REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Statement of Financial Position | 13 |
Statement of Changes in Equity | 14 |
Statement of Cash Flows | 15 |
Notes to the Statement of Cash Flows | 16 |
Notes to the Financial Statements | 17 |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Strategic Report |
for the Year Ended 31 May 2024 |
The directors present their strategic report for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
The Board is pleased to present a review of the business for the year ending 31st May 2024, highlighting our continued resilience and the consistent growth of the Company despite a challenging economic environment. Over the past year, we have demonstrated our capacity to navigate market dynamics effectively, positioning ourselves for sustainable growth in the future. |
For the financial year ending 31st May 2024, the Company achieved a turnover of £170,111,919, reflecting an 11% increase compared to the previous year. This growth underscores our ability to maintain momentum and build upon our successes, even in a competitive market. Our pre-tax profit for the year reached £694,578, down from last year's figure of £879,092. This adverse variance is due to the Company investing in marketing and market research with aims of entering new markets in the future which should yield higher profitability in the years to come. |
Although the year was not characterised by significant acquisitions or notable new contracts, our success remains driven by a strong focus on operational excellence and expanding services to our existing clients. The steady financial results are a testament to the strength of our client relationships, the quality of our service delivery, and our focus on sustained value generation. |
Looking forward, the Board remains committed to steering the Company towards further opportunities for growth by strategically exploring new sectors within the industry. We believe this will position us for future success, allowing us to capitalise on emerging opportunities and broaden our market reach. Under the continued guidance of our dedicated management team, we are confident that we will continue to realise our strategic ambitions and achieve significant milestones in the coming years. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The leadership team continues to recognize potential changes in tax and employment legislation as the primary risk confronting the Company. The Company remains committed to actively monitoring and responding swiftly to legislative changes that could impact the business. This proactive stance is essential for maintaining our resilience and adaptability in an evolving regulatory environment. |
In addition to regulatory risks, the competitive nature of our industry presents an ongoing challenge. The Company is aware of the pressures that come with operating in a highly competitive sector and is responding by exploring new services to broaden our service offering, thereby enhancing our market position and ensuring we remain attractive to both new and existing clients. |
Credit risk continues to be managed rigorously through established procedures. Deferred payment terms are only extended to clients following a thorough creditworthiness assessment by management. This approach supports the Company's aim of maintaining a stable and secure financial foundation while managing client transactions. |
The leadership team remains focused on the ongoing monitoring and review of overheads and running costs, reinforcing our commitment to fiscal responsibility. This careful financial oversight is integral to our long-term sustainability and positions the Company for continued success amidst a dynamic business landscape. |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Strategic Report |
for the Year Ended 31 May 2024 |
SECTION 172(1) STATEMENT |
The Directors of the Company consider that they have acted in good faith in all business transactions as a collective and individually, to promote the continued success of the Company for the benefit of its member as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) during the year ended 31st May 2024. |
Our purpose and business strategy has remained consistent since the Company commenced trading, with our aim of offering a reliable and adaptive workforce to contractors within the construction industry as well as other business sectors. |
Our employees are key to the successful delivery of our plan. We aim to be a responsible employer with regards to the pay, working conditions and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we undertake our business. |
The Company will continue to operate within legislation set out by Government and help our clients engage with operatives, whilst remaining compliant with specific industry regulations. |
Our duty is to help clients keep up to date with the changing legislation and regulations which govern the business sectors we operate within. By monitoring changes within the legislation we can provide our clients with a compliant environment, in which they can engage with operatives in a compliant manner. We also aim to act responsibly and fairly in how we engage with our suppliers and workforce, all of whom are integral to the successful delivery of our plan. |
As a Board of Directors, our intention is to behave responsibly and appropriately to ensure that management and employees operate the business in a responsible and diligent manner, operating with integrity to ensure we deliver a service to the standards of business conduct and good governance expected by our sector. Our intention is to promote and grow our reputation, through the application and delivery of our plan, that reflects our responsible behaviour. |
Our plan considers the impact of the Company's operations on the community and environment and our wider societal responsibilities, including how we impact the local community in which we are based. |
The Directors intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they may also benefit from the successful implementation and delivery of our business plan. |
KEY PERFORMANCE INDICATORS |
The directors use financial and non-financial key performance indicators to manage and assess the business on a day to day basis. |
Management focus intensively on timely, accurate internal reporting to enable them to do this. |
The key financial performance indicators during the period are as follows: |
2024 | 2023 | 2022 |
£ | £ | £ |
Turnover | 170,111,919 | 153,166,530 | 113,117,228 |
Net profit | 694,578 | 879,092 | 757,986 |
ON BEHALF OF THE BOARD: |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a commercial contracting intermediary." |
DIVIDENDS |
Interim dividends were paid during the year as follows: |
24/01/2024 - B Ordinary shares - £3,200 per share |
29/08/2023 - C Ordinary shares - £1,000 per share |
14/09/2023 - C Ordinary shares - £14,800 per share |
13/12/2023 - C Ordinary shares - £2,500 per share |
01/03/2024 - C Ordinary shares - £2,000 per share |
The total interim dividends paid during the year were £223,000. |
A final dividend was paid during the year as follows: |
30/09/2024 - C Ordinary shares - £2,000 per share |
The total final dividend paid during the year was £20,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
