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Registered number: 15871552









RALPH24 LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2024

 
RALPH24 LIMITED
 
 
COMPANY INFORMATION


Directors
S L Clarke (appointed 2 August 2024)
C Rathbone (appointed 2 August 2024)
J P Rathbone (appointed 2 August 2024)
A G Wildgoose (appointed 2 August 2024)




Registered number
15871552



Registered office
Collingwood House Schooner Court
Crossways

Dartford

Kent

DA2 6QQ




Independent auditors
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
RALPH24 LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Notes to the financial statements
16 - 30


 
RALPH24 LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the period ended 30
November 2024

Business review
 
Ralph24 Limited was incorporated on 2 August 2024 and following a group restructure on 31 October 2024 is now the ultimate parent company to the Apollo group which consists of the following trading subsidiaries:
- Apollo Building Services Limited
- Datum Design and Build Limited
As the group restructure was carried out on 31 October 2024 the group accounts of Ralph 24 Limited just reflect one month of trade for its trading subsidiaries. The results for the period are in accordance with the directors' expectations and the directors regard the group's financial position as satisfactory. 
The group's trading subsidiaries have had good trading results for the last year and the expectation is that this will continue.

Principal risks and uncertainties
 
The group has identified a number of risks which are being closely monitored by the board, primarily:
Securing of Future Contracts:
It is important to ensure the opportunities are correct for the business requirements and only entered into when risks have been fully evaluated, and on agreeable terms by all.
Escalating Costs:
Due to the uncertainty in the world environment, materials and labour are continuously subject to change. Whilst we have seen a stabilisation of these costs in recent months, this has to be closely monitored, especially in respect of fixed cost contracts and the long durations of higher value contracts.
Sub-Contractor / Supply Chain:
We continue to monitor our competitors, and wider construction organisations who have suffered financial losses and business failure, which has a wider impact on the industry and supply chain.

Financial key performance indicators
 
Key Performance Indicators are monitored closely by the board including, Turnover, Gross Profit and Overhead costs with monthly management accounts analysed and discussed.
The board remain confident that close monitoring of the management accounts will enable us to further enhance our profitability and grow the business

Other key performance indicators
 
No other key performance indicators are used

Page 1

 
RALPH24 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024


This report was approved by the board on 21 August 2025 and signed on its behalf.



A G Wildgoose
Director

Page 2

 
RALPH24 LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the period ended 30 November 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the period, after taxation and minority interests, amounted to £3,235.

No dividends were paid in the period.

Directors

The directors who served during the period were:

S L Clarke (appointed 2 August 2024)
C Rathbone (appointed 2 August 2024)
J P Rathbone (appointed 2 August 2024)
A G Wildgoose (appointed 2 August 2024)

Future developments

The directors are always looking to improve the profitability of the group. They are looking to identifying niche
markets that the group can add to the existing profile to enhance the services they provide to their customers

Page 3

 
RALPH24 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its
successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006

This report was approved by the board on 21 August 2025 and signed on its behalf.
 





A G Wildgoose
Director

Page 4

 
RALPH24 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RALPH24 LIMITED
 

Opinion


We have audited the financial statements of Ralph24 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 November 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 November 2024 and of the Group's profit for the period 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
RALPH24 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RALPH24 LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
RALPH24 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RALPH24 LIMITED (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 law 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 discussion with directors and other
management, and from our commercial knowledge and experience of the construction sector which the group
operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group, are as follows;
  o Companies Act 2006
  o FRS102
  o Health and Safety legislation
  o Employment legislation
  o Tax legislation
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management, reviewing board minutes and inspecting relevant correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit
as any further laws and regulations were identified. The audit team remained alert to instances of noncompliance
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 enquires of management as to where they consider there was susceptibility to fraud and their
knowledge of actual, suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
including amounts recoverable on long term contracts, work in progress and the useful economic lives of
tangible fixed assets, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
 
Page 7

 
RALPH24 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RALPH24 LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Ben Bradley (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

28 August 2025
Page 8

 
RALPH24 LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2024

Period ended
30 November
2024
Note
£

  

Turnover
  
3,684,683

Cost of sales
  
(3,025,447)

Gross profit
  
659,236

Administrative expenses
  
(527,422)

Operating profit
 4 
131,814

Amounts written off investments
  
(51)

Interest receivable and similar income
 6 
4,083

Interest payable and similar expenses
 7 
(3,892)

Profit before taxation
  
131,954

Tax on profit
 8 
(87,453)

Profit for the financial period
  
44,501

Profit for the period attributable to:
  

Non-controlling interests
  
47,736

Owners of the parent Company
  
(3,235)

  
44,501

There were no recognised gains and losses for 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024.

