Caseware UK (AP4) 2023.0.135 2023.0.135 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 Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:false46true2023-01-01No description of principal activity48false NI007818 2023-01-01 2023-12-31 NI007818 2022-01-01 2022-12-31 NI007818 2023-12-31 NI007818 2022-12-31 NI007818 2022-01-01 NI007818 5 2023-01-01 2023-12-31 NI007818 5 2022-01-01 2022-12-31 NI007818 d:CompanySecretary1 2023-01-01 2023-12-31 NI007818 d:Director1 2023-01-01 2023-12-31 NI007818 d:Director2 2023-01-01 2023-12-31 NI007818 d:RegisteredOffice 2023-01-01 2023-12-31 NI007818 d:Agent1 2023-01-01 2023-12-31 NI007818 e:Buildings 2023-01-01 2023-12-31 NI007818 e:Buildings 2023-12-31 NI007818 e:Buildings 2022-12-31 NI007818 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI007818 e:PlantMachinery 2023-01-01 2023-12-31 NI007818 e:PlantMachinery 2023-12-31 NI007818 e:PlantMachinery 2022-12-31 NI007818 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI007818 e:MotorVehicles 2023-01-01 2023-12-31 NI007818 e:MotorVehicles 2023-12-31 NI007818 e:MotorVehicles 2022-12-31 NI007818 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI007818 e:FurnitureFittings 2023-01-01 2023-12-31 NI007818 e:FurnitureFittings 2023-12-31 NI007818 e:FurnitureFittings 2022-12-31 NI007818 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI007818 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI007818 e:CurrentFinancialInstruments 2023-12-31 NI007818 e:CurrentFinancialInstruments 2022-12-31 NI007818 e:Non-currentFinancialInstruments 2023-12-31 NI007818 e:Non-currentFinancialInstruments 2022-12-31 NI007818 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 NI007818 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 NI007818 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 NI007818 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 NI007818 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 NI007818 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 NI007818 e:UKTax 2023-01-01 2023-12-31 NI007818 e:UKTax 2022-01-01 2022-12-31 NI007818 e:ShareCapital 2023-01-01 2023-12-31 NI007818 e:ShareCapital 2023-12-31 NI007818 e:ShareCapital 2022-12-31 NI007818 e:ShareCapital 2022-01-01 NI007818 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 NI007818 e:CapitalRedemptionReserve 2023-12-31 NI007818 e:CapitalRedemptionReserve 2022-12-31 NI007818 e:CapitalRedemptionReserve 2022-01-01 NI007818 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI007818 e:RetainedEarningsAccumulatedLosses 2023-12-31 NI007818 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI007818 e:RetainedEarningsAccumulatedLosses 2022-12-31 NI007818 e:RetainedEarningsAccumulatedLosses 2022-01-01 NI007818 d:OrdinaryShareClass2 2023-01-01 2023-12-31 NI007818 d:OrdinaryShareClass2 2023-12-31 NI007818 d:OrdinaryShareClass2 2022-12-31 NI007818 d:OrdinaryShareClass3 2023-01-01 2023-12-31 NI007818 d:OrdinaryShareClass3 2023-12-31 NI007818 d:OrdinaryShareClass3 2022-12-31 NI007818 d:FRS102 2023-01-01 2023-12-31 NI007818 d:Audited 2023-01-01 2023-12-31 NI007818 d:FullAccounts 2023-01-01 2023-12-31 NI007818 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI007818 1 2023-01-01 2023-12-31 NI007818 e:Non-currentFinancialInstruments e:UnlistedNon-exchangeTraded 2023-12-31 NI007818 e:Non-currentFinancialInstruments e:UnlistedNon-exchangeTraded 2022-12-31 NI007818 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 NI007818 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 NI007818 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 NI007818 e:WithinOneYear 2023-12-31 NI007818 e:WithinOneYear 2022-12-31 NI007818 e:BetweenOneFiveYears 2023-12-31 NI007818 e:BetweenOneFiveYears 2022-12-31 NI007818 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 NI007818 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 NI007818 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 NI007818 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 NI007818 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI007818 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI007818 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI007818 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 NI007818 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure










Financial Statements
Ridgeway Plant Co Limited
For the Year Ended 31 December 2023





































Registered number: NI007818

 
Ridgeway Plant Co Limited
 

Company Information


Directors
M L Kane 
S C Kane 




Company secretary
D Toner



Registered number
NI007818



Registered office
103 Airport Road West

Belfast

BT3 9ED




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank
122 Upper Lisburn Road

Belfast

BT10 0BD




Solicitors
Mackenzie & Dorman
94/96 Holywood Road

Belfast

BT4 1NN





 
Ridgeway Plant Co Limited
 

Contents



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 27


 
Ridgeway Plant Co Limited
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors have the pleasure in presenting the Strategic report of the company for the year to 31 December 2023.

