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Registration number: 01406351

Ryedale Printing Works Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Ryedale Printing Works Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Ryedale Printing Works Ltd

Company Information

Directors

Mr J P Buffoni

Mr S R Buffoni

Mr J J Buffoni

Registered office

Ryedale Group
Kirkdale Road
Kirkbymoorside
York
North Yorkshire
YO62 6YB

Accountants

Ian Walker & Co
Wellington House
Aviator Court
Clifton Moor
York
YO30 4UZ

 

Ryedale Printing Works Ltd

(Registration number: 01406351)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

12,225

17,225

Tangible assets

6

974,548

1,006,168

Investments

7

1

1

 

986,774

1,023,394

Current assets

 

Stocks

8

480,106

460,622

Debtors

9

489,501

494,365

Cash at bank and in hand

 

282,697

194,958

 

1,252,304

1,149,945

Creditors: Amounts falling due within one year

10

(608,189)

(579,204)

Net current assets

 

644,115

570,741

Total assets less current liabilities

 

1,630,889

1,594,135

Creditors: Amounts falling due after more than one year

10

(278,607)

(251,854)

Net assets

 

1,352,282

1,342,281

Capital and reserves

 

Called up share capital

11

1,000,000

1,000,000

Retained earnings

352,282

342,281

Shareholders' funds

 

1,352,282

1,342,281

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ryedale Printing Works Ltd

(Registration number: 01406351)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr J J Buffoni
Director

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ryedale Group
Kirkdale Road
Kirkbymoorside
York
North Yorkshire
YO62 6YB

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

2% reducing balance or straight line over 20 years

Plant and machinery

Straight line over 10 years

Motor vehicles

25% reducing balance

Fixtures and fittings

Straight line over 5 years

Computers

Straight line over 4 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

3 years

Investments

Investments in Subsidiaries, associated and jointly controlled entities are shown at initial cost less accumulated impairment losses.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases/Hire Purchase Agreement

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases or hire purchase agreements are recognised at the lower of their fair value at inception of the agreement and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the initial term. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase obligation.

Operating lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Judgements in applying accounting policies and key sources of estimation uncertainity

In applying their Company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the most reliable evidence available at the time when the decisions are made, and are based on the historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

Judgements in applying the accounting policies

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.The judgements that the directors have made in the process of applying the Company's financial policies and that the most significant effect on the amounts recognised in the financial statements are discussed below:

(i) Provisions for obsolete and slow moving stock
The Company now reviews obsolete and slow moving stock on a regular basis throughout each year, to ensure that minimal provision is required to be made at year-ends.

(ii) Provisions for trade and other receivables
The Company establishes a provision trade and other receivables that are deemed not to be recoverable. When assessing recoverability the directors considered factors such as the ageing of the receivables, past experience of recoverability, financial position of the other party and the credit profile of individual or groups of customers. Any provision is recognised in the Statement so Comprehensive Income.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 37).

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost

Additions internally developed

17,225

17,225

At 30 September 2024

17,225

17,225

Amortisation

Amortisation charge

5,000

5,000

At 30 September 2024

5,000

5,000

Carrying amount

At 30 September 2024

12,225

12,225

At 30 September 2023

17,225

17,225

6

Tangible assets

Long leasehold land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 October 2023

216,566

19,050

4,663,995

4,899,611

Additions

-

-

122,887

122,887

At 30 September 2024

216,566

19,050

4,786,882

5,022,498

Depreciation

At 1 October 2023

69,997

11,316

3,812,130

3,893,443

Charge for the year

6,406

58

148,043

154,507

At 30 September 2024

76,403

11,374

3,960,173

4,047,950

Carrying amount

At 30 September 2024

140,163

7,676

826,709

974,548

At 30 September 2023

146,569

7,734

851,865

1,006,168

Included within the net book value of land and buildings above is £140,163 (2023 - £146,569) in respect of long leasehold land and buildings.
 

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Hortipak Ltd

England and Wales

Ordinary £1

75%

75%

WeStore Self Storage Ltd

England and Wales

Ordinary £1

100%

100%

Subsidiary undertakings

Hortipak Ltd

The principal activity of Hortipak Ltd is Dormant.

WeStore Self Storage Ltd

The principal activity of WeStore Self Storage Ltd is the provision of storage.

8

Stocks

2024
£

2023
£

Raw materials and consumables

393,172

378,780

Work in progress

54,785

35,769

Finished goods and goods for resale

32,149

46,073

480,106

460,622

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

309,049

326,004

Amounts owed by related parties

14

552

2,985

Prepayments

 

93,047

73,403

Other debtors

 

86,853

91,973

   

489,501

494,365

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

34,327

14,050

Trade creditors

 

271,194

218,689

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14

144,920

162,478

Taxation and social security

 

92,957

89,426

Accruals and deferred income

 

38,137

69,254

Other creditors

 

26,654

25,307

 

608,189

579,204

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

58,607

31,854

Amounts due to related parties

 

220,000

220,000

 

278,607

251,854

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000,000

1,000,000

1,000,000

1,000,000

       
 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,666

16,666

Hire purchase contracts

51,941

15,188

58,607

31,854

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

24,327

4,050

34,327

14,050

Bank borrowings

The carrying amount at year end is £16,667 (2023 - £26,667).

The bank holds a fixed and floating charge over the assets of the company.The Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2026. The carrying amount at the period end is £16,667 (2023 - £26,667).

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £46,313 (2023 - £81,757). The amounts relate to operating lease commitments, which exist at the Balance Sheet date.

The total amount of guarantees not included in the balance sheet is £241,405 (2023 - £295,868). The Company is party to a Group arrangement which guarantees the liabilities owed to the Group's bankers. At the year end Ryedale Group Limited, the utlimate parent company, owed the Group's bankers in respect of a bank loans which fell under this agreement.

 

Ryedale Printing Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

14

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Repayments by director
£

At 30 September 2024
£

Mr J J Buffoni

Loan from the Company

2,160

(2,160)

-

2023

At 1 October 2022
£

At 30 September 2023
£

Mr J J Buffoni

Loan from the Company

2,160

2,160

15

Parent and ultimate parent undertaking

The company's immediate parent is Ryedale Group Limited, incorporated in England and Wales.

 The ultimate controlling party is J P Buffoni, by virtue of his interest in the parent company.