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Company No: 13902563 (England and Wales)

RED RIDGE CENTRE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

RED RIDGE CENTRE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RED RIDGE CENTRE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
RED RIDGE CENTRE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 64,443 72,176
Tangible assets 4 130,785 136,164
195,228 208,340
Current assets
Stocks 3,000 3,000
Debtors 5 32,397 33,577
Cash at bank and in hand 70,595 128,429
105,992 165,006
Creditors: amounts falling due within one year 6 ( 296,652) ( 269,688)
Net current liabilities (190,660) (104,682)
Total assets less current liabilities 4,568 103,658
Net assets 4,568 103,658
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 4,468 103,558
Total shareholder's funds 4,568 103,658

For the financial 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.

Director's responsibilities:

The financial statements of Red Ridge Centre Ltd (registered number: 13902563) were approved and authorised for issue by the Director on 20 September 2024. They were signed on its behalf by:

James Robert West
Director
RED RIDGE CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RED RIDGE CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Red Ridge Centre Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Red Ridge Centre The Red Ridge Centre, Cefn Coch, Welshpool, SY21 0AZ, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The comparative reporting period length is from 8 February 2022 to 31 December 2022.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.12.2023
Period from
08.02.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 77,332 77,332
At 31 December 2023 77,332 77,332
Accumulated amortisation
At 01 January 2023 5,156 5,156
Charge for the financial year 7,733 7,733
At 31 December 2023 12,889 12,889
Net book value
At 31 December 2023 64,443 64,443
At 31 December 2022 72,176 72,176

4. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 132,463 20,625 1,871 1,422 156,381
Additions 28,508 0 2,295 0 30,803
At 31 December 2023 160,971 20,625 4,166 1,422 187,184
Accumulated depreciation
At 01 January 2023 17,246 2,750 39 182 20,217
Charge for the financial year 31,207 4,125 565 285 36,182
At 31 December 2023 48,453 6,875 604 467 56,399
Net book value
At 31 December 2023 112,518 13,750 3,562 955 130,785
At 31 December 2022 115,217 17,875 1,832 1,240 136,164

5. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 30,397 17,849
Amounts owed by director 2,000 2,000
Prepayments 0 13,728
32,397 33,577

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 2,169 968
Amounts owed to Group undertakings 192,231 221,999
Accruals and deferred income 19,858 3,500
Other taxation and social security 34,897 30,742
Other creditors 47,497 12,479
296,652 269,688

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.12.2023 31.12.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,031 644

9. Related party transactions

Transactions with owners holding a participating interest in the entity

As a wholly owned subsidiary undertaking of their parent company, West Family Holdings Ltd, (Registered office: The Red Ridge Centre The Red Ridge Centre, Cefn Coch, Welshpool, Powys, Wales, SY21 0AZ), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

Transactions with the entity's director

31.12.2023 31.12.2022
£ £
Balance owed from directors 2,000 2,000