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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
RIPAT LTD AND SUBSIDARIES (REGISTERED NUMBER: 07067225) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
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 |
( |
) |
(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 |
Investment property | 14 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Other reserves | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 335 | 394 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | 22,649 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 | 38 | 5,488 | 22,649 | 28,175 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
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 |
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 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 |
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 |
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 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.9.24 |
£'000 | £'000 |
Aggregate capital and reserves |
(Loss)/profit for the year/period | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.9.24 |
£'000 | £'000 |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Dublin |
Nature of business: |
% |
Class of shares: | holding |
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 |
P ordinary shares | £0.50 | 16 | 16 |
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 | 22,649 | 28,137 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 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. |