IRIS Accounts Production v25.1.4.42 07067225 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false false false false false true true true true false P ordinary shares 0 T ordinary shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070672252023-09-30070672252024-09-30070672252023-10-012024-09-30070672252022-10-01070672252022-10-022023-09-30070672252023-09-3007067225ns15:EnglandWales2023-10-012024-09-3007067225ns14:PoundSterling2023-10-012024-09-3007067225ns10:Director12023-10-012024-09-3007067225ns10:Consolidated2024-09-3007067225ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3007067225ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3007067225ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3007067225ns10:Consolidatedns10:Audited2023-10-012024-09-3007067225ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3007067225ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3007067225ns10:Consolidated2023-10-012024-09-3007067225ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3007067225ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3007067225ns10:FullAccounts2023-10-012024-09-3007067225ns5:Subsidiary12023-10-012024-09-3007067225ns5:Subsidiary22023-10-012024-09-3007067225ns5:Subsidiary32023-10-012024-09-3007067225ns5:Subsidiary42023-10-012024-09-3007067225ns5:Subsidiary52023-10-012024-09-3007067225ns5:Subsidiary62023-10-012024-09-300706722512023-10-012024-09-3007067225ns10:OrdinaryShareClass12023-10-012024-09-3007067225ns10:OrdinaryShareClass22023-10-012024-09-3007067225ns10:Director22023-10-012024-09-3007067225ns10:Director32023-10-012024-09-3007067225ns10:Director42023-10-012024-09-3007067225ns10:CompanySecretary12023-10-012024-09-3007067225ns10:RegisteredOffice2023-10-012024-09-3007067225ns10:Consolidated2022-10-022023-09-3007067225ns5:ShareCapital2024-09-3007067225ns5:ShareCapital2023-09-3007067225ns5:FurtherSpecificReserve2ComponentTotalEquity2024-09-3007067225ns5:FurtherSpecificReserve2ComponentTotalEquity2023-09-3007067225ns5:RetainedEarningsAccumulatedLosses2024-09-3007067225ns5:RetainedEarningsAccumulatedLosses2023-09-3007067225ns5:RetainedEarningsAccumulatedLosses2022-10-0107067225ns5:RetainedEarningsAccumulatedLosses2022-10-022023-09-3007067225ns5:FurtherSpecificReserve2ComponentTotalEquity2022-10-022023-09-3007067225ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3007067225ns5:FurtherSpecificReserve2ComponentTotalEquity2023-10-012024-09-3007067225ns5:NetGoodwill2023-10-012024-09-3007067225ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3007067225ns5:CostValuation2023-09-30070672251ns5:Subsidiary12023-10-012024-09-3007067225ns5:Subsidiary12023-09-3007067225ns5:Subsidiary12024-09-3007067225ns5:Subsidiary12023-09-3007067225ns5:Subsidiary12022-10-022023-09-3007067225ns5:Subsidiary232023-10-012024-09-3007067225ns5:Subsidiary22023-09-3007067225ns5:Subsidiary22024-09-3007067225ns5:Subsidiary22022-10-022023-09-30070672255ns5:Subsidiary32023-10-012024-09-30070672257ns5:Subsidiary42023-10-012024-09-3007067225ns5:Subsidiary592023-10-012024-09-3007067225ns5:Subsidiary6112023-10-012024-09-3007067225ns10:OrdinaryShareClass12024-09-3007067225ns10:OrdinaryShareClass22024-09-3007067225ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: 07067225 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

RIPAT LTD AND SUBSIDARIES

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


RIPAT LTD AND SUBSIDARIES

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr R H Burbidge
Mr J Burbidge
Mrs S A Peach
Mr D H A Burbidge





SECRETARY: Ms H Scarratt





REGISTERED OFFICE: Burbidge House Canal Wood Industrial Est
Chirk
Wrexham
LL14 5RL





REGISTERED NUMBER: 07067225 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

The key performance indicators used by the business are turnover, gross profit and operating profit.

The reported turnover for the year was £23,190,000 down 3.1%, from 2023 £23,922,000.

Gross profit margins have decreased from 24.9% for 2023 to 24.3% for 2024.