Principal activity and business review
 
The principal activity of the company during the year was the sale and hire of specialist construction products.
The directors are satisfied with the trading results for the year which is in line with expectation. The results for the company show a pre-tax profit of £921,205 (2022: £1,628,305) for the year ended 31 December 2023 and turnover for the year of £18,327,215 (2022: £15,400,270). The company’s net assets at 31 December 2023 were £6,586,350 (2022: £5,839,035).

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties faced by the company are in the following categories:
Economic risk
The company is exposed to the risk of foreign exchange losses, increased interest rates and inflation having an adverse impact on served markets.
Competition risk
The directors of the company manage competition risk through close attention to product quality.
Liquidity and cash flow risk
The company's policy is to ensure that sufficient resources are available to ensure that all obligations are met as they fall due.

Financial key performance indicators
 
The company considers gross profit margin to be an important indicator of the underlying performance of the business. Gross profit margin for the company was 31.3% compared with 31.5% in 2022. 


This report was approved by the board on 7 August 2024 and signed on its behalf.



S C Kane
Director

Page 1

 
Ridgeway Plant Co Limited
 
 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £747,315 (2022 - £1,305,603).

The directors have not recommended a dividend (2022: £Nil). 

Directors

The directors who served during the year were:

M L Kane 
S C Kane 

Future developments

The directors plan to continue its current activities. 

Branches outside the United Kingdom

The company operates a branch in the Republic of Ireland.

Page 2

 
Ridgeway Plant Co Limited
 

Directors' Report (continued)
For the Year Ended 31 December 2023

Matters covered in the Strategic Report

Under Schedule 7.1A of 'Large and Medium-Sized Companies and Groups (Accounting and Reporting) Regulations 2008', the company has elected to disclose the following directors' report information in the Strategic Report:
-         Principal activity and business review;
- Principal risks and uncertainties; and
- Financial key performance indicators. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There are no post balance sheet events requiring disclosure.

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 August 2024 and signed on its behalf.
 




S C Kane
Director

Page 3

 
 
img6d6f.png
 
Independent Auditor's Report to the Members of Ridgeway Plant Co Limited
 

Opinion


We have audited the financial statements of Ridgeway Plant Co Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Ridgeway Plant Co Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance and cash flows for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern



In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.

 




Page 4

 
 
img4f55.png

Independent Auditor's Report to the Members of Ridgeway Plant Co Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements. 


Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 5

 
 
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Independent Auditor's Report to the Members of Ridgeway Plant Co Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law, Environmental Regulations and Health and Safety Laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. 
 

 
Page 6

 
 
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Independent Auditor's Report to the Members of Ridgeway Plant Co Limited (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
 
inquiries of managements on the polices and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets, allowance for the impairment of trade debtors and allowance for the impairment of stock; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


 
 
Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants
Statutory Auditors
Belfast
Date: 7 August 2024
Page 7

 
Ridgeway Plant Co Limited
 

Statement of Comprehensive Income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,327,215
15,400,270

Cost of sales
  
(12,590,149)
(10,553,264)

Gross profit
  
5,737,066
4,847,006

Distribution costs
  
(2,390,879)
(2,095,622)

Administrative expenses
  
(2,410,057)
(1,099,782)

Operating profit
 5 
936,130
1,651,602

Interest receivable and similar income
 8 
10,314
726

Interest payable and similar expenses
 9 
(25,239)
(24,023)

Profit before tax
  
921,205
1,628,305

Tax on profit
 10 
(173,890)
(322,702)

Profit for the financial year
  
747,315
1,305,603

There was no other comprehensive income for 2023 (2022:£Nil).
All amounts relate to continuing operations.

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
Ridgeway Plant Co Limited
Registered number:NI007818

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 11 
1,599,881
1,545,313

  
1,599,881
1,545,313

Current assets
  

Stocks
 12 
3,235,353
4,080,182

Debtors: amounts falling due within one year
 13 
3,139,100
2,811,914

Current asset investments
 14 
2,760
2,760

Cash at bank and in hand
 15 
3,207,379
1,503,761

  
9,584,592
8,398,617

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(4,356,509)
(3,817,183)

Net current assets
  
 
 
5,228,083
 
 
4,581,434

Total assets less current liabilities
  
6,827,964
6,126,747

Creditors: amounts falling due after more than one year
 17 
(85,858)
(166,401)

Provisions for liabilities
  

Deferred tax
 20 
(155,756)
(121,311)

  
 
 
(155,756)
 
 
(121,311)

Net assets
  
6,586,350
5,839,035


Capital and reserves
  

Called up share capital 
 21 
25,000
25,000

Capital redemption reserve
 22 
62,700
62,700

Profit and loss account
 22 
6,498,650
5,751,335

Shareholders' funds
  
6,586,350
5,839,035


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.




