8 4 April 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 4,666 486 1,166 1,652 3,014 4,180 xbrli:pure xbrli:shares iso4217:GBP 12891280 2023-10-01 2024-09-30 12891280 2024-09-30 12891280 2023-09-30 12891280 2022-10-01 2023-09-30 12891280 2023-09-30 12891280 2022-09-30 12891280 core:PlantMachinery 2023-10-01 2024-09-30 12891280 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 12891280 bus:Director2 2023-10-01 2024-09-30 12891280 core:PlantMachinery 2023-09-30 12891280 core:PlantMachinery 2024-09-30 12891280 core:AfterOneYear 2024-09-30 12891280 core:AfterOneYear 2023-09-30 12891280 core:WithinOneYear 2024-09-30 12891280 core:WithinOneYear 2023-09-30 12891280 core:ShareCapital 2024-09-30 12891280 core:ShareCapital 2023-09-30 12891280 core:RetainedEarningsAccumulatedLosses 2024-09-30 12891280 core:RetainedEarningsAccumulatedLosses 2023-09-30 12891280 core:PlantMachinery 2023-09-30 12891280 bus:Director1 2023-10-01 2024-09-30 12891280 bus:SmallEntities 2023-10-01 2024-09-30 12891280 bus:Audited 2023-10-01 2024-09-30 12891280 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 12891280 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12891280 bus:FullAccounts 2023-10-01 2024-09-30 12891280 bus:OrdinaryShareClass1 2024-09-30 12891280 bus:OrdinaryShareClass1 2023-09-30
COMPANY REGISTRATION NUMBER: 12891280
Ridge Carbon Capture Ltd
Filleted Financial Statements
30 September 2024
Ridge Carbon Capture Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,014
4,180
Current assets
Debtors
6
320,048
359,428
Cash at bank and in hand
127,111
59,562
---------
---------
447,159
418,990
Creditors: amounts falling due within one year
7
66,738
72,905
---------
---------
Net current assets
380,421
346,085
---------
---------
Total assets less current liabilities
383,435
350,265
Creditors: amounts falling due after more than one year
8
1,575,000
1,125,000
------------
------------
Net liabilities
( 1,191,565)
( 774,735)
------------
------------
Capital and reserves
Called up share capital
9
4
4
Profit and loss account
( 1,191,569)
( 774,739)
------------
---------
Shareholders deficit
( 1,191,565)
( 774,735)
------------
---------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 4 April 2025 , and are signed on behalf of the board by:
Marjorie Neasham Glasgow
Director
Company registration number: 12891280
Ridge Carbon Capture Ltd
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 Noahs Ark Market Street, Charlbury, Chipping Norton, OX7 3PL.
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.
Going concern
Although the statement of financial position shows negative reserves at the year end, the directors consider the application of the going concern basis to be appropriate in the preparation of the financial statements on the basis that continuing financial support will be made available by the parent company for a period of at least 12 months from the date of approval of these accounts.
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. Turnover represents grant income from both the Nature for Climate Peatland Grant Scheme delivered by Natural England, and grant income from NatureScot funding delivered by Peatland Action. The specific aims of the project funded by the grant are the restoration of an area of heavily-drained and eroding blanket bog and upland heathland, the restoration of its sensitive ecosystem, and to contribute towards UK net zero targets. These funds were fully expended in the period.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 10 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 October 2023 and 30 September 2024
4,666
-------
Depreciation
At 1 October 2023
486
Charge for the year
1,166
-------
At 30 September 2024
1,652
-------
Carrying amount
At 30 September 2024
3,014
-------
At 30 September 2023
4,180
-------
6. Debtors
2024
2023
£
£
Trade debtors
11,387
Amounts owed by group undertakings
270,435
330,000
Other debtors
49,613
18,041
---------
---------
320,048
359,428
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,056
52,637
Other creditors
41,682
20,268
--------
--------
66,738
72,905
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,575,000
1,125,000
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
10. Summary audit opinion
The auditor's report dated 4 April 2025 was unqualified .
The senior statutory auditor was Nicolas Michael FCA , for and on behalf of Charlton Baker (Bristol) Ltd .
11. Related party transactions
During the year the company was recharged salary and other administrative charges totalling £223,531 (2023 : £162,855) by Ridge Clean Energy Ltd (RCE), a company with ownership and directors in common. A balance of £23,613 (2023 : £45,657) was due to RCE at the year end in respect of these recharges. At the balance sheet date a short-term interest free advance of £270,435 (2023 : £330,000) was owed to the company by RCE. A balance of £1,575,000 was due to RW Holding LLC at the year end in respect of long-term loan funding. RW Holding LLC holds 50% of the company's issued share capital.
12. Pending issuance units (pius)
In return for some of its peatland restoration work with landowners, Ridge Carbon Capture has generated 16,770 peatland Pending Issuance Units (PIUs) which are registered with IHS Markit (part of S&P Global). The company expects an additional 8,268 PIUs to be officially generated and registered within its project account holdings on IHS Markit in 2025.