Company registration number 11107219 (England and Wales)
RIPLEYCO LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RIPLEYCO LTD.
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
RIPLEYCO LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
506,716
Investments
4
502
502
502
507,218
Current assets
Debtors
6
438,852
439,792
Cash at bank and in hand
35,357
23,833
474,209
463,625
Creditors: amounts falling due within one year
7
(572,260)
(1,070,307)
Net current liabilities
(98,051)
(606,682)
Net liabilities
(97,549)
(99,464)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(97,649)
(99,564)
Total equity
(97,549)
(99,464)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
D Ripley
Director
Company Registration No. 11107219
RIPLEYCO LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ripleyco Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 139 Back High Street, Gosforth, Newcastle upon Tyne, NE3 4ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with ongoing support from the director. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Aircraft
5% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

RIPLEYCO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
RIPLEYCO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Aircraft
£
Cost
At 1 January 2023
554,167
Disposals
(554,167)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
47,451
Depreciation charged in the year
19,002
Eliminated in respect of disposals
(66,453)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
506,716
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
502
502
5
Associates

Details of the company's associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Citation Jet Limited
Nal Engineering Hangar, Southside Newcastle International Airport, Newcastle Upon Tyne, NE13 8BT
Ordinary
50.00
Mascot Services Limited
Suite 5, Bulman House Regent centre, Gosforth, Newcastle Upon Tyne, NE3 3LS
Ordinary
30.00
RIPLEYCO LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,167
10,500
Other debtors
424,124
423,912
Prepayments and accrued income
-
0
4,819
438,291
439,231
Deferred tax asset
561
561
438,852
439,792
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,767
8,052
Other creditors
563,843
1,060,765
Accruals and deferred income
1,650
1,490
572,260
1,070,307
8
Related party transactions

During the year, Ripleyco Ltd received a loan of £43,078 (2022 - £6,135) from CSD Sealing Systems Limited, a related party through David Ripley, who has significant control over both parties. At the year end £563,591 (2022 - £1,060,513) remained outstanding and is included in other creditors.

 

During the year, Ripleyco Ltd provided a loan of £Nil (2022 - £138,120) to Citation Jet Ltd, a related party through David Ripley, who is a common director and shareholder. At the year end £422,892 (2022 - £422,892) remained outstanding and is included in other debtors.

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