S C Kane
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
Ridgeway Plant Co Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
25,000
62,700
5,751,335
5,839,035



Profit for the year
-
-
747,315
747,315


At 31 December 2023
25,000
62,700
6,498,650
6,586,350



Statement of Changes in Equity
For the Year Ended 31 December 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
25,000
62,700
4,445,732
4,533,432



Profit for the year
-
-
1,305,603
1,305,603


At 31 December 2022
25,000
62,700
5,751,335
5,839,035


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
Ridgeway Plant Co Limited
 

Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
747,315
1,305,603

Adjustments for:

Depreciation of tangible assets
262,934
239,974

Loss on disposal of tangible assets
(56,913)
(50,432)

Interest paid
25,239
24,023

Interest received
(10,314)
(726)

Taxation charge
(173,890)
322,702

Decrease/(increase) in stocks
844,829
(1,492,286)

(Increase)/decrease in debtors
(327,186)
537,583

Increase/(decrease) in creditors
1,104,724
(988,868)

Corporation tax received/(paid)
100,631
(76,821)

Net cash generated from operating activities

2,517,369
(179,248)


Cash flows from investing activities

Purchase of tangible fixed assets
(207,732)
(242,895)

Sale of tangible fixed assets
89,419
87,000

Interest received
10,314
726

HP interest paid
(7,179)
(4,875)

Net cash from investing activities

(115,178)
(160,044)

Cash flows from financing activities

Repayment of loans
(593,229)
(231,202)

Repayment of finance leases
(87,284)
(48,794)

Interest paid
(18,060)
(19,148)

Net cash used in financing activities
(698,573)
(299,144)

Net increase/(decrease) in cash and cash equivalents
1,703,618
(638,436)

Cash and cash equivalents at beginning of year
1,503,761
2,142,197

Cash and cash equivalents at the end of year
3,207,379
1,503,761


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,207,379
1,503,761


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
Ridgeway Plant Co Limited
 

Analysis of Net Debt
For the Year Ended 31 December 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,503,761

1,703,618

-

3,207,379

Long term loans

(112,095)

112,095

-

-

Short term loans

(328,763)

214,815

-

(113,948)

Finance lease obligations

(107,292)

87,284

(142,276)

(162,284)


955,611
2,117,812
(142,276)
2,931,147

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Ridgeway Plant Co Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 103 Airport Road West, Belfast, BT3 9ED. The company's registered number is NI007818. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's forecast and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 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 profit or loss 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
Ridgeway Plant Co Limited
 

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

2.Accounting policies (continued)

 
2.4

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 of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
Ridgeway Plant Co Limited
 

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

2.Accounting policies (continued)

 
2.10

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

 Tangible fixed assets

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 Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 15

 
Ridgeway Plant Co Limited
 

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

2.Accounting policies (continued)


2.12
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance

  
2.13

 Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

 
2.14

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.15

 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 weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stocks are 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.
Page 16

 
Ridgeway Plant Co Limited
 

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

2.Accounting policies (continued)

 
2.16

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

 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 ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Page 17

 
Ridgeway Plant Co Limited
 

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

2.Accounting policies (continued)


2.19
 Financial instruments (continued)


For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgments in applying the accounting policies of the company that have the most significant effect on the financial statements.
Allowances for impairment of trade debtors
The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of the relationship.
Estimating allowance for slow moving and obsolete inventory
Management evaluates the realisability of inventory on a case by case basis and makes adjustments to the inventory based on an analysis of the historical usage on individual inventory items.
Estimating useful lives of tangible fixed assets
The company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of those assets.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.
No analysis of turnover by class of business or geographical segment has been disclosed in the financial statements as, in the opinion of the directors, such disclosure would be prejudicial to the interests of the Company.

Page 18

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets - owned
206,093
193,724

Depreciation of tangible fixed assets - leased
56,841
46,250

Auditors remuneration - audit fee
10,000
9,500

Defined contribution pension cost
221,987
101,455

Profit on disposal of fixed assets
56,913
(50,432)


6.


Employees

2023
2022
£
£

Wages and salaries
2,888,031
1,773,974

Social security costs
184,387
201,963

Cost of defined contribution scheme
221,987
101,455

3,294,405
2,077,392


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Selling & Distribution
40
38



Management & Admin
8
8

48
46


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
919,975
91,345

Company contributions to defined contribution pension schemes
64,000
4,000

983,975
95,345


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £919,975 (2022 - £91,345).