Performance of the business
2024 2023
£    £   
Turnover 23,190 23,922
Turnover fall (3.1)% (6.5)%
Gross profit margin 24.3% 24.9%
Operating profit margin/(loss) (1.9%) (0.8%)
Profit before tax (137) 53


Principal risks and uncertainties

The Company uses financial instruments, these include cash, finance leases and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance fir the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.

Liquidity risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Interest rate risk

The Company finances its operations through a mixture of retained profits and finance leases.

Credit risk

The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, credit limits are set and reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Currency risk

The Company has a number of overseas suppliers. As a result the Company reviews its currency exposure on a continual basis and will enter into hedges if considered necessary.

ON BEHALF OF THE BOARD:





Mr J Burbidge - Director



RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25 June 2025

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of designing, manufacturing and supplying of timber products and property rental.

DIVIDENDS
Interim dividends per share were paid as follows:
P ordinary shares £0.50 shares 6.7667 - 8 April 2024
T ordinary shares £0.50 shares 2.00 - 8 April 2024


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 334,856 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr R H Burbidge
Mr J Burbidge

Other changes in directors holding office are as follows:

Mrs S A Peach - appointed 28 May 2024
Mr D H A Burbidge - appointed 28 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Burbidge - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIPAT LTD AND SUBSIDARIES

Opinion
We have audited the financial statements of Ripat Ltd and subsidaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
RIPAT LTD AND SUBSIDARIES


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIPAT LTD AND SUBSIDARIES


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

-reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIPAT LTD AND SUBSIDARIES


-reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Aled Davies FCCA (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

25 June 2025

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
2.10.22
Year Ended to
30.9.24 30.9.23
Notes £'000 £'000

TURNOVER 4 23,190 23,922

Cost of sales (17,554 ) (17,956 )
GROSS PROFIT 5,636 5,966

Administrative expenses (6,084 ) (6,162 )
OPERATING LOSS 6 (448 ) (196 )

Income from fixed asset investments 153 140
Interest receivable and similar income 206 109
(89 ) 53

Interest payable and similar expenses 7 (48 ) -
(LOSS)/PROFIT BEFORE TAXATION (137 ) 53

Tax on (loss)/profit 8 (89 ) 341
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(226

)

394
(Loss)/profit attributable to:
Owners of the parent (226 ) 394

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
2.10.22
Year Ended to
30.9.24 30.9.23
Notes £'000 £'000

(LOSS)/PROFIT FOR THE YEAR (226 ) 394


OTHER COMPREHENSIVE INCOME
Actuarial (losses)/gains on defined (770 ) (1,215 )
benefit pension scheme
Revaluation of fixed asset investments 655 13
Income tax relating to components of other
comprehensive income

193

740
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

78

(462

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(148

)

(68

)

Total comprehensive income attributable to:
Owners of the parent (148 ) (68 )

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 - 716
Tangible assets 12 6,555 6,062
Investments 13 7,263 6,547
Investment property 14 6,090 6,090
19,908 19,415

CURRENT ASSETS
Stocks 15 5,570 4,747
Debtors 16 5,572 5,137
Cash at bank 3,004 4,850
14,146 14,734
CREDITORS
Amounts falling due within one year 17 4,499 4,584
NET CURRENT ASSETS 9,647 10,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,555

29,565

CREDITORS
Amounts falling due after more than one year 18 (365 ) (461 )

PENSION LIABILITY (1,595 ) (1,026 )
NET ASSETS 27,595 28,078

CAPITAL AND RESERVES
Called up share capital 23 38 38
Other reserves 24 22,649 22,649
Retained earnings 24 4,908 5,391
SHAREHOLDERS' FUNDS 27,595 28,078

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr J Burbidge - Director


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 28,174 28,174
Investment property 14 - -
28,174 28,174

CURRENT ASSETS
Cash at bank 1 1
NET CURRENT ASSETS 1 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,175

28,175

CAPITAL AND RESERVES
Called up share capital 23 38 38
Other reserves 24 22,649 22,649
Retained earnings 24 5,488 5,488
SHAREHOLDERS' FUNDS 28,175 28,175