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
RALPH24 LIMITED
REGISTERED NUMBER: 15871552

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 9 
405,501

  
405,501

Current assets
  

Stocks
 11 
9,011

Debtors: amounts falling due after more than one year
 12 
150,000

Debtors: amounts falling due within one year
 12 
6,045,252

Cash at bank and in hand
 13 
2,217,271

  
8,421,534

Creditors: amounts falling due within one year
 14 
(5,479,793)

Net current assets
  
 
 
2,941,741

Total assets less current liabilities
  
3,347,242

Creditors: amounts falling due after more than one year
 15 
(87,474)

Provisions for liabilities
  

Deferred taxation
 17 
(74,750)

Net assets
  
3,185,018


Capital and reserves
  

Called up share capital 
 18 
8,607

Other (consolidation) reserve
  
1,392,319

Profit and loss account
  
6,010

Equity attributable to owners of the parent Company
  
1,406,936

Non-controlling interests
  
1,778,082

  
3,185,018


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2025.




A G Wildgoose
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
RALPH24 LIMITED
REGISTERED NUMBER: 15871552

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
Note
£

Fixed assets
  

Investments
 10 
8,607

  

  

  

Net assets
  
8,607


Capital and reserves
  

Called up share capital 
 18 
8,607

  
8,607


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2025.


A G Wildgoose
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
RALPH24 LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024


Called up share capital
Other (consolidation) reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£



Profit for the period
-
-
(3,235)
(3,235)
47,736
44,501

Other (consolidation) reserve
on group re-organisation
-
1,392,319
-
1,392,319
-
1,392,319

Dividends
-
-
-
-
(18,560)
(18,560)

Non-controlling interest on
acquisition (group reorganisation)
-
-
-
-
1,758,151
1,758,151

Transfer to/from profit and loss account
-
-
9,245
9,245
-
9,245

Non-controlling interest
reserves transfer
-
-
-
-
(9,245)
(9,245)

Shares issued during the period
8,607
-
-
8,607
-
8,607


At 30 November 2024
8,607
1,392,319
6,010
1,406,936
1,778,082
3,185,018

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
RALPH24 LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024


Called up share capital
Total equity

£
£

Shares issued during the period
8,607
8,607


At 30 November 2024
8,607
8,607

The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
RALPH24 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2024
£

Cash flows from operating activities

Profit for the financial period
44,501

Adjustments for:

Depreciation of tangible assets
9,369

Interest paid
3,892

Interest received
(4,083)

Taxation charge
87,453

(Increase)/decrease in stocks
(9,011)

(Increase)/decrease in debtors
(1,128,493)

Increase in creditors
804,571

Corporation tax received
59,980

P/l on disp
(1,212)

Net cash generated from operating activities

(133,033)


Cash flows from investing activities

Cash at bank on acquistion of subsidiaries (as part of group re-organisation)
2,362,261

Interest received
4,083

HP interest paid
(676)

P/l on disp
1,212

Net cash from investing activities

2,366,880
Page 14

 
RALPH24 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024


2024

£



Cash flows from financing activities

Issue of ordinary shares
8,607

Repayment of loans
(779)

Repayment of/new finance leases
(2,628)

Interest paid
(3,216)

Dividends paid to non-controlling interests
(18,560)

Net cash used in financing activities
(16,576)

Net increase in cash and cash equivalents
2,217,271

Cash and cash equivalents at the end of period
2,217,271


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,217,271

2,217,271


The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

1.


General information

Ralph24 Limited is a private company limited by shares, registered in England and Wales. The
address of the registered office is Collingwood House, Schooner Court, Crossways, Dartford, Kent, DA2
6QQ.
The company was incorporated on 2 August 2024. The principal activity of the company is that of a
holding company, and the group's principal activity is medical installation contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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 following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have concluded that there are no significant uncertainties that would impact the Company’s going concern status for the next 12 months. These financial statements have therefore been prepared on a going concern basis.

Page 16

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services on property and civil engineering contracts
Revenue from a contract to provide property and civil engineering services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Retentions are recognised in revenue in line with the stage of completion.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 17

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on following bases.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.13

Long term contracts

Amounts recoverable on long-term contracts, which are included in debtors, are stated at net sales value of work done after provisions for contingencies and anticipated future losses on contacts, less amounts received as progress payments on account. Where such amounts have been received and exceed amounts recovered, the net amounts are included in creditors as payments on account

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


 
Page 20

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below.
The following are the group’s key source of estimation uncertainty:
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed assets classes and have concluded the asset lives and residual values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovations, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.
Recoverability of Trade Debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Provisions are made specifically against invoices where recoverability is uncertain.
Management makes allowances for doubtful debts on an assessment of the recoverability of debtors.          
Amounts recoverable on long term contracts
The group uses qualified third party quantity surveyors to value projects and calculate the amount that the group bill the client. If management disagree with the valuation from the surveyors, the valuation will be challenged and the client is only billed when the valuation has been agreed.
All income and costs recorded on the surveyor's valuation which are not yet invoiced at the year end are provided for by means of an accrual.
The directors are required to make an assessment with regard to the future costs the group is likely to incur so as to fulfil its obligation under contracts, including remedial work necessary to guarantee the release of retention balances. Only specific provisions against contracts where such a provision is required or where specific remedial work is required are recognised. No general provisions are recognised.  