The Company has put in place policies to discuss and consult employees, through unions, meetings and staff groups, any matters that it deems may affect employees' interests. |
Information about any matters that may be of concern to employees are distributed through newsletters and reports which aim to raise awareness to employees any factors, financial or non-financial, that may affect the Company's performance. |
Disabled Employees |
Any applications for employment by disabled individuals are always fully considered without prejudice, with an allowance made for the aptitude of the applicant concerned. |
In the event of any member of staff becoming disabled, the Company ensures that it makes every effort to enable the staff member to continue their employment, with any training or specialist equipment provided if necessary. |
It is the Company's policy that the development and career progression of disabled individuals remains, as much as possible, no different to that of other employees. |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Report of the Directors |
for the Year Ended 31 May 2024 |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The Company's suppliers are vital to ensuring that the Company meets the standards of conduct our customers have come to expect and rely on. |
Suppliers value our operational stability and integrity at all times in all business interactions and timely settlement avoiding liquidity challenges. |
The Company has worked closely during the year with its key software supplier to improve its system efficiencies and provide an enhanced experience for its customers and employees. |
If the Company is unable to meet the expectation of the customers and does not engage effectively to maintain their |
relationship, the company will lose its place within the market. Customers continue to value reliability, our expertise and our customer service experience throughout their journey. |
The Company remains committed to improving customer services by investing in its sales and customer service staff to handle customer enquiries and grievances. |
The Company works closely with its customers, educating them on relevant industry legislative changes and ensuring they meet their own supply chain compliance obligations. |
STREAMLINED ENERGY AND CARBON REPORTING |
In accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) |
Regulations 2018. |
The Company reports that greenhouse gas emissions, energy consumption and energy disclosures are not given, due to the Company consuming less than 40,000 kWh of energy for the period 1st June 2022 to 31st May 2023, pursuant to Sch. 20D(7). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Report of the Directors |
for the Year Ended 31 May 2024 |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Opinion |
We have audited the financial statements of Riddingtons CIS & Payroll Solutions UK Ltd (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Riddingtons CIS & Payroll Solutions UK |
Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Income Statement |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Loan no longer recoverable | 6 |
613,068 | 883,856 |
Interest receivable and similar income |
695,301 | 883,856 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Other Comprehensive Income |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Statement of Financial Position |
31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2024 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Statement of Cash Flows |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year | ( |
) |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 435 | 2,429 |
Amount withdrawn by directors | (14,467 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,175,611 |
Cash and cash equivalents at end of year |
2 |
4,333,040 |
6,162,476 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/5/24 | 31/5/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 723 | 4,764 |
Finance income | (82,233 | ) | - |
619,504 | 888,861 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 May 2024 |
31/5/24 | 1/6/23 |
£ | £ |
Cash and cash equivalents | 4,333,040 | 6,162,476 |
Year ended 31 May 2023 |
31/5/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 6,162,476 | 4,175,611 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/6/23 | Cash flow | At 31/5/24 |
£ | £ | £ |
Net cash |
Cash at bank | 6,162,476 | (1,829,436 | ) | 4,333,040 |
6,162,476 | ( |
) | 4,333,040 |
Debt |
Debts falling due within 1 year | (10,648 | ) | - | (10,648 | ) |
Debts falling due after 1 year | (20,752 | ) | 9,929 | (10,823 | ) |
(31,400 | ) | 9,929 | (21,471 | ) |
Total | 6,131,076 | (1,819,507 | ) | 4,311,569 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Riddingtons CIS & Payroll Solutions UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
31/5/24 | 31/5/23 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31/5/24 | 31/5/23 |
Office and administration | 6 | 5 |
Sales, marketing and distribution | 1 | 1 |
Labour workforce | 2,673 | 2,551 |
31/5/24 | 31/5/23 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/5/24 | 31/5/23 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Patents and licences amortisation |
Auditors' remuneration |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | EXCEPTIONAL ITEMS |
31/5/24 | 31/5/23 |
£ | £ |
Loan no longer recoverable | ( |
) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/5/24 | 31/5/23 |
£ | £ |
Bank loan interest |
Interest on overdue tax |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/5/24 | 31/5/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/5/24 | 31/5/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Movement in deferred taxation provision calculated on accelerated Capital Allowances | (103 |
) |
840 |
Differences in rates of taxation | - | (42,319 | ) |
Total tax charge | 194,113 | 180,251 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | DIVIDENDS |
31/5/24 | 31/5/23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
Ordinary C shares of £1 each |
Final |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: The Old Barn, Off Wood Street, Swanley Village, Kent BR8 7PA, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/24 | 31/5/23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 11,534 | - |
Tax |
Accruals |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/24 | 31/5/23 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 5,955,917 | 6,477,010 |
Other creditors |
Directors' loan accounts | 575 | 3,073 |
Accruals and deferred income |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/5/24 | 31/5/23 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
31/5/24 | 31/5/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/5/24 | 31/5/23 |
£ | £ |
Bank loans |
Borrowings are secured by a debenture dated 05 November 2019 over all assets of the company held by the bank. |
18. | PROVISIONS FOR LIABILITIES |
31/5/24 | 31/5/23 |
£ | £ |
Deferred tax | 4,016 | 4,119 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2024 |
Riddingtons CIS & Payroll Solutions UK |
Ltd (Registered number: 10179530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/24 | 31/5/23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary B | £1 | 10 | 10 |
Ordinary C | £1 | 10 | 10 |
120 | 120 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2024 |
21. | RELATED PARTY DISCLOSURES |
31/5/24 | 31/5/23 |
£ | £ |
Purchases |
Amount due from related party |