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REGISTERED NUMBER: 10179530 (England and Wales)












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: M T Kayes
S R Gardiner



REGISTERED OFFICE: The Old Barn
Off Wood Street
Swanley Village
Kent
BR8 7PA



REGISTERED NUMBER: 10179530 (England and Wales)



SENIOR STATUTORY AUDITOR: Bryan Michael Kemsley FCCA FMAAT



AUDITORS: Ardor Business Solutions Limited
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:





M T Kayes - Director


27 February 2025

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.

M T Kayes
S R Gardiner

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:





M T Kayes - Director


27 February 2025

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.




Bryan Michael Kemsley FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sandling Road
Hythe
Kent
CT21 4HE

27 February 2025

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 170,111,919 153,166,530

Cost of sales 168,596,968 151,596,245
GROSS PROFIT 1,514,951 1,570,285

Administrative expenses 901,883 588,429
OPERATING PROFIT 5 613,068 981,856

Loan no longer recoverable 6 - 98,000
613,068 883,856

Interest receivable and similar income 82,233 -
695,301 883,856

Interest payable and similar expenses 7 723 4,764
PROFIT BEFORE TAXATION 694,578 879,092

Tax on profit 8 194,113 180,251
PROFIT FOR THE FINANCIAL YEAR 500,465 698,841

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 500,465 698,841


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

500,465

698,841

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 1,673 2,985
Tangible assets 11 14,375 16,479
Investments 12 1 1
16,049 19,465

CURRENT ASSETS
Debtors 13 6,191,217 7,669,487
Cash at bank 4,333,040 6,162,476
10,524,257 13,831,963
CREDITORS
Amounts falling due within one year 14 9,691,781 13,238,336
NET CURRENT ASSETS 832,476 593,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,525

613,092

CREDITORS
Amounts falling due after more than one
year

15

(10,823

)

(20,752

)

PROVISIONS FOR LIABILITIES 18 (4,016 ) (4,119 )
NET ASSETS 833,686 588,221

CAPITAL AND RESERVES
Called up share capital 19 120 120
Retained earnings 20 833,566 588,101
SHAREHOLDERS' FUNDS 833,686 588,221

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





M T Kayes - Director


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 120 1,271,260 1,271,380

Changes in equity
Dividends - (1,382,000 ) (1,382,000 )
Total comprehensive income - 698,841 698,841
Balance at 31 May 2023 120 588,101 588,221

Changes in equity
Dividends - (255,000 ) (255,000 )
Total comprehensive income - 500,465 500,465
Balance at 31 May 2024 120 833,566 833,686

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 (839,554 ) 3,662,301
Interest paid (723 ) (4,764 )
Tax paid (289,411 ) (278,506 )
Net cash from operating activities (1,129,688 ) 3,379,031

Cash flows from investing activities
Purchase of tangible fixed assets (3,019 ) (2,909 )
Interest received 82,233 -
Net cash from investing activities 79,214 (2,909 )

Cash flows from financing activities
New loans in year (500,000 ) -
Loan repayments in year (9,930 ) (9,686 )
Amount introduced by directors 435 2,429
Amount withdrawn by directors (14,467 ) -
Equity dividends paid (255,000 ) (1,382,000 )
Net cash from financing activities (778,962 ) (1,389,257 )

(Decrease)/increase in cash and cash equivalents (1,829,436 ) 1,986,865
Cash and cash equivalents at
beginning of year

2

6,162,476

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 694,578 879,092
Depreciation charges 3,849 4,222
Loss on disposal of fixed assets 2,587 783
Finance costs 723 4,764
Finance income (82,233 ) -
619,504 888,861
Decrease/(increase) in trade and other debtors 2,030,588 (1,473,329 )
(Decrease)/increase in trade and other creditors (3,489,646 ) 4,246,769
Cash generated from operations (839,554 ) 3,662,301

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 (1,829,436 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

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 167,692,777 150,884,522
Other pension costs 17,412 18,447
167,710,189 150,902,969

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
2,680 2,557

31/5/24 31/5/23
£    £   
Directors' remuneration 12,570 12,570

5. OPERATING PROFIT

The operating profit is stated after charging:

31/5/24 31/5/23
£    £   
Depreciation - owned assets 2,536 2,909
Loss on disposal of fixed assets 2,587 783
Patents and licences amortisation 1,312 1,313
Auditors' remuneration 15,400 15,000

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 - (98,000 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31/5/24 31/5/23
£    £   
Bank loan interest 720 963
Interest on overdue tax 3 3,801
723 4,764

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 194,216 179,411

Deferred tax (103 ) 840
Tax on profit 194,113 180,251

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 694,578 879,092
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

173,645

219,773

Effects of:
Expenses not deductible for tax purposes 21,029 5,249
Capital allowances in excess of depreciation (458 ) (3,292 )
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 - 1,160,000
Ordinary B shares of £1 each
Interim 32,000 36,000
Ordinary C shares of £1 each
Final 20,000 20,000
Interim 203,000 166,000
255,000 1,382,000

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 June 2023
and 31 May 2024 13,215
AMORTISATION
At 1 June 2023 10,230
Amortisation for year 1,312
At 31 May 2024 11,542
NET BOOK VALUE
At 31 May 2024 1,673
At 31 May 2023 2,985

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023 841 10,954 20,186 31,981
Additions - - 3,019 3,019
Disposals - - (5,683 ) (5,683 )
At 31 May 2024 841 10,954 17,522 29,317
DEPRECIATION
At 1 June 2023 434 6,814 8,254 15,502
Charge for year 60 621 1,855 2,536
Eliminated on disposal - - (3,096 ) (3,096 )
At 31 May 2024 494 7,435 7,013 14,942
NET BOOK VALUE
At 31 May 2024 347 3,519 10,509 14,375
At 31 May 2023 407 4,140 11,932 16,479

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 1
NET BOOK VALUE
At 31 May 2024 1
At 31 May 2023 1

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Riddingtons CIS & Payroll Solutions Ltd
Registered office: The Old Barn, Off Wood Street, Swanley Village, Kent BR8 7PA, United Kingdom
Nature of business:
%
Class of shares: holding
Ordinary 100.00
31/5/24 31/5/23
£    £   
Aggregate capital and reserves (499 ) (499 )

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade debtors 5,210,652 3,983,308
Amounts owed by group undertakings 500,000 -
Other debtors 369,064 362,948
Directors' loan accounts 11,534 -
Tax 40,784 -
Accruals 39,240 3,264,510
Prepayments 19,943 58,721
6,191,217 7,669,487

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Bank loans and overdrafts (see note 16) 10,648 10,648
Trade creditors 26,264 45,396
Tax - 54,411
Social security and other taxes 2,537,013 3,094,639
VAT 5,955,917 6,477,010
Other creditors 24,479 160,640
Directors' loan accounts 575 3,073
Accruals and deferred income 1,136,885 3,392,519
9,691,781 13,238,336

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) 10,823 20,752

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 10,648 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,823 10,649

Amounts falling due between two and five years:
Bank loans - 2-5 years - 10,103

17. SECURED DEBTS

The following secured debts are included within creditors:

31/5/24 31/5/23
£    £   
Bank loans 21,471 31,400

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 4,119
Credit to Income Statement during year (103 )
Balance at 31 May 2024 4,016

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: £    £   
100 Ordinary £1 100 100
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
120 120

20. RESERVES
Retained
earnings
£   

At 1 June 2023 588,101
Profit for the year 500,465
Dividends (255,000 )
At 31 May 2024 833,566

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/5/24 31/5/23
£    £   
Purchases 117,696 116,136
Amount due from related party 862,582 362,948