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REGISTERED NUMBER: 01905537 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIBBONS LIMITED

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIBBONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G J Codrington
N J Codrington
D L Edwards
Mrs L Codrington
Ms R Codrington-Hopkins



SECRETARY: D L Edwards



REGISTERED OFFICE: Units A B C D
Treorchy Industrial Estate
Treorchy
Mid Glamorgan
CF42 6EJ



REGISTERED NUMBER: 01905537 (England and Wales)



ACCOUNTANTS: Baker Knoyle Chartered Accountants
Orbit Business Centre
Merthyr Tydfil
CF48 1DL



SOLICITORS: Acuity Legal Limited
3 Assembly Square
Britannia Quay
Cardiff Bay
Cardiff
CF10 4PL

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 229,365 236,311

CURRENT ASSETS
Stocks 5 778,326 924,095
Debtors 6 1,113,687 1,305,852
Cash at bank and in hand 7 48,683 256,740
1,940,696 2,486,687
CREDITORS
Amounts falling due within one year 8 1,030,263 1,512,234
NET CURRENT ASSETS 910,433 974,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,139,798

1,210,764

CREDITORS
Amounts falling due after more than one
year

9

51,400

82,464
NET ASSETS 1,088,398 1,128,300

CAPITAL AND RESERVES
Called up share capital 100,040 100,040
Share premium 112,284 112,284
Retained earnings 876,074 915,976
1,088,398 1,128,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement 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:





N J Codrington - Director


RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Ribbons 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.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
1) The company has transferred the significant risks and rewards of ownership to the buyer.
2) The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control of the goods sold.
3) The amount of revenue can be measured reliably.
4) It is probable that the company will receive the consideration due under the transaction.
5) The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 10% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of comprehensive income.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a fist in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. the impairment loss is recognised immediately in profit or loss.


RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statements of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.

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.

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.

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company for the year ended 31 December 2023 has recorded a profit before tax of £15,260 (2022: £134,073). As at 31 December 2023 the company had net current assets of £910,433 (2022: £974,953) and net assets of £1,088,398 (2022: £1,128,300).

The company meets its day-to-day working capital requirements through monthly rolling invoice discount facility with HSBC. The directors believe that this invoice discounting facility will be available, if required, for at least 12 months from the date of signing the financial statements.

The directors have considered the company's forecast and budgeted profit and associated cash flows for the next 12 months, which take into account reasonable possible changes in trading performance. Based on this review and the future business prospects of the company, despite the current economic conditions the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and will be able to meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to adopt the going concern basis in the preparation of the company's financial statements.

Finance costs
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 53 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,339,490 178,826 52,891 64,192 2,635,399
Additions 46,546 - - 549 47,095
At 31 December 2023 2,386,036 178,826 52,891 64,741 2,682,494
DEPRECIATION
At 1 January 2023 2,312,189 32,905 731 53,263 2,399,088
Charge for year 16,368 15,132 13,223 9,318 54,041
At 31 December 2023 2,328,557 48,037 13,954 62,581 2,453,129
NET BOOK VALUE
At 31 December 2023 57,479 130,789 38,937 2,160 229,365
At 31 December 2022 27,301 145,921 52,160 10,929 236,311

The net book value of assets held under finance leases or hire purchase contracts, included above are as follows:

Computer Equipment £5,216 (2022 - £9,340)

Plant & Equipment £15349 (New in 2023)

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. STOCKS
2023 2022
£    £   
Raw materials 328,547 525,711
Work-in-progress 265,420 227,755
Finished goods 184,359 170,629
778,326 924,095

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 811,984 939,755
Amounts owed by group undertakings 267,017 302,813
Other debtors 147 5,185
Prepayments and accrued income 34,539 58,099
1,113,687 1,305,852

7. CASH AT BANK AND IN HAND
2023 2022
£    £   
Euro bank account 17,430 72,050
USD bank account 31,240 184,677
Cash in hand 13 13
48,683 256,740

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 215,815 523,432
Hire purchase contracts (see note 10) 15,469 4,398
Trade creditors 340,260 314,685
Tax 5,199 12,390
Social security and other taxes 27,598 88,770
VAT 22,098 60,300
Other creditors 8,782 7,038
Proceeds of factored debts 341,542 388,942
Directors' current accounts 35,000 -
Accruals and deferred income 18,500 112,279
1,030,263 1,512,234

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 50,667 77,333
Hire purchase contracts (see note 10) 733 5,131
51,400 82,464

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,469 4,398
Between one and five years 733 5,131
16,202 9,529

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,538 31,492
Between one and five years - 15,538
15,538 47,030

11. FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

12. CONTINGENT LIABILITIES

A contingent liability exists in respect of inter-group cross-guarantees entered into in respect of group bank borrowing which at the year end totals £341,542 (2022 £388,942). All liabilities are currently held within Ribbons Ltd.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Ms R Codrington-Hopkins
Balance outstanding at start of year - -
Amounts repaid (35,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (35,000 ) -

14. ULTIMATE CONTROLLING PARTY

The controlling party is Hamsard One Thousand and Sixty NineLtd..

The ultimate controlling party is Mandaco 502 Limited.

RIBBONS LIMITED (REGISTERED NUMBER: 01905537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £56,473 (2022 £52,221).

At 31 December 2023, contributions of £7,741 (2022 £7,038) due in respect of the current reporting period has not been paid over to the schemes, and are included within other creditors.