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Registered number: 04521137
Ridgeway Furniture Manufacturing Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Portland House
Westfield Road
Pitstone
LU7 9GU
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mr M Cutler
Mr D J Watson
Secretary Mr M Cutler
Company Number 04521137
Registered Office 21a Chartmoor Road
Leighton Buzzard
LU7 4WG
Accountants Creasey & Co
Portland House
Westfield Road
Pitstone
LU7 9GU
Page 1
Page 2
Balance Sheet
Registered number: 04521137
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 147,196 132,257
147,196 132,257
CURRENT ASSETS
Stocks 5 265,668 470,227
Debtors 6 1,317,622 1,160,857
Investments 7 80 80
Cash at bank and in hand 386,605 174,823
1,969,975 1,805,987
Creditors: Amounts Falling Due Within One Year 8 (1,019,320 ) (814,521 )
NET CURRENT ASSETS (LIABILITIES) 950,655 991,466
TOTAL ASSETS LESS CURRENT LIABILITIES 1,097,851 1,123,723
Creditors: Amounts Falling Due After More Than One Year 9 (225,843 ) (389,593 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,568 ) (23,989 )
NET ASSETS 836,440 710,141
CAPITAL AND RESERVES
Called up share capital 11 50 50
Capital redemption reserve 55 55
Profit and Loss Account 836,335 710,036
SHAREHOLDERS' FUNDS 836,440 710,141
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Page 3
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Cutler
Director
15 March 2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Ridgeway Furniture Manufacturing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04521137 . The registered office is 21a Chartmoor Road, Leighton Buzzard, LU7 4WG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 10-33% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 10% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Group accounts not prepared
The company is part of small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts, accordingly these financial statements present information about the company as an individual undertaking and not about its group.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 19)
19 19
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 July 2023 25,896 427,767 453,663
Additions - 33,845 33,845
As at 30 June 2024 25,896 461,612 487,508
Depreciation
As at 1 July 2023 25,891 295,515 321,406
Provided during the period - 18,906 18,906
As at 30 June 2024 25,891 314,421 340,312
Net Book Value
As at 30 June 2024 5 147,191 147,196
As at 1 July 2023 5 132,252 132,257
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 85,745 95,273
5. Stocks
2024 2023
£ £
Stock 265,668 470,227
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 509,717 404,897
Prepayments and accrued income - 20,973
Other debtors 410,305 472,899
VAT 56,416 17,048
Amounts owed by subsidiaries 341,184 245,040
1,317,622 1,160,857
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 80 80
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,897 14,738
Trade creditors 300,560 238,272
Bank loans and overdrafts 449,114 351,773
Corporation tax 172,826 76,080
Other taxes and social security 22,162 46,947
Net wages 10,604 13,078
Other creditors 157 157
Credit card liability (1,483 ) 17,099
Pension liability 3,957 2,156
Accruals and deferred income 5,100 6,600
Directors' loan accounts 44,426 47,621
1,019,320 814,521
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,800 13,171
Bank loans 224,043 376,422
225,843 389,593
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 49,999 67,647
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,897 14,738
Later than one year and not later than five years 1,800 13,171
13,697 27,909
13,697 27,909
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50 50
12. Capital Commitments
2024 2023
£ £
At the end of the period 667,608 797,701
The company had capital commitments contracted for but not provided in these financial statements amounting to £667,608 (2023:£797,701) which included the warehouse lease commitment of £598,300 (2023: £688,045), and three motor vehicle leases amounting to £55,712 (2023: £77,738).
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Mark Cutler 335,477 221,009 (267,786 ) - 288,700
The above loan is unsecured, repayable on demand and bearing interest at a market rate.
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