Registration number:
Ryedale Printing Works Ltd
for the Year Ended 30 September 2024
Ryedale Printing Works Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ryedale Printing Works Ltd
Company Information
Directors |
Mr J P Buffoni Mr S R Buffoni Mr J J Buffoni |
Registered office |
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Accountants |
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Ryedale Printing Works Ltd
(Registration number: 01406351)
Balance Sheet as at 30 September 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Ryedale Printing Works Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ryedale Printing Works Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Intangible assets |
Internally generated software development costs |
Total |
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Cost |
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Additions internally developed |
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At 30 September 2024 |
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Amortisation |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Tangible assets |
Long leasehold land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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Subsidiary undertakings |
Hortipak Ltd The principal activity of Hortipak Ltd is |
WeStore Self Storage Ltd The principal activity of WeStore Self Storage Ltd is |
Stocks |
2024 |
2023 |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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Ryedale Printing Works Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Amounts due to related parties |
220,000 |
220,000 |
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278,607 |
251,854 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000,000 |
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1,000,000 |
Ryedale Printing Works Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Bank borrowings
The carrying amount at year end is £ 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). |
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 £
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
Related party transactions |
Transactions with directors |
2024 |
At 1 October 2023 |
Repayments by director |
At 30 September 2024 |
Mr J J Buffoni |
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Loan from the Company |
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( |
- |
2023 |
At 1 October 2022 |
At 30 September 2023 |
Mr J J Buffoni |
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Loan from the Company |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is