Company's profit for the financial year 335 394

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr J Burbidge - Director


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Other Total
capital earnings reserves equity
£'000 £'000 £'000 £'000
Balance at 2 October 2022 38 5,852 22,649 28,539

Changes in equity
Dividends - (394 ) - (394 )
Total comprehensive income - (67 ) - (67 )
Balance at 30 September 2023 38 5,391 22,649 28,078

Changes in equity
Dividends - (335 ) - (335 )
Total comprehensive income - (148 ) - (148 )
Balance at 30 September 2024 38 4,908 22,649 27,595

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Other Total
capital earnings reserves equity
£'000 £'000 £'000 £'000
Balance at 2 October 2022 38 5,456 22,649 28,143

Changes in equity
Dividends - (394 ) - (394 )
Total comprehensive income - 426 - 426
Balance at 30 September 2023 38 5,488 22,649 28,175

Changes in equity
Dividends - (335 ) - (335 )
Total comprehensive income - 335 - 335
Balance at 30 September 2024 38 5,488 22,649 28,175

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
2.10.22
Year Ended to
30.9.24 30.9.23
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 903 1,830
Interest paid (48 ) -
Tax paid - 140
Net cash from operating activities 855 1,970

Cash flows from investing activities
Purchase of tangible fixed assets (1,068 ) (447 )
Purchase of fixed asset investments (2,795 ) (583 )
Purchase of investment property - (61 )
Sale of tangible fixed assets - 32
Sale of fixed asset investments 2,734 582
Sale of investment property - 3,600
Interest received 206 109
Dividends received 153 140
Net cash from investing activities (770 ) 3,372

Cash flows from financing activities
New loans in year - 155
Loan repayments in year (95 ) (97 )
Amount introduced by directors - 90
Amount withdrawn by directors (309 ) (90 )
Equity dividends paid (335 ) (394 )
Net cash from financing activities (739 ) (336 )

(Decrease)/increase in cash and cash equivalents (654 ) 5,006
Cash and cash equivalents at beginning of
year

2

3,658

(1,348

)

Cash and cash equivalents at end of year 2 3,004 3,658

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
(Loss)/profit before taxation (137 ) 53
Depreciation charges 1,291 1,220
Loss on disposal of fixed assets - 301
Movement in net pension assets/liability (201 ) (263 )
Finance costs 48 -
Finance income (359 ) (249 )
642 1,062
(Increase)/decrease in stocks (823 ) 1,468
Decrease/(increase) in trade and other debtors 81 (374 )
Increase/(decrease) in trade and other creditors 1,003 (326 )
Cash generated from operations 903 1,830

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£'000 £'000
Cash and cash equivalents 3,004 4,850
Bank overdrafts - (1,192 )
3,004 3,658
Period ended 30 September 2023
30.9.23 2.10.22
£'000 £'000
Cash and cash equivalents 4,850 1,413
Bank overdrafts (1,192 ) (2,761 )
3,658 (1,348 )


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£'000 £'000 £'000
Net cash
Cash at bank 4,850 (1,846 ) 3,004
Bank overdrafts (1,192 ) 1,192 -
3,658 (654 ) 3,004
Debt
Debts falling due within 1 year (97 ) - (97 )
Debts falling due after 1 year (461 ) 96 (365 )
(558 ) 96 (462 )
Total 3,100 (558 ) 2,542

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Ripat Ltd and subsidaries 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 General Information page.

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 as modified by the revaluation of certain assets.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The presentation currency is sterling (£) rounded to the nearest thousand.

The accounts for the financial year 2024 are made up to the year ended 30 September 2024. The prior year represent a 52 week period to 30th September 2023. Comparative figures are therefore not entirely comparable.

Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries as if they form a single entity. Intercompany balances and transactions between group companies are therefore eliminated in full.

The financial statements include the companies listed within note 13.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

- Stock provision which is calculated based on the usage of the individual stock items over the last 12 months.
- Valuation of the defined benefit scheme which has been determined by a third party valuer based on key assumptions.
- Valuation of investment properties. Management have used the latest property valuations, and applicable market data to determine the market value at the period end.
- Impairment of goodwill and investments in subsidiaries which is based on carrying value of the asset or cash-generating unit to which the asset has been allocated.