Page 21

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

4.


Operating profit

The operating profit is stated after charging:

Period ended
30 November
2024
£

Depreciation
9,367

Other operating lease rentals
1,166


5.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


Period ended
30 November
2024
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
27,500


6.


Interest receivable

Period ended
30 November
2024
£


Other interest receivable
4,083

4,083

Page 22

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

7.


Interest payable and similar expenses

Period ended
30 November
2024
£


Bank interest payable
1,061

Other loan interest payable
424

Finance leases and hire purchase contracts
676

Other interest payable
1,731

3,892


8.


Taxation


Period ended
30 November
2024
£

Corporation tax


Current tax on profits for the year
62,214

Adjustments in respect of previous periods
(10,719)


Total current tax
51,495

Deferred tax


Origination and reversal of timing differences
35,958


87,453
Page 23

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

Period ended
30 November
2024
£


Profit on ordinary activities before tax
131,954


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
32,989

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
26,608

Capital allowances for period in excess of depreciation
(17,757)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
45,613

Total tax charge for the period
87,453


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

9.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Office & computer equipment
Total

£
£
£
£



Cost or valuation


On acquisition of subsidiaries
106,153
467,921
62,990
637,064



At 30 November 2024

106,153
467,921
62,990
637,064



Depreciation


Charge for the period on owned assets
177
(35,751)
1,099
(34,475)


Charge for the period on financed assets
-
43,842
-
43,842


On acquisition of subsidiaries
16,807
178,962
26,427
222,196



At 30 November 2024

16,984
187,053
27,526
231,563



Net book value



At 30 November 2024
89,169
280,868
35,464
405,501


10.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
8,607



At 30 November 2024
8,607




Page 25

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Apollo Building  Services Limited
Collingwood House,Schooner Court,Crossways, Dartford,Kent, DA2 6QQ
Medical installation contractors
Ordinary
51%
Datum Design and Build Limited*
Unit 4c, Austin Park, Yeoman Road, Ringwood, United Kingdom, BH24 3FA
Mechanical and electrical building services.
Ordinary
51%

*Held indirectly via Apollo Building  Services Limited


11.


Stocks

Group
2024
£

Work in progress
9,011

9,011


Page 26

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

12.


Debtors

Group
Company
2024
2024
£
£

Due after more than one year

Other debtors
150,000
-

150,000
-


Group
2024
£

Due within one year

Trade debtors
4,130,895

Other debtors
71,047

Prepayments and accrued income
6,835

Amounts recoverable on long-term contracts
1,836,475

6,045,252



13.


Cash and cash equivalents

Group
2024
£

Cash at bank and in hand
2,217,271

2,217,271


Page 27

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

14.


Creditors: Amounts falling due within one year

Group
2024
£

Bank loans
10,000

Trade creditors
2,620,623

Corporation tax
111,475

Other taxation and social security
699,877

Obligations under finance lease and hire purchase contracts
55,586

Other creditors
35,444

Accruals and deferred income
1,946,788

5,479,793



15.


Creditors: Amounts falling due after more than one year

Group
2024
£

Bank loans
5,756

Net obligations under finance leases and hire purchase contracts
81,718

87,474


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.


16.


Loans


Analysis of the maturity of loans is given below:


Group
2024
£

Amounts falling due within one year

Bank loans
10,000

Amounts falling due 1-2 years

Bank loans
5,756



15,756


Page 28

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

17.


Deferred taxation


Group



2024


£






Charged to profit or loss
(35,958)


On acquisitions
(38,792)



At end of year
(74,750)

Company


2024



Group
2024
£

Accelerated capital allowances
(74,750)

(74,750)


18.


Share capital

2024
£
Allotted, called up and fully paid


1,463 A Ordinary shares of £1.00 each
1,463
1,463 B Ordinary shares of £1.00 each
1,463
5,681 C Ordinary shares of £1.00 each
5,681

8,607


On incorporation 1 Ordinary C share of £1 was issued at par.
On 31 October 2024, as part of a group reorganisation and demerger, a further 1,463 Ordinary A Shares of £1 each, 1,463 Ordinary B Shares of £1 each and 5,680 Ordinary C Shares of £1 each were issued at par.

Page 29

 
RALPH24 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

19.


Pension commitments

The Group operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £3,899. At year end, £8,825 was payable to the fund and is included in other creditors.


20.


Related party transactions

The group has taken advantage of the FRS 102 paragraph 33.1A exemption not to disclose transactions
with other members of the group that are wholly owned by the Company. The following transactions
occurred during the year, which are classified as related party transactions:
The company demerged from the Coniston group on 31 October 2024. However, the Coniston group and its subsidiary are still considered a related party. Trading with this entity has resulted in transactions undertaken and balances outstanding at the
year end as follows:
- Purchase £2,189
- Management fee expense £45,034.
- Amounts owed from Coniston Limited as at the balance sheet date £20,577.


21.


Controlling party

The ultimate controlling party is Mr J P Rathbone and family through a majority shareholding.

Page 30