IRIS Accounts Production v24.1.0.578 02773137 Board of Directors 1.1.23 31.12.23 31.12.23 24/4/2024 false true false false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027731372022-12-31027731372023-12-31027731372023-01-012023-12-31027731372021-12-31027731372022-01-012022-12-31027731372022-12-3102773137ns15:EnglandWales2023-01-012023-12-3102773137ns14:PoundSterling2023-01-012023-12-3102773137ns10:Director12023-01-012023-12-3102773137ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102773137ns10:SmallEntities2023-01-012023-12-3102773137ns10:Audited2023-01-012023-12-3102773137ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102773137ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102773137ns10:FullAccounts2023-01-012023-12-310277313712023-01-012023-12-3102773137ns10:OrdinaryShareClass12023-01-012023-12-3102773137ns10:Director22023-01-012023-12-3102773137ns10:RegisteredOffice2023-01-012023-12-3102773137ns5:CurrentFinancialInstruments2023-12-3102773137ns5:CurrentFinancialInstruments2022-12-3102773137ns5:ShareCapital2023-12-3102773137ns5:ShareCapital2022-12-3102773137ns5:RetainedEarningsAccumulatedLosses2023-12-3102773137ns5:RetainedEarningsAccumulatedLosses2022-12-3102773137ns5:NetGoodwill2023-01-012023-12-3102773137ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102773137ns5:LeaseholdImprovements2023-01-012023-12-3102773137ns5:PlantMachinery2023-01-012023-12-3102773137ns5:FurnitureFittings2023-01-012023-12-3102773137ns5:MotorVehicles2023-01-012023-12-3102773137ns5:ComputerEquipment2023-01-012023-12-3102773137ns5:NetGoodwill2023-12-3102773137ns5:LeaseholdImprovements2022-12-3102773137ns5:PlantMachinery2022-12-3102773137ns5:FurnitureFittings2022-12-3102773137ns5:LeaseholdImprovements2023-12-3102773137ns5:PlantMachinery2023-12-3102773137ns5:FurnitureFittings2023-12-3102773137ns5:LeaseholdImprovements2022-12-3102773137ns5:PlantMachinery2022-12-3102773137ns5:FurnitureFittings2022-12-3102773137ns5:MotorVehicles2022-12-3102773137ns5:ComputerEquipment2022-12-3102773137ns5:MotorVehicles2023-12-3102773137ns5:ComputerEquipment2023-12-3102773137ns5:MotorVehicles2022-12-3102773137ns5:ComputerEquipment2022-12-3102773137ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102773137ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102773137ns5:WithinOneYear2023-12-3102773137ns5:WithinOneYear2022-12-3102773137ns5:BetweenOneFiveYears2023-12-3102773137ns5:BetweenOneFiveYears2022-12-3102773137ns5:AllPeriods2023-12-3102773137ns5:AllPeriods2022-12-3102773137ns10:OrdinaryShareClass12023-12-3102773137ns5:RetainedEarningsAccumulatedLosses2022-12-3102773137ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 02773137 (England and Wales)

















Financial Statements

For The Year Ended 31 December 2023

for

Ridi Lighting Limited

Ridi Lighting Limited (Registered number: 02773137)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ridi Lighting Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mr M Diez
Mr R K Holt





REGISTERED OFFICE: Units 8 & 9 The Marshgate Centre
Parkway
Harlow Business Park
Harlow
Essex
CM19 5QP





REGISTERED NUMBER: 02773137 (England and Wales)





AUDITORS: Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Ridi Lighting Limited (Registered number: 02773137)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 355,369 -
Tangible assets 6 71,185 70,451
426,554 70,451

CURRENT ASSETS
Stocks 267,381 251,098
Debtors 7 1,239,145 825,654
Cash at bank and in hand 604,099 309,835
2,110,625 1,386,587
CREDITORS
Amounts falling due within one year 8 6,378,060 5,121,589
NET CURRENT LIABILITIES (4,267,435 ) (3,735,002 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,840,881

)

(3,664,551

)

CAPITAL AND RESERVES
Called up share capital 10 3,131,000 3,131,000
Retained earnings 11 (6,971,881 ) (6,795,551 )
SHAREHOLDERS' FUNDS (3,840,881 ) (3,664,551 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by:





Mr R K Holt - Director


Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Ridi Lighting 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill of £367,623, being the amount paid plus potential earn outs payable, in connection with the acquisition of a business combination in 2023, is being amortised over its useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Furniture and equipment - 25% 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.

Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Any stock which has no activity for more than 2 years is written down by a percentage, depending on how long it has been since the last activity. Initially it is written down by 30%, then 40%, then 80% and then 100% if no movement in 6 years.

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 trade and other receivables 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or toss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

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.

Going concern
The company is reliant upon the support of the holding company, Ridi Leuchten GmbH. The holding company has confirmed that it will continue to provide Ridi Lighting Limited with continuing financial support. The holding company accounts contain sufficient funds to be able to support the company. The continued support of the Parent Company enables the Company to meet its day to day working capital requirements for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 22 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 367,623
At 31 December 2023 367,623
AMORTISATION
Charge for year 12,254
At 31 December 2023 12,254
NET BOOK VALUE
At 31 December 2023 355,369

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 - 36,352 39,853
Additions 14,018 - 2,431
Disposals - (22,584 ) (10,400 )
At 31 December 2023 14,018 13,768 31,884
DEPRECIATION
At 1 January 2023 - 26,029 25,326
Charge for year 767 3,368 6,986
Eliminated on disposal - (22,571 ) (10,381 )
At 31 December 2023 767 6,826 21,931
NET BOOK VALUE
At 31 December 2023 13,251 6,942 9,953
At 31 December 2022 - 10,323 14,527

Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS - continued

Furniture
Motor and
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 33,871 108,244 218,320
Additions 27,500 12,173 56,122
Disposals (27,500 ) (90,180 ) (150,664 )
At 31 December 2023 33,871 30,237 123,778
DEPRECIATION
At 1 January 2023 2,823 93,691 147,869
Charge for year 12,918 8,161 32,200
Eliminated on disposal (5,156 ) (89,368 ) (127,476 )
At 31 December 2023 10,585 12,484 52,593
NET BOOK VALUE
At 31 December 2023 23,286 17,753 71,185
At 31 December 2022 31,048 14,553 70,451

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,142,852 720,710
Other debtors 96,293 104,944
1,239,145 825,654

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 150,933 195,430
Amounts owed to group undertakings 5,525,015 4,772,519
Taxation and social security 216,599 101,545
Other creditors 485,513 52,095
6,378,060 5,121,589

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 64,127 34,655
Between one and five years 134,677 31,171
198,804 65,826

Ridi Lighting Limited (Registered number: 02773137)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,131,000 Ordinary £1 3,131,000 3,131,000

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (6,795,551 )
Deficit for the year (176,330 )
At 31 December 2023 (6,971,881 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of Giess Wallis Crisp LLP

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 27,000

14. ULTIMATE CONTROLLING PARTY

Ridi Leuchten GmbH, Hauptstrasse 31-33, D-72417 Jungingen (a company incorporated in Germany) is regarded by the directors as being the company's ultimate parent company.

Ridi Leuchten GmbH has confirmed that it will continue to provide Ridi Lighting Limited with continuing financial support to ensure it can meet its day to day working capital requirements for the foreseeable future.

Ridi Leuchten GmbH draws up consolidated financial statements.