See notes within the accounts for the carrying amounts in relation to the above.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery 2 to 14 years straight line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated statement of comprehensive income.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Scheme assets are measured at fair value. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the Balance sheet. A net surplus is recognised only to the extent that it is recoverable.

The current service costs and costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included net in other finance costs. Actuarial gains and losses are reported in other comprehensive income.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the principal activities of the group.

An analysis of turnover by geographical market is given below:

Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
United Kingdom 22,819 23,261
Europe 306 661
Rest of World 65 -
23,190 23,922

5. EMPLOYEES AND DIRECTORS
Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
Wages and salaries 3,550 3,382
Social security costs 328 306
Other pension costs 190 200
4,068 3,888

The average number of employees during the year was as follows:
Period
2.10.22
Year Ended to
30.9.24 30.9.23

Production staff 61 67
Administrative staff 43 42
104 109

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. EMPLOYEES AND DIRECTORS - continued

30 30
September September
2024 2023
£    £   

Directors' emoluments 141 224
Company contributions to defined contribution pension schemes 11 11
Total 152 256

During the period retirement benefits were accruing to 1 director (2023: 1) in respect of defined
contribution pension schemes.

Amounts paid to key management personnel during the year were £293,577 (2023: £503,674).

6. OPERATING LOSS

The operating loss is stated after charging/(crediting):

Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
Depreciation - owned assets 575 499
Loss on disposal of fixed assets - 301
Goodwill amortisation 716 721
Auditors' remuneration 47 39
Auditors' remuneration for non audit work 18 17
Foreign exchange differences 27 (46 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
Other interest 48 -

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
Current tax:
Over/under provision from previous years - (190 )

Deferred tax 89 (151 )
Tax on (loss)/profit 89 (341 )

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£'000 £'000 £'000
Actuarial (losses)/gains on defined (770 ) 193 (577 )
benefit pension scheme
Revaluation of fixed asset investments 655 - 655
(115 ) 193 78

2.10.22 to 30.9.23
Gross Tax Net
£'000 £'000 £'000
Actuarial (losses)/gains on defined (1,215 ) 304 (911 )
benefit pension scheme
Revaluation of fixed asset investments 13 - 13
Movement on revaluation reserve - 436 436
(1,202 ) 740 (461 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. DIVIDENDS
Period
2.10.22
Year Ended to
30.9.24 30.9.23
£'000 £'000
P ordinary shares shares of £0.50 each
Interim 248 304
T ordinary shares shares of £0.50 each
Interim 87 90
335 394

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£'000
COST
At 1 October 2023
and 30 September 2024 8,191
AMORTISATION
At 1 October 2023 7,475
Amortisation for year 716
At 30 September 2024 8,191
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 716

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
£'000
COST
At 1 October 2023 24,639
Additions 1,068
At 30 September 2024 25,707
DEPRECIATION
At 1 October 2023 18,577
Charge for year 575
At 30 September 2024 19,152
NET BOOK VALUE
At 30 September 2024 6,555
At 30 September 2023 6,062

13. FIXED ASSET INVESTMENTS

Group
Listed
investments
£'000
COST OR VALUATION
At 1 October 2023 6,547
Additions 2,795
Disposals (2,734 )
Revaluations 655
At 30 September 2024 7,263
NET BOOK VALUE
At 30 September 2024 7,263
At 30 September 2023 6,547

Listed investments have been revalued by £716,570 for the year ended 30 September 2024.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. FIXED ASSET INVESTMENTS - continued

Group
Company
Shares in
group
undertaking
£'000
COST
At 1 October 2023
and 30 September 2024 28,174
NET BOOK VALUE
At 30 September 2024 28,174
At 30 September 2023 28,174

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Archwood Limited
Registered office: United Kingdom
Nature of business: Production and sale of wooden products
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£'000 £'000
Aggregate capital and reserves 7,329 6,693
(Loss)/profit for the year/period (350 ) 507

Sodajo Limited
Registered office: United Kingdom
Nature of business: Investment and property
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£'000 £'000
Aggregate capital and reserves 24,776 23,370
Profit for the year 998 729

Atkinson and Kirby Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. FIXED ASSET INVESTMENTS - continued

Masons Timber Products Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Richard Burbidge Limited Previously Known as Hallways Products Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Richard Burbidge Ireland Limited
Registered office: Dublin
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


14. INVESTMENT PROPERTY

Group
Total
£'000
FAIR VALUE
At 1 October 2023
and 30 September 2024 6,090
NET BOOK VALUE
At 30 September 2024 6,090
At 30 September 2023 6,090

The majority of investment properties have been professionally valued in 2019. The 2024 valuations were made by the directors of the group, on an open market value for existing use basis.

