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Company No: 03727685 (England and Wales)

C J RINGWOOD CONTROLS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

C J RINGWOOD CONTROLS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

C J RINGWOOD CONTROLS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
C J RINGWOOD CONTROLS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 87,397 113,387
Investments 5 5,899 5,298
93,296 118,685
Current assets
Stocks 17,680 23,483
Debtors
- due within one year 6 131,185 174,986
- due after more than one year 6 0 10,000
Cash at bank and in hand 199,297 219,125
348,162 427,594
Creditors: amounts falling due within one year 7 ( 114,918) ( 127,724)
Net current assets 233,244 299,870
Total assets less current liabilities 326,540 418,555
Creditors: amounts falling due after more than one year 8 ( 11,667) ( 21,667)
Provision for liabilities ( 19,786) ( 25,903)
Net assets 295,087 370,985
Capital and reserves
Called-up share capital 2 2
Profit and loss account 295,085 370,983
Total shareholders' funds 295,087 370,985

For the financial 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.

Directors' responsibilities:

The financial statements of C J Ringwood Controls Ltd (registered number: 03727685) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Caroline Ann Ringwood
Director

20 November 2024

C J RINGWOOD CONTROLS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
C J RINGWOOD CONTROLS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

C J Ringwood Controls Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 80 Grove Lane, Holt, NR25 6ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income statement over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 20 % reducing balance
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trader and other debtors and creditors, loans from banks and other third parties, loans to related parties and investment in ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 44,000 44,000
At 31 March 2024 44,000 44,000
Accumulated amortisation
At 01 April 2023 44,000 44,000
At 31 March 2024 44,000 44,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 12,870 5,579 166,746 34,019 219,214
Additions 0 0 0 2,217 2,217
Disposals 0 ( 1,679) 0 ( 286) ( 1,965)
At 31 March 2024 12,870 3,900 166,746 35,950 219,466
Accumulated depreciation
At 01 April 2023 12,231 4,996 63,796 24,804 105,827
Charge for the financial year 100 45 25,738 1,922 27,805
Disposals 0 ( 1,327) 0 ( 236) ( 1,563)
At 31 March 2024 12,331 3,714 89,534 26,490 132,069
Net book value
At 31 March 2024 539 186 77,212 9,460 87,397
At 31 March 2023 639 583 102,950 9,215 113,387
Leased assets included above:
Net book value
At 31 March 2024 0 0 0 0 0
At 31 March 2023 0 0 28,108 0 28,108

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 5,298 5,298
Movement in fair value 601 601
At 31 March 2024 5,899 5,899
Carrying value at 31 March 2024 5,899 5,899
Carrying value at 31 March 2023 5,298 5,298

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 81,322 144,919
Amounts owed by directors 31,380 25,956
Prepayments 2,236 2,173
VAT recoverable 15,787 78
CIS suffered 460 460
Other debtors 0 1,400
131,185 174,986
Debtors: amounts falling due after more than one year
Other debtors 0 10,000

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 43,207 46,458
Accruals 14,446 5,963
Corporation tax 32,489 48,694
Other taxation and social security 7,573 8,199
Obligations under finance leases and hire purchase contracts 0 5,000
Other creditors 7,203 3,410
114,918 127,724

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amounted to £18,425 (2023: 16,994).

10. Related party transactions

Transactions with the entity's directors

At the year end the directors owed the company £31,380 (2023: £25,956) which is included in other debtors. Interest has been charged on any overdrawn balance at 2.25% per annum (2023: 2.5%). The loan account was repaid in full after the year end.