Page 19

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Interest receivable

2023
2022
£
£


Other interest receivable
10,314
726


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
18,060
19,148

Finance leases and hire purchase contracts
7,179
4,875

25,239
24,023


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
139,445
311,689


Total current tax
139,445
311,689

Deferred tax


Origination and reversal of timing differences
51,461
11,013

Adjustments in respect of prior periods
(17,016)
-

Total deferred tax
34,445
11,013


Taxation on profit on ordinary activities
173,890
322,702
Page 20

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
921,205
1,628,305


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
216,667
309,378

Effects of:


Expenses not deductible for tax purposes
4,480
-

Remeasurement of deferred tax for changes in tax rates
3,049
2,644

Adjustments to tax charge in respect of prior periods
(28,367)
-

Affects of taxes in foreign jurisdictions
(54,493)
-

Fixed asset timing differences
49,570
10,680

Deferred tax adjustment in respect of previous years
(17,016)
-

Total tax charge for the year
173,890
322,702


Factors that may affect future tax charges

The standard rate of UK Corporation Tax remained at 19% until 31 March 2023. The Finance Act 2021 increased this from 19% to 25% from 1 April 2023. In summary, the rate of corporation tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' forthose companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.

Page 21

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,501,356
929,864
633,555
255,964
3,320,739


Additions
12,500
157,163
135,700
44,645
350,008


Disposals
-
(159,959)
(65,907)
(15,306)
(241,172)



At 31 December 2023

1,513,856
927,068
703,348
285,303
3,429,575



Depreciation


At 1 January 2023
549,309
579,355
425,510
221,252
1,775,426


Charge for the year
30,277
126,882
85,936
19,839
262,934


Disposals
-
(132,797)
(62,224)
(13,645)
(208,666)



At 31 December 2023

579,586
573,440
449,222
227,446
1,829,694



Net book value



At 31 December 2023
934,270
353,628
254,126
57,857
1,599,881



At 31 December 2022
952,047
350,509
208,045
34,712
1,545,313

The net book value of assets held under hire purchase contracts, included within motor vehicles above, was £170,333 (2022: £128,942).


12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
3,235,353
4,080,182


Finished goods and goods for resale, are stated after provision for impairment of £283,899 (2022: £174,547).
 

Page 22

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
3,076,106
2,755,630

Prepayments and accrued income
62,994
56,284

3,139,100
2,811,914



14.


Current asset investments

2023
2022
£
£

Unlisted investments
2,760
2,760



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,207,379
1,503,761


Page 23

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
113,948
328,764

Trade creditors
1,816,251
2,008,268

Corporation tax
216,260
323,964

Other taxation and social security
441,053
393,081

Obligations under finance lease and hire purchase contracts
76,426
52,986

Other creditors
70,520
343,739

Accruals and deferred income
1,622,051
366,381

4,356,509
3,817,183


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
The bank loans relate to the Coronavirus Business Interruption Loan (CBIL) scheme. Under the CBIL scheme, the UK Government may provide a guarantee to Danske Bank in the even of non-payment by the Company in respect of the Loan on the terms agreed by the Bank, the British Business Bank and the UK Government subject to certain eligibility criteria.
Corporation tax and other taxes including social security are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Assets held under lease and hire purchase agreements are secured against the asset to which they relate.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
112,095

Net obligations under finance leases and hire purchase contracts
85,858
54,306

85,858
166,401


Page 24

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
113,948
328,764

Amounts falling due 1-2 years

Bank loans
-
112,095



113,948
440,859



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
76,426
52,986

Between 1-5 years
85,858
54,306

162,284
107,292


20.


Deferred taxation




2023


£






At beginning of year
(121,311)


Charged to profit or loss
(34,445)



At end of year
(155,756)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(157,999)
(124,395)

Short term timing differences
2,243
3,084

(155,756)
(121,311)

Page 25

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



16,667 (2022 - 16,667) Ordinary A shares of £1.00 each
16,667
16,667
8,333 (2022 - 8,333) Ordinary B shares of £1.00 each
8,333
8,333

25,000

25,000



22.


Reserves

Called up share capital

Represents the nominal value of shares that have been issued.

Capital redemption reserve

Includes share capital purchased by the Company.

Profit & loss account

Includes all current and prior period retained profits and losses. 


23.


Pension commitments

The company operates a defined contribution 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 group to the fund and amounted to £221,987 (2022: £101,455). Contributions of £8,972 (2022: £15,873) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Within one year
52,986
52,986

Between 1-5 years
1,320
54,306

54,306
107,292


25.


Related party transactions

At the balance sheet date, amounts were payable to the directors of £61,548 (2022: £327,866). There were no other related party transactions.

Page 26

 
Ridgeway Plant Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

26.


Post balance sheet events

There are no post balance sheet events requiring disclosure.


27.


Controlling party

The company is controlled by the directors

Page 27