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. STOCKS

Group
30.9.24 30.9.23
£'000 £'000
Raw materials 680 765
Finished goods 4,890 3,982
5,570 4,747

An impairment provision of £196,000 (2023: £193,000) was recognised against stock during the year due to slow-moving and obsolete stock.

16. DEBTORS

Group
30.9.24 30.9.23
£'000 £'000
Amounts falling due within one year:
Trade debtors 4,188 4,075
Other debtors 614 931
Tax 104 -
Deferred tax asset 234 131
Prepayments and accrued income 123 -
5,263 5,137

Amounts falling due after more than one year:
Directors' loan accounts 309 -

Aggregate amounts 5,572 5,137

Deferred tax asset
Group
30.9.24 30.9.23
£'000 £'000
Deferred tax 234 131

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.9.24 30.9.23
£'000 £'000
Bank loans and overdrafts (see note 19) - 1,192
Other loans (see note 19) 97 97
Trade creditors 1,833 1,352
Tax 104 -
Social security and other taxes 705 718
Other creditors 219 206
Accruals and deferred income 1,541 1,019
4,499 4,584

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.9.24 30.9.23
£'000 £'000
Other loans (see note 19) 365 461

19. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.24 30.9.23
£'000 £'000
Amounts falling due within one year or on demand:
Bank overdrafts - 1,192
Other loans 97 97
97 1,289
Amounts falling due between one and two years:
Other loans - 1-2 years 93 97
Amounts falling due between two and five years:
Other loans - 2-5 years 258 264
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 14 100

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.9.24 30.9.23
£'000 £'000
Within one year 50 50
Between one and five years 62 112
112 162

Operating lease payments expensed through the profit and loss account for the year totalled £53,028 (2023: £53,028).

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 30.9.23
£'000 £'000
Bank overdraft - 1,192

The invoice discounting facility is secured on the debtors to which it relates.

RBS Invoice Finance Limited hold a fixed and floating charge covering all the undertaking of the company, and contains a negative pledge over a deposit held by Archwood Limited.

Propensions Limited hold a debenture as security which includes a fixed charge and negative pledge over the freehold land known as 11 New North Road and freehold land know as Canal Wood Industrial Estate held by Sodajo Limited.

The Trustees of the Atkinson Marketing Limited Pension and Life insurance scheme hold a debenture as security which include a fixed charge and negative pledge over all and whole those subjects forming 2 Telford Square, Houston Industrial Estate held by Sodajo Limited.

22. DEFERRED TAX

Group
£'000
Balance at 1 October 2023 (131 )
Provided during year (104 )
Balance at 30 September 2024 (235 )

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £'000 £'000
31,490 P ordinary shares £0.50 16 16
43,510 T ordinary shares £0.50 22 22
38 38

The P and T Ordinary shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

24. RESERVES

Group
Retained Other
earnings reserves Totals
£'000 £'000 £'000

At 1 October 2023 5,391 22,649 28,040
Deficit for the year (226 ) (226 )
Dividends (335 ) (335 )
Actuarial gains/losses on pension
scheme

(577

)

-

(577

)

Revaluation of fixed asset
investments

655

-

655

At 30 September 2024 4,908 22,649 27,557

Company
Retained Other
earnings reserves Totals
£'000 £'000 £'000

At 1 October 2023 5,488 22,649 28,137
Profit for the year 335 335
Dividends (335 ) (335 )
At 30 September 2024 5,488 22,649 28,137

The other reserves are in relation to a merger reserve which was created upon the merger of three companies.

