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REGISTERED NUMBER: 10472770 (England and Wales)



















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTOR: J L Arrowsmith





REGISTERED OFFICE: Unit 4
The Perry Centre
Davy Way
Quedgeley
Gloucestershire
GL2 2AD





REGISTERED NUMBER: 10472770 (England and Wales)





AUDITORS: ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MAY 2024

The director presents his strategic report of the company and the group for the year ended 31st May 2024.

REVIEW OF BUSINESS
The directors are pleased to present our financial results for the year ending 31st May 2024. Despite ongoing economic uncertainty, we continue to make good progress during these more challenging of times. Whilst we remain non-political, we are confident that with a new UK government in place with a commitment towards economic growth, there will be many new and exciting opportunities for us as a business in the coming months and years.

We continue to monitor and update, where necessary, a number of key performance indicators (KPIs) both financial and non-financial. These are reviewed on an ongoing basis to ensure that as a business we are continually managing our performance.

FINANCIAL KPIs INCLUDE -

31st May 2024 31st May 2023

Turnover £16,710,609 £19,360,679
Gross Margin £3,484,593 £2,436,877
Gross Margin (%) 20.85% 12.59%
Net Profit £1,315,012 £569,720
Net Profit (%) 7.87% 2.94%

As is evidenced through trading results, performance in all areas of the business continues to improve and this is directly attributable to the ongoing efforts of our management teams, at all levels, to ensure that as a company we are always striving to be the very best we can be.

Additionally, the company has made significant investment in new plant and equipment over the last year; this will not only improve production efficiencies and capacity, it will also provide new market growth opportunity to compliment existing sales.

PRINCIPAL RISKS AND UNCERTAINTIES
World affairs continue to have a very direct impact upon trade. Our approach in managing external forces has always been to ensure that we are market aware and forward thinking so as to ensure that we are managing our position at all times. We do not consider there to be any significant change to principal risks or uncertainties.

FUTURE PROSPECTS
The directors and senior management team are confident that the with continued investment that has been made in the business both in terms of human resource and plant and machinery, the future opportunities for the business are strong. As a group, our strength is in the determination to be the very best that we can be, and we are very satisfied that this commitment will continue to provide outstanding ongoing opportunity for the group.

ON BEHALF OF THE BOARD:





J L Arrowsmith - Director


7th October 2024

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MAY 2024

The director presents his report with the financial statements of the company and the group for the year ended 31st May 2024.

PRINCIPAL ACTIVITY
The group's primary activity remains focused on providing innovative and prestigious commercial glazing solutions to suit an extensive range of applications.

DIVIDENDS
The total interim dividends of £4,370 per ordinary share were paid during the year ended 31st May 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st May 2024 will be £437,000.

DIRECTOR
J L Arrowsmith held office during the whole of the period from 1st June 2023 to the date of this report.

FINANCIAL INSTRUMENTS
Financial risk management
The group's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned extensions.

Interest rate cash flow risk
The group only has interest bearing liabilities.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Price risk
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

POLITICAL DONATIONS AND EXPENDITURE
Donations paid during the year amounted to £3,180, none of which related to political organisations.


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MAY 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, ESW Limited, will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J L Arrowsmith - Director


7th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGEWAY BUILDING ENVELOPE GROUP LIMITED

Opinion
We have audited the financial statements of Ridgeway Building Envelope Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and 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 director's 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other 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 statements, our 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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGEWAY BUILDING ENVELOPE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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, the director is responsible for assessing the group's and the parent 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 the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives 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 a Report of the Auditors that includes our 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.

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

The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; environmental regulations, employment laws and regulations, health and safety, employment taxes, financial reporting and distributable profits.

Our audit procedures to address potential fraud and non-compliance with laws and regulations included:

- Enquiry of management regarding compliance with relevant laws and regulations, and any litigation or claims
- Review of legal correspondence and documentation
- Performance of analytical review to identify unexpected account movements and investigation of variances
- Assessment of potential management override by review of journals and unusual accounting entries
- Inspection of third-party supporting documentation
- Identification and review of transactions with related parties
- Review of year end cut-off and after date transactions
- Reconciliation of intercompany balances

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIDGEWAY BUILDING ENVELOPE GROUP LIMITED


Use of our report
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 a Report of the Auditors 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.




