31 December 2023 864,316
_______
Depreciation
At 1 January 2023 393,541
Charge for the year 153,610
_______
At 31 December 2023 547,151
_______
Carrying amount
At 31 December 2023 317,165
_______
At 31 December 2022 211,314
_______