Company registration number SC184889 (Scotland)
J & H RITCHIE LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
J & H RITCHIE LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
J & H RITCHIE LTD.
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
588,920
627,831
Current assets
Stocks
15,400
12,600
Debtors
4
229,767
393,944
Cash at bank and in hand
2,021,759
1,293,330
2,266,926
1,699,874
Creditors: amounts falling due within one year
5
(1,070,122)
(595,747)
Net current assets
1,196,804
1,104,127
Total assets less current liabilities
1,785,724
1,731,958
Provisions for liabilities
(93,725)
(103,032)
Net assets
1,691,999
1,628,926
Capital and reserves
Called up share capital
7
400
400
Profit and loss reserves
1,691,599
1,628,526
Total equity
1,691,999
1,628,926
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 30 April 2024 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 26 November 2024 and are signed on its behalf by:
Dr W K Ritchie
Director
Company Registration No. SC184889
J & H RITCHIE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
J & H Ritchie Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, Scotland, PA4 8WF.
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.
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.
1.2
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.
1.3
Tangible fixed assets
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:
Farm Buildings
5% on cost
Property improvements
10% on cost
Plant and machinery
20% on reducing balance, 10% on cost
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
Land
No Depreciation
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the 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 company.
J & H RITCHIE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
J & H RITCHIE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Farm Buildings
Property improvements
Plant and machinery
Computer equipment
Motor vehicles
Land
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
136,689
31,000
1,211,797
691
110,352
77,883
1,568,412
Additions
97,831
400
8,400
106,631
Disposals
(56,521)
(56,521)
At 30 April 2024
136,689
31,000
1,253,107
1,091
118,752
77,883
1,618,522
Depreciation and impairment
At 1 May 2023
69,101
12,400
785,997
652
72,431
940,581
Depreciation charged in the year
3,379
3,100
108,873
85
9,480
124,917
Eliminated in respect of disposals
(35,896)
(35,896)
At 30 April 2024
72,480
15,500
858,974
737
81,911
1,029,602
Carrying amount
At 30 April 2024
64,209
15,500
394,133
354
36,841
77,883
588,920
At 30 April 2023
67,588
18,600
425,800
39
37,921
77,883
627,831
J & H RITCHIE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,980
338,935
Other debtors
221,787
55,009
229,767
393,944
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
343
353
Trade creditors
12,698
40,822
Taxation and social security
32,555
120,324
Other creditors
1,024,526
434,248
1,070,122
595,747
6
Secured Debts
The Royal Bank of Scotland PLC has a floating charge over the over the assets of the company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
200
200
-
200
Ordinary 'B' Shares of £1 each
200
200
400
200
400
400
400
400
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
17,868
18,360
Other related parties
943,339
362,858
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
182,905
53,760