Stephen Cracknell FCA (Senior Statutory Auditor)
for and on behalf of ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS

7th October 2024

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST MAY 2024

2024 2023
Notes £    £   

TURNOVER 3 16,710,609 19,360,679

Cost of sales (13,226,016 ) (16,923,802 )
GROSS PROFIT 3,484,593 2,436,877

Administrative expenses (2,005,362 ) (1,745,329 )
OPERATING PROFIT 5 1,479,231 691,548

Interest receivable and similar income 4,622 3,079
1,483,853 694,627

Interest payable and similar expenses 6 (168,841 ) (124,907 )
PROFIT BEFORE TAXATION 1,315,012 569,720

Tax on profit 7 (279,293 ) (79,099 )
PROFIT FOR THE FINANCIAL YEAR 1,035,719 490,621
Profit attributable to:
Owners of the parent 1,035,719 490,621

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,035,719 490,621


OTHER COMPREHENSIVE INCOME
Revaluation movement - 271,978
Movement in income tax relating to other
comprehensive income (261 ) -
Income tax relating to components of other
comprehensive income

-

(80,787

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(261

)

191,191
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,035,458

681,812

Total comprehensive income attributable to:
Owners of the parent 1,035,458 681,812

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

CONSOLIDATED BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 3,712,437 2,739,221
Investments 11 - -
3,712,437 2,739,221

CURRENT ASSETS
Stocks 12 1,089,407 1,367,653
Debtors 13 3,816,848 3,618,623
Cash at bank 564,505 1
5,470,760 4,986,277
CREDITORS
Amounts falling due within one year 14 (3,419,129 ) (3,490,509 )
NET CURRENT ASSETS 2,051,631 1,495,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,764,068

4,234,989

CREDITORS
Amounts falling due after more than one
year

15

(2,287,453

)

(1,657,010

)

PROVISIONS FOR LIABILITIES 19 (668,721 ) (368,543 )
NET ASSETS 2,807,894 2,209,436

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 235,614 242,359
Retained earnings 21 2,572,180 1,966,977
SHAREHOLDERS' FUNDS 2,807,894 2,209,436

The financial statements were approved by the director and authorised for issue on 7th October 2024 and were signed by:





J L Arrowsmith - Director


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

COMPANY BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 1,278,593 1,328,006
Investments 11 300 300
1,278,893 1,328,306

CURRENT ASSETS
Debtors 13 3,508 3,104
Cash at bank and in hand 309 198
3,817 3,302
CREDITORS
Amounts falling due within one year 14 (111,634 ) (67,942 )
NET CURRENT LIABILITIES (107,817 ) (64,640 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,171,076

1,263,666

CREDITORS
Amounts falling due after more than one
year

15

(591,700

)

(617,717

)

PROVISIONS FOR LIABILITIES 19 (89,629 ) (100,457 )
NET ASSETS 489,747 545,492

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 235,614 242,359
Retained earnings 254,033 303,033
SHAREHOLDERS' FUNDS 489,747 545,492

Company's profit for the financial year 381,516 269,653

The financial statements were approved by the director and authorised for issue on 7th October 2024 and were signed by:





J L Arrowsmith - Director


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MAY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st June 2022 100 1,770,312 52,212 1,822,624

Changes in equity
Dividends - (295,000 ) - (295,000 )
Total comprehensive income - 491,665 190,147 681,812
Balance at 31st May 2023 100 1,966,977 242,359 2,209,436

Changes in equity
Dividends - (437,000 ) - (437,000 )
Total comprehensive income - 1,042,203 (6,745 ) 1,035,458
Balance at 31st May 2024 100 2,572,180 235,614 2,807,894

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MAY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st June 2022 100 327,336 52,212 379,648

Changes in equity
Dividends - (295,000 ) - (295,000 )
Total comprehensive income - 270,697 190,147 460,844
Balance at 31st May 2023 100 303,033 242,359 545,492

