Company Registration No. 02783470 (England and Wales)
Ribcraft Limited
Unaudited accounts
for the year ended 31 January 2024
Ribcraft Limited
Unaudited accounts
Contents
Ribcraft Limited
Company Information
for the year ended 31 January 2024
Company Number
02783470 (England and Wales)
Registered Office
6 Edward Close,
Yeovil
Somerset
BA22 8RU
Accountants
Wessex Commercial Solutions Limited
Yeovil Innovation Centre
Barracks Close
Yeovil
BA22 8RN
Ribcraft Limited
Statement of financial position
as at 31 January 2024
Tangible assets
974,450
1,018,676
Inventories
747,688
1,088,807
Cash at bank and in hand
785
4,622
Creditors: amounts falling due within one year
(4,095,690)
(4,204,714)
Net current liabilities
(2,423,726)
(1,299,172)
Total assets less current liabilities
(1,449,276)
(280,496)
Creditors: amounts falling due after more than one year
(323,467)
(462,696)
Provisions for liabilities
Deferred tax
(12,739)
(21,890)
Net liabilities
(1,785,482)
(765,082)
Called up share capital
1,000
1,000
Revaluation reserve
201,532
201,532
Profit and loss account
(1,988,014)
(967,614)
Shareholders' funds
(1,785,482)
(765,082)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 October 2024 and were signed on its behalf by
Toby Adams
Director
Company Registration No. 02783470
Ribcraft Limited
Notes to the Accounts
for the year ended 31 January 2024
Ribcraft Limited is a private company, limited by shares, registered in England and Wales, registration number 02783470. The registered office is 6 Edward Close,, Yeovil , Somerset, BA22 8RU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No Depreciation
Plant & machinery
20% Straight line
Motor vehicles
25% Straight line
Computer equipment
33% Straight line
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Ribcraft Limited
Notes to the Accounts
for the year ended 31 January 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The financial statements have been prepared on a going concern basis, which assumes that the company will
continue in operational existence for the forseeable future. The directors have considered the principle risks of the company for at least the next 12 months from date of signing. Although there has been a considerable impact on cashflow to date, with the use of director and associated company support and careful planning and consideration, the directors believe the company has adequate resources to continue in operation for at least the next 12 months.
Exceptional items - other operating income
Sale of Trademark
During the year, the company disposed of a non-core trademark, resulting in a one-time gain. The transaction generated proceeds of £95000 and resulted in a net profit of £95000, which is classified as exceptional income.
This sale is part of the company’s strategic initiative to streamline its intellectual property portfolio and focus on core trademarks more aligned with its long-term business objectives. The trademark sold was not integral to the company's ongoing operations, and the sale does not impact the company’s current or future revenue-generating activities.
Given the one-off nature and materiality of the transaction, it has been classified as an exceptional item under other operating income in the financial statements.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 February 2023
1,256,082
1,045,285
127,109
54,558
2,483,034
Additions
-
1,381
-
1,535
2,916
Disposals
-
-
(33,051)
-
(33,051)
At 31 January 2024
1,256,082
1,046,666
94,058
56,093
2,452,899
At 1 February 2023
352,614
1,012,745
60,462
38,537
1,464,358
Charge for the year
-
10,518
24,205
12,419
47,142
On disposals
-
-
(33,051)
-
(33,051)
At 31 January 2024
352,614
1,023,263
51,616
50,956
1,478,449
At 31 January 2024
903,468
23,403
42,442
5,137
974,450
At 31 January 2023
903,468
32,540
66,647
16,021
1,018,676
Ribcraft Limited
Notes to the Accounts
for the year ended 31 January 2024
Amounts falling due within one year
Trade debtors
120,074
561,028
Amounts due from group undertakings etc.
347,756
26,700
Accrued income and prepayments
414,343
1,171,416
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
393,161
528,343
Obligations under finance leases and hire purchase contracts
19,230
25,374
Trade creditors
287,594
561,400
Amounts owed to group undertakings and other participating interests
25,988
-
Taxes and social security
18,555
45,332
Other creditors
15,677
242,015
Loans from directors
3,246,205
2,495,352
Deferred income
62,213
272,101
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
290,000
410,000
Obligations under finance leases and hire purchase contracts
33,467
52,696
8
Average number of employees
During the year the average number of employees was 45 (2023: 45).