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COMPANY REGISTRATION NUMBER: 02686386
J. W. RUDDOCK & SONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
J. W. RUDDOCK & SONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
J. W. RUDDOCK & SONS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J R H Ruddock
P J Banton
Registered office
56 Great Northern Terrace
Lincoln
LN5 8HL
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
J. W. RUDDOCK & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
3,117
4,217
Tangible assets
6
956,732
843,703
----------
----------
959,849
847,920
Current assets
Stocks
453,725
450,489
Debtors
7
667,265
648,747
Cash at bank and in hand
387
34,323
-------------
-------------
1,121,377
1,133,559
Creditors: amounts falling due within one year
8
543,918
462,701
-------------
-------------
Net current assets
577,459
670,858
-------------
-------------
Total assets less current liabilities
1,537,308
1,518,778
Creditors: amounts falling due after more than one year
9
684,113
681,823
-------------
-------------
Net assets
853,195
836,955
-------------
-------------
J. W. RUDDOCK & SONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,500,000
1,500,000
Revaluation reserve
83,841
83,841
Profit and loss account
( 730,646)
( 746,886)
-------------
-------------
Shareholders funds
853,195
836,955
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
P J Banton
Director
Company registration number: 02686386
J. W. RUDDOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 56 Great Northern Terrace, Lincoln, LN5 8HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
6% straight line
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2023: 42 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
11,000
---------
Amortisation
At 1 October 2023
6,783
Charge for the year
1,100
---------
At 30 September 2024
7,883
---------
Carrying amount
At 30 September 2024
3,117
---------
At 30 September 2023
4,217
---------
6. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
178,608
2,245,871
48,901
16,050
2,489,430
Additions
219,602
1,795
221,397
Disposals
( 10,750)
( 10,750)
----------
-------------
---------
---------
-------------
At 30 September 2024
178,608
2,465,473
50,696
5,300
2,700,077
----------
-------------
---------
---------
-------------
Depreciation
At 1 October 2023
132,046
1,466,669
40,208
6,804
1,645,727
Charge for the year
2,898
93,902
2,423
411
99,634
Disposals
( 2,016)
( 2,016)
----------
-------------
---------
---------
-------------
At 30 September 2024
134,944
1,560,571
42,631
5,199
1,743,345
----------
-------------
---------
---------
-------------
Carrying amount
At 30 September 2024
43,664
904,902
8,065
101
956,732
----------
-------------
---------
---------
-------------
At 30 September 2023
46,562
779,202
8,693
9,246
843,703
----------
-------------
---------
---------
-------------
Fixed Assets were revalued at 30 September 2019 by the company's directors at residual value. At 30 September 2024 the historical cost of fixed assets was £803,816 (2023: £803,816).
7. Debtors
2024
2023
£
£
Trade debtors
644,265
615,767
Other debtors
23,000
32,980
----------
----------
667,265
648,747
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
52,617
35,000
Trade creditors
326,117
267,394
Amounts owed to group undertakings and undertakings in which the company has a participating interest
60,000
60,000
Social security and other taxes
51,611
58,854
Credit card
3,195
3,756
Other loans
10,075
10,075
Other creditors
40,303
27,622
----------
----------
543,918
462,701
----------
----------
Included within creditors under 1 year is an amount totalling £34,426 (2023: £24,472) held under Hire Purchase agreements. These are secured creditors.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,250
61,250
Amounts owed to group undertakings and undertakings in which the company has a participating interest
564,266
619,266
Other creditors
93,597
1,307
----------
----------
684,113
681,823
----------
----------
Included within creditors over 1 year is an amount totalling £93,597 (2023: £1,307) held under Hire Purchase agreements. These are secured creditors.
10. Related party transactions
The company operated an Inter Company loan with Ruddocks 1884 Limited during the year. At the beginning of the year the company owed Ruddocks 1884 Limited £679,266. During the year, the company repaid £55,000 leaving the balance at the year end as a liability of £624,266. There is no set repayment date and interest is not charged on the outstanding balance. No other transactions subsisted with related parties during the period, such as are required to be disclosed under FRS102 (Section 1A).
11. Controlling party
The company was under the control of the directors throughout the current and previous year.