Registered number
04127005
RIPPINGALE PROMOTIONS LTD
Unaudited Filleted Accounts
31 December 2023
RIPPINGALE PROMOTIONS LTD
Registered number: 04127005
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 47,350 56,968
Current assets
Stocks 175,176 169,606
Debtors 5 512,847 464,852
Cash at bank and in hand 18,939 13,148
706,962 647,606
Creditors: amounts falling due within one year 6 (621,344) (548,136)
Net current assets 85,618 99,470
Total assets less current liabilities 132,968 156,438
Creditors: amounts falling due after more than one year 7 (65,333) (95,035)
Provisions for liabilities (1,604) (2,172)
Net assets 66,031 59,231
Capital and reserves
Called up share capital 214 214
Share premium 74,983 74,983
Profit and loss account (9,166) (15,966)
Shareholders' funds 66,031 59,231
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
LA Teasdale
Director
Approved by the board on 24 September 2024
RIPPINGALE PROMOTIONS LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Motor vehicles over 5 years
Stocks
Stocks 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 22,000
Disposals (22,000)
At 31 December 2023 -
Amortisation
At 1 January 2023 22,000
On disposals (22,000)
At 31 December 2023 -
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 6,529 109,773 116,302
Additions 1,689 - 1,689
Disposals (960) (3,634) (4,594)
At 31 December 2023 7,258 106,139 113,397
Depreciation
At 1 January 2023 5,340 53,994 59,334
Charge for the year 1,016 10,291 11,307
On disposals (960) (3,634) (4,594)
At 31 December 2023 5,396 60,651 66,047
Net book value
At 31 December 2023 1,862 45,488 47,350
At 31 December 2022 1,189 55,779 56,968
Assets with a Net Book Value of £1,489 (2022: £4,477) were held under finance leases and hire purchase contracts.
5 Debtors 2023 2022
£ £
Trade debtors 470,723 443,183
Other debtors 42,124 21,669
512,847 464,852
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 144,018 180,190
Obligations under finance lease and hire purchase contracts 1,702 3,278
Trade creditors 352,368 253,391
Taxation and social security costs 41,056 19,147
Other creditors 82,200 92,130
621,344 548,136
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 65,333 93,333
Obligations under finance lease and hire purchase contracts - 1,702
65,333 95,035
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 209,350 269,523
Fixed and floating charges over the undertaking and all property and assets present and future.
9 Other financial commitments 2023 2022
£ £
Annual commitments under operating leases - rent with 1.5 years lease term remaining at £49,175 commitment per year (total commitment £73,753, 2022: £122,938) 49,175 49,175
10 Related party transactions
Directors' remuneration is set at a level considered to be the normal market rate for a small company operating under the current tax regime.
11 Controlling party
LA Teasdale & IK Halliday are deemed to be the ultimate controlling party by virtue of their combined majority shareholding.
12 Other information
RIPPINGALE PROMOTIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Orchard Business Centre
Bonehurst Road
Redhill
Surrey
RH1 5EL
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