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Company Registration No. NI043197 (Northern Ireland)
RUDDELL METALS Unaudited accounts for the year ended 30 April 2024
RUDDELL METALS Unaudited accounts Contents
Page
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RUDDELL METALS Company Information for the year ended 30 April 2024
Directors
ERNEST MERVYN RUDDELL ANDREW RUDDELL ANNE RUDDELL
Secretary
MR ERNEST MERVYN RUDDELL
Company Number
NI043197 (Northern Ireland)
Registered Office
LOT 3, KINGS QUARRY NORTH ROAD NEWTOWNARDS CO DOWN BT23 3AS United Kingdom
Accountants
ALAN CURRY 4 WARD AVENUE BANGOR, CO DOWN BT20 5JW
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RUDDELL METALS Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
777,896 
773,909 
Investments
10,000 
10,000 
787,896 
783,909 
Current assets
Inventories
14,655 
20,100 
Debtors
39,761 
32,964 
Cash at bank and in hand
1,891 
7,262 
56,307 
60,326 
Creditors: amounts falling due within one year
(672,607)
(627,784)
Net current liabilities
(616,300)
(567,458)
Total assets less current liabilities
171,596 
216,451 
Creditors: amounts falling due after more than one year
(9,675)
- 
Net assets
161,921 
216,451 
Capital and reserves
Called up share capital
5,000 
5,000 
Profit and loss account
156,921 
211,451 
Shareholders' funds
161,921 
216,451 
For the year ending 30 April 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 directors acknowledge their 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 of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by
ERNEST MERVYN RUDDELL Director Company Registration No. NI043197
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
RUDDELL METALS is a private company, limited by shares, registered in Northern Ireland, registration number NI043197. The registered office is LOT 3, KINGS QUARRY, NORTH ROAD, NEWTOWNARDS, CO DOWN, BT23 3AS, United Kingdom.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
2.00% straight line
Plant & machinery
12.50% straight line
Motor vehicles
25.00% straight line
Computer equipment
25.00% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is calculated so as to write off the costs of an asset, less the estimated residual value, over the useful life of that asset as follows: Goodwill - 20.00% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised retrospectively to reflect the new estimates.
Fixed Asset Investments
Fixed Asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at their fair value with changes in value being recognised in profit and loss.
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, and estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating cash inflows that are largely independent of the cash flows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Grants are not recognised until there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support t the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of an asset. Under the performance model, where the grant does not impose specified performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. The company has recognised government grants received and receivable under the Job Retention Scheme of £90,894 (2020: £nil)
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised as the present value of the future payments discounted as the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 May 2023
5,000 
At 30 April 2024
5,000 
Amortisation
At 1 May 2023
5,000 
At 30 April 2024
5,000 
Net book value
At 30 April 2024
- 
Cost at 1 May 2020 and 30 April 2021 £5,000 Amortisation at 1 May 2020 and 30 April 2021 £5,000
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
5
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 May 2023
1,157,395 
379,042 
55,673 
3,904 
1,596,014 
Additions
6,226 
28,000 
- 
- 
34,226 
Disposals
- 
(10,000)
- 
- 
(10,000)
At 30 April 2024
1,163,621 
397,042 
55,673 
3,904 
1,620,240 
Depreciation
At 1 May 2023
404,750 
379,042 
34,409 
3,904 
822,105 
Charge for the year
23,150 
1,750 
5,339 
- 
30,239 
On disposals
- 
(10,000)
- 
- 
(10,000)
At 30 April 2024
427,900 
370,792 
39,748 
3,904 
842,344 
Net book value
At 30 April 2024
735,721 
26,250 
15,925 
- 
777,896 
At 30 April 2023
752,645 
- 
21,264 
- 
773,909 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 May 2023
10,000 
Valuation at 30 April 2024
10,000 
Cost at 1 May 2023and 30 April 2024 £10,000 Impairment at 1 May 2023 and 30 April 2024 £0
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
23,660 
23,493 
Accrued income and prepayments
9,626 
8,972 
Other debtors
6,475 
499 
39,761 
32,964 
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
15,056 
- 
VAT
21,993 
22,901 
Obligations under finance leases and hire purchase contracts
4,500 
- 
Trade creditors
24,772 
23,536 
Amounts owed to group undertakings and other participating interests
10,000 
10,000 
Taxes and social security
1,097 
7,748 
Other creditors
348,910 
327,411 
Loans from directors
234,232 
224,730 
Accruals
12,047 
11,458 
672,607 
627,784 
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
9,675 
- 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
ERNEST MERVYN RUDDELL
Sundry
(112,365)
(5,000)
(249)
(117,116)
ANNE RUDDELL
Sundry
(112,365)
(5,000)
(249)
(117,116)
(224,730)
(10,000)
(498)
(234,232)
11
Transactions with related parties
Ruddell Metals is a subsidiary of Cabra Agencies Limited. During the year Ruddell Metals paid a dividend of £14.400 (2023: £14,400) to Cabra Agencies Limited. Regend Limited is 100% owned by Ruddell Metals. At the balance sheet date £10,000 (2023: £10,000) was owed to Regend Limited. There were no transactions between the two companies during the year. Ruddell Metals is also related to Hebron Investments Limited through common control. During the year the company received £21,500 (2023: £41,000) from Hebron Investments Limited. At the balance sheet date £348,911 was owed to Hebron Investments Limited (2023: £327,411). All amounts owed are unsecured, interest free, and repayable upon demand.
12
Controlling party
The company is a fully owned subsidiary of Cabra Agencies Limited. Registered office: Lot 3 Kings Quarry North Road Newtownards BT23 3AS
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RUDDELL METALS Notes to the Accounts for the year ended 30 April 2024
13
Average number of employees
During the year the average number of employees was 6 (2023: 9).
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