Company registration number 08738144 (England and Wales)
RYEBECK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RYEBECK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RYEBECK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
141,543
90,624
Current assets
Debtors
5
421,118
658,048
Cash at bank and in hand
92,899
39,438
514,017
697,486
Creditors: amounts falling due within one year
6
(680,895)
(573,306)
Net current (liabilities)/assets
(166,878)
124,180
Total assets less current liabilities
(25,335)
214,804
Creditors: amounts falling due after more than one year
7
(85,014)
(169,425)
Net (liabilities)/assets
(110,349)
45,379
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(110,449)
45,279
Total equity
(110,349)
45,379

The directors of the company have elected not to include a copy of the profit and loss account 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 directors acknowledge their 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 by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr T J Prime
Director
Company registration number 08738144 (England and Wales)
RYEBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ryebeck Limited is a private company limited by shares incorporated in England and Wales. The registered office is John Eccles House, Robert Robinson Avenue, Oxford Science Park, Oxford, Oxfordshire, OX4 4GP.

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

The financial statements are prepared on a going concern basis, irrespective of the deficit on reserves, on the basis that the company will continue to received financial support from its directors, parent and fellow group companies.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and equipment
Straight line over 20 years
Office equipment
3% Straight Line per month

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
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.

1.6
Financial instruments
RYEBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RYEBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
483
118
3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Office equipment
Total
£
£
£
Cost
At 1 January 2023
90,287
15,555
105,842
Additions
60,000
6,027
66,027
At 31 December 2023
150,287
21,582
171,869
Depreciation and impairment
At 1 January 2023
4,514
10,704
15,218
Depreciation charged in the year
11,514
3,594
15,108
At 31 December 2023
16,028
14,298
30,326
Carrying amount
At 31 December 2023
134,259
7,284
141,543
At 31 December 2022
85,773
4,851
90,624
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
309,642
298,616
Amounts owed by group undertakings
63,757
70,400
Other debtors
47,719
289,032
421,118
658,048
RYEBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
58,223
126,888
Amounts owed to group undertakings
234,560
94,132
Taxation and social security
276,613
86,282
Other creditors
111,499
266,004
680,895
573,306

Included in Other creditors is £62,500 (2022- £62,500) in respect of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) which is repayable by instalments over 60 months in total.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
85,014
169,425

Other creditors represent loans of £31,250 (2022 - £93,750) under the Coronavirus Business Interruption Loan Scheme (CBILS) which is repayable by instalments over 60 months, and hire purchase liabilities of £53,765 (2022 - £73,675).

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included in amounts due to group undertakings at the yearend is £178,299 (2022 - £94,132)) due to the company's parent company Ryebeck Holding Company Limited.

A further amount of £56,261 is also due to Ryebeck Assets Holding Company Ltd, a fellow group undertaking.

Other loans due from fellow group companies amount to £63,757 (2022 - £70,400). This comprises £63,757 (2022 - £63,685) due from Ryebeck Trading Company Limited and £Nil (2022 - £6,715) due from Ryebeck Assets Holding Company Limited.

All group loans are repayable on demand and interest-free.

 

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with it's parent company or any fellow group companies.

9
Directors' transactions

The balance due to Ryebeck Limited at 31 December 2023 from Timothy Prime in respect of Directors' loan advances was £28,248 (2022 - £13,057).

 

The above loan is unsecured, interest free and repayable on demand by the director.

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