Changes in equity
Dividends - (437,000 ) - (437,000 )
Total comprehensive income - 388,000 (6,745 ) 381,255
Balance at 31st May 2024 100 254,033 235,614 489,747

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,787,924 501,988
Interest paid (98,448 ) (89,041 )
Interest element of hire purchase payments
paid

(70,393

)

(35,866

)
Tax refund 20,624 150,394
Net cash from operating activities 1,639,707 527,475

Cash flows from investing activities
Purchase of tangible fixed assets (154,100 ) (68,746 )
Sale of tangible fixed assets 315,100 128,160
Interest received 4,622 3,079
Net cash from investing activities 165,622 62,493

Cash flows from financing activities
Loan repayments in year (198,267 ) (227,961 )
Capital repayments in year (514,122 ) (351,139 )
Amount withdrawn by directors (265 ) (36,598 )
Equity dividends paid (437,000 ) (295,000 )
Net cash from financing activities (1,149,654 ) (910,698 )

Increase/(decrease) in cash and cash equivalents 655,675 (320,730 )
Cash and cash equivalents at beginning of
year

2

(91,170

)

229,560

Cash and cash equivalents at end of year 2 564,505 (91,170 )

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,315,012 569,720
Depreciation charges 299,560 252,593
Profit on disposal of fixed assets (10,337 ) (20,455 )
Finance costs 168,841 124,907
Finance income (4,622 ) (3,079 )
1,768,454 923,686
Decrease/(increase) in stocks 278,246 (151,501 )
(Increase)/decrease in trade and other debtors (198,226 ) 595,221
Decrease in trade and other creditors (60,550 ) (865,418 )
Cash generated from operations 1,787,924 501,988

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 564,505 1
Bank overdrafts - (91,171 )
564,505 (91,170 )
Year ended 31st May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 1 229,560
Bank overdrafts (91,171 ) -
(91,170 ) 229,560


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.6.23 Cash flow changes At 31.5.24
£    £    £    £   
Net cash
Cash at bank 1 564,504 564,505
Bank overdrafts (91,171 ) 91,171 -
(91,170 ) 655,675 564,505
Debt
Finance leases (1,035,718 ) 514,122 - (1,945,033 )
Debts falling due
within 1 year (235,024 ) 71,957 - (163,067 )
Debts falling due
after 1 year (898,075 ) 126,309 - (771,766 )
(2,168,817 ) 712,388 - (2,879,866 )
Total (2,259,987 ) 1,368,063 - (2,315,361 )

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Ridgeway Building Envelope Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Basis of consolidation
The consolidated financial statements include the accounts of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are included in the profit and loss account from the date control passes to or from the parent undertaking. Intra-group sales, profits and balances are eliminated in full on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from manufacturing and installation contracts is recognised by reference to the stage of completion of the contract activity at the end of the reporting period. Revenue is based upon surveys of measured works and materials at the stage of completion of each contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 20% on reducing balance and 2% on cost
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance and 20% on cost

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Consumable stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Work in progress in relation to manufacturing and installation contracts is valued at the cost of materials and other direct costs incurred at the end of the reporting period.

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated party.

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 group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group, wholly within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,425,881 2,224,232
Social security costs 265,540 249,943
Other pension costs 55,110 51,029
2,746,531 2,525,204

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Direct staff 57 54
Administration 5 5
64 61

2024 2023
£    £   
Director's remuneration 17,568 17,568

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 89,246 88,310
Depreciation - assets on hire purchase contracts 210,312 164,283
Profit on disposal of fixed assets (10,337 ) (20,455 )
Auditors' remuneration 20,000 20,000
Auditors' remuneration for non audit work 8,400 8,400

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 20,772 21,727
Bank loan interest 21,432 24,095
Other interest - 60
Taxation, surcharges and interest 142 829
Mortgage 56,102 42,330
Hire purchase 70,393 35,866
168,841 124,907

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (20,624 ) (188,776 )

Deferred tax 299,917 267,875
Tax on profit 279,293 79,099

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,315,012 569,720
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

