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Registered number: 02393897
Ridgeway Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02393897
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 156,037 189,069
Investments 4 310,301 266,199
466,338 455,268
CURRENT ASSETS
Debtors 5 55,208 75,340
Cash at bank and in hand 52,883 176,009
108,091 251,349
Creditors: Amounts Falling Due Within One Year 6 (23,662 ) (34,178 )
NET CURRENT ASSETS (LIABILITIES) 84,429 217,171
TOTAL ASSETS LESS CURRENT LIABILITIES 550,767 672,439
PROVISIONS FOR LIABILITIES
Deferred Taxation (69,935 ) (55,095 )
NET ASSETS 480,832 617,344
CAPITAL AND RESERVES
Called up share capital 7 110 110
Profit and Loss Account 480,722 617,234
SHAREHOLDERS' FUNDS 480,832 617,344
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
F I I Janmohamed
Director
6th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
1.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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1.5. Investments
Investements are held at market value with revaluations posted to the profit and loss.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
3. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 330,322
As at 31 March 2024 330,322
Depreciation
As at 1 April 2023 141,253
Provided during the period 33,032
As at 31 March 2024 174,285
Net Book Value
As at 31 March 2024 156,037
As at 1 April 2023 189,069
4. Investments
Listed
£
Cost
As at 1 April 2023 266,199
Revaluations 44,102
As at 31 March 2024 310,301
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 310,301
As at 1 April 2023 266,199
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,000 -
Other debtors 43,208 75,340
55,208 75,340
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,036 2,282
Other creditors 2,276 3,132
Taxation and social security 18,350 28,764
23,662 34,178
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 110 110
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Feroze I Janmohamed 64,759 - (32,813 ) - 31,946
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
During the year, dividends totaling £100,000 (2023: £40,000) were paid to the director. Additionally, a further £100,000 (2023: £40,000) of dividends were paid to other shareholders of the company.
Turnover includes management fees to Medipharma Group Ltd & Wren Laboratories Ltd, companies of which Mr F I I Janmohamed is a director, for services performed by him as a director. The total fees for the year ended 31 March 2024 were £120,000 (2023 - £220,000). Funds were due from Medipharma Group Ltd  at 31 March 2024 was £12,000 (2023 - £nil).
10. Controlling Party
The company's controlling party is Mr Feroze Issa Ismail Janmohamed by virtue of his ownership of 91% of the issued share capital in the company.
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