25. CAPITAL COMMITMENTS
30.9.24 30.9.23
£'000 £'000
Contracted but not provided for in the
financial statements - 431

RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26. PENSION COMMITMENTS

The company operates two defined benefit pension scheme.

The Richard Burbidge Defined Benefit Scheme

The latest actuarial valuation of the scheme was at 5 April 2022 and updated to 30 September 2024, and
was carried out by Western Pension Solutions Limited, an independent actuary. The actuarial value of the
assets at that date was sufficient to cover 92% of the benefits which had accrued to members, after
allowing for expected future increases to benefits. The market value of the assets of the scheme was
£21,135,000 at 30 September 2024.

The Atkinson Marketing Defined Benefit Scheme

The latest actuarial valuation of the scheme was at 5 April 2022 and updated to 30 September 2024 and
was carried out by Western Pension Solutions Limited, an independent actuary. The actuarial value of the
assets at that date was sufficient to cover 113% of the benefits which had accrued to members, after
allowing for expected future increases to benefits. The market value of the assets of the scheme was
£2,032,000 at 30 September 2024.

Retirement benefits - FRS102 disclosures at 30 September 2024

The present value of the scheme liabilities has been determined using the projected unit method as
required by FRS102. The schemes are closed to new entrants and to future benefit accrual.

The net position of the two schemes are as follows:

Richard Burbidge defined benefit scheme £1,824,000 liability
Atkinson Marketing defined benefit scheme £229,000 asset


Reconciliation of present value of plan liabilities:

30.9.24 30.9.23
£    £   

At the beginning of the year 22,365 22,859
Interest cost 1,216 1,225
Settlement (gain)/losses on scheme liabilities
Actuarial (gains)/losses on scheme liabilities 2,528 (500 )
Benefits paid (1.347 ) (1,219 )

At the end of the year 24,762 22,365

Reconciliation of present value of plan assets:
At the beginning of the year 21,339 22,784
Interest income 1,168 1,228
Actuarial gains/losses 1,758 (1,714 )
Contributions 406 386
Benefits paid (1,347 ) (1,219 )
Administration expenses (157 ) (126 )

At the end of the year 23,167 21,339


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Fair value of plan assets (23,167 ) (21,339 )
Present value of plan liabilities 24,762 22,365

Net pension scheme liability 1,595 1,026




The amounts recognised in profit or loss are as follows:
Service cost- administration expenses 157 127
Settlement (gain)/losses on scheme liabilities
Net interest cost 48 (4 )

Total cost 205 123


The amounts recognised in other comprehensive income are as follows:
Actuarial gains/(losses) on plan assets 1,758 (1,714 )
Actuarial gains/(losses) on plan liabilities (2,528 ) 500
(770 ) (1,214 )


Composition of plan assets:
Equities 9,051 10,691
Gilts, bonds and savings 13,794 10,578
Other funds 322 70
Total assets 23,167 21,339


The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was losses of £10,489,000 (2023: £9,718,000).

The company expects to contribute £413,000 of regular contributions to its defined pension schemes in 2025. The actual return on scheme assets for the year was a loss of £2,927,000 (2023: £462,000).


% pa % pa
Discount rate 5.20 5.60
Future pension increases 2.70 2.80
CPI 2.70 2.80
RPI 3.00 3.20

Expected age at death
- for a male aged 65 now 86.0 86.0
- at 65 for a male aged 45 now 87.0 87.0
- for a female aged 65 now 88.6 88.6
- at 65 for a female aged 45 now 89.7 89.7


RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 September 2024 and the period ended 30 September 2023:

30.9.24 30.9.23
£'000 £'000
D H A Burbidge
Balance outstanding at start of year - -
Amounts advanced 309 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 309 -

The overdrawn directors loan account is subject to an interest rate of 5% per annum.

During the year the directors waived there entitlement to dividends of £207 (2023: £215)
Transactions in year from the directors to the company - £299 (2023: £135)
Transactions in year from the company to the directors - £299 (2023: £135)

28. ULTIMATE CONTROLLING PARTY

Joshua Burbidge, a director of the group, and members of his close family control the group as a result of the controlling directly or indirectly 100% of the issued share capital of Ripat Limited.