328,753

108,247

Effects of:
Expenses not deductible for tax purposes 17,617 11,276
Capital allowances in excess of depreciation (252,605 ) (105,950 )
Utilisation of tax losses - (4,264 )
(Profit)/Loss on disposal of fixed assets (2,584 ) (3,886 )
Research and development tax credits (116,095 ) (194,199 )
Deferred taxation 299,917 267,875
Tax losses carried forward 4,290 -

Total tax charge 279,293 79,099

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation movement
Movement in income tax relating to other
comprehensive income (261 ) - (261 )
(261 ) - (261 )

2023
Gross Tax Net
£    £    £   
Revaluation movement 271,978 (80,787 ) 191,191

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Interim 437,000 295,000

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1st June 2023 1,110,696 191,389 1,130,788
Additions - 26,085 1,133,916
Disposals - - (197,850 )
At 31st May 2024 1,110,696 217,474 2,066,854
DEPRECIATION
At 1st June 2023 20,696 15,365 418,426
Charge for year 22,214 4,349 120,981
Eliminated on disposal - - (178,097 )
At 31st May 2024 42,910 19,714 361,310
NET BOOK VALUE
At 31st May 2024 1,067,786 197,760 1,705,544
At 31st May 2023 1,090,000 176,024 712,362

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st June 2023 212,972 802,885 112,897 3,561,627
Additions - 408,067 9,469 1,577,537
Disposals - (414,153 ) - (612,003 )
At 31st May 2024 212,972 796,799 122,366 4,527,161
DEPRECIATION
At 1st June 2023 63,065 213,977 90,877 822,406
Charge for year 17,673 123,207 11,134 299,558
Eliminated on disposal - (129,143 ) - (307,240 )
At 31st May 2024 80,738 208,041 102,011 814,724
NET BOOK VALUE
At 31st May 2024 132,234 588,758 20,355 3,712,437
At 31st May 2023 149,907 588,908 22,020 2,739,221

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31st May 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2022 52,212 - -
Valuation in 2023 271,978 - -
Cost 786,506 217,474 2,066,854
1,110,696 217,474 2,066,854

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 - - - 52,212
Valuation in 2023 - - - 271,978
Cost 212,972 796,799 122,366 4,202,971
212,972 796,799 122,366 4,527,161

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 786,506 786,506
Aggregate depreciation 35,382 19,652

Freehold property was valued on a fair value basis on 28th November 2023 by Ash Chartered Surveyors .

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1st June 2023 623,925 745,239 1,369,164
Additions 1,015,370 408,067 1,423,437
Disposals - (414,153 ) (414,153 )
Transfer to ownership (41,350 ) - (41,350 )
At 31st May 2024 1,597,945 739,153 2,337,098
DEPRECIATION
At 1st June 2023 68,421 161,925 230,346
Charge for year 88,503 121,809 210,312
Eliminated on disposal - (129,143 ) (129,143 )
Transfer to ownership (13,943 ) - (13,943 )
At 31st May 2024 142,981 154,591 297,572
NET BOOK VALUE
At 31st May 2024 1,454,964 584,562 2,039,526
At 31st May 2023 555,504 583,314 1,138,818

Company
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1st June 2023
and 31st May 2024 1,110,696 104,267 167,718 1,382,681
DEPRECIATION
At 1st June 2023 20,696 13,026 20,953 54,675
Charge for year 22,214 10,427 16,772 49,413
At 31st May 2024 42,910 23,453 37,725 104,088
NET BOOK VALUE
At 31st May 2024 1,067,786 80,814 129,993 1,278,593
At 31st May 2023 1,090,000 91,241 146,765 1,328,006

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31st May 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2022 52,212 - - 52,212
Valuation in 2023 271,978 - - 271,978
Cost 786,506 104,267 167,718 1,058,491
1,110,696 104,267 167,718 1,382,681

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 786,506 786,506
Aggregate depreciation 19,652 19,652

Freehold property was valued on a fair value basis on 28th November 2023 by Ash Chartered Surveyors .

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 300
NET BOOK VALUE
At 31st May 2024 300
At 31st May 2023 300

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ridgeway Facades Limited
Registered office: Unit 4 The Perry Centre, Davy Way, Quedgeley, Gloucestershire, England, GL2 2AD
Nature of business: Aluminium fabrication and installation
%
Class of shares: holding
Ordinary £1 100.00

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

11. FIXED ASSET INVESTMENTS - continued

Ridgeway Facade Products Limited
Registered office: Unit 4 The Perry Centre, Davy Way, Quedgeley, Gloucestershire, England, GL2 2AD
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00

Ridgeway Facade Installations Limited
Registered office: Unit 4 The Perry Centre, Davy Way, Quedgeley, Gloucestershire, England, GL2 2AD
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00


12. STOCKS

Group
2024 2023
£    £   
Stocks 324,395 470,154
Work-in-progress 765,012 897,499
1,089,407 1,367,653

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 507,174 1,091,569 - -
Other debtors 3,075,406 2,372,162 - -
VAT 168,450 94,320 - -
Prepayments 65,818 60,572 3,508 3,104
3,816,848 3,618,623 3,508 3,104

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 96,667 187,838 46,667 46,667
Other loans (see note 16) 66,400 138,357 - -
Hire purchase contracts (see note 17) 429,346 276,783 - -
Trade creditors 2,680,914 2,752,966 - -
Amounts owed to group undertakings - - 61,567 15,975
Social security and other taxes 85,402 92,549 - -
Other creditors 35,063 21,100 300 300
Directors' current accounts 651 916 - -
Accruals and deferred income 24,686 20,000 3,100 5,000
3,419,129 3,490,509 111,634 67,942

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 650,033 726,050 591,700 617,717
Other loans (see note 16) 121,733 172,025 - -
Hire purchase contracts (see note 17) 1,515,687 758,935 - -
2,287,453 1,657,010 591,700 617,717

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 91,171 - -
Bank loans 96,667 96,667 46,667 46,667
Other loans 66,400 138,357 - -
163,067 326,195 46,667 46,667
Amounts falling due between two and five years:
Bank loans - 2-5 years 186,667 186,667 186,667 186,667
Other loans - 2-5 years 121,733 172,025 - -
308,400 358,692 186,667 186,667
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years
by instalments 463,366 539,383 405,033 431,050
463,366 539,383 405,033 431,050

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 429,346 276,783
Between one and five years 1,515,687 758,935
1,945,033 1,035,718

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 95,000 91,250
Between one and five years 475,000 475,000
In more than five years 324,583 419,583
894,583 985,833

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 746,700 822,717 638,367 664,384
Hire purchase contracts 1,945,033 1,035,718 - -
2,691,733 1,858,435 638,367 664,384

The bank overdraft facility and loan is secured by a debenture over the whole of the company's assets, and cross guarantees given by all of the group members.

Hire purchase agreements are secured over the asset to which they relate.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 668,721 368,543 89,629 100,457

Group
Deferred
tax
£   
Balance at 1st June 2023 368,543
Accelerated capital allowances 299,917
Revaluation of property 261
Balance at 31st May 2024 668,721

RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st June 2023 100,457
Accelerated capital allowances (11,089 )
Revaluation of property 261
Balance at 31st May 2024 89,629

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st June 2023 1,966,977 242,359 2,209,336
Profit for the year 1,035,719 1,035,719
Dividends (437,000 ) (437,000 )
Depreciation movement 6,484 (6,484 ) -
Deferred tax charge - (261 ) (261 )
At 31st May 2024 2,572,180 235,614 2,807,794

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st June 2023 303,033 242,359 545,392
Profit for the year 381,516 381,516
Dividends (437,000 ) (437,000 )
Depreciation movement 6,484 (6,484 ) -
Deferred tax charge - (261 ) (261 )
At 31st May 2024 254,033 235,614 489,647


RIDGEWAY BUILDING ENVELOPE GROUP LIMITED (REGISTERED NUMBER: 10472770)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

22. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2024 and 31st May 2023:

2024 2023
£    £   
J L Arrowsmith
Balance outstanding at start of year (916 ) (37,514 )
Amounts advanced 265 36,598
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (651 ) (916 )

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J L Arrowsmith.