For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

C Gearing & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is H. Ripley & Co, Apex Way, Hailsham, England, BN27 3WA.

The principal activity of the company is that of wholesale of waste and scrap. However, the company had no trading activities during the year due to group restructuring.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Ripley Group Limited. These consolidated financial statements are available from its registered office, H. Ripley & Co, Apex Way, Hailsham, England, BN27 3WA and from Companies House.

The directors have, at the time of approving the financial statements, a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, truethe Company is party to cross-guarantee arrangements in respect of certain Group banking facilities. Accordingly, the Company’s going concern assessment is closely linked to the wider Group position. Since the year end, the Group has reduced borrowings significantly through property disposals, with loan balances decreasing from £1.93 million at 31 March 2024 to £0.5 million at 31 May 2025. Further disposals have been agreed or are under negotiation, many at or above recent independent valuations. The Group continues to service its loans and has not missed any repayments. In parallel, the directors have implemented measures to strengthen liquidity and resilience, including active cash and credit management, operational rationalisation and cost control, and progressing the monetisation of carbon credits where appropriate.

Material uncertainty related to going concern

The Group’s forecasts for the going concern period remain dependent on the successful and timely completion of planned property disposals and the continued support of the lending bank. The timing and proceeds of disposals are not wholly within the Group’s control. These circumstances represent a material uncertainty that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern, and therefore the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

Notwithstanding this material uncertainty, having considered the current trading position, the active disposal programme including agreed and advanced negotiations, the reduction in borrowings achieved post year end, the ongoing servicing of debt without default, and the range of mitigating actions available, the directors continue to adopt the going concern basis in preparing these financial statements.

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

Turnover represents amounts receivable in respect of scrap metal sales, net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The average monthly number of persons (including directors) employed by the company during the year was:

The company is a party to cross guarantee arrangements with its associated companies in support of their borrowings.

The company is a wholly owned subsidiary of H Ripley & Co Limited (Company number 04868630). The ultimate parent company is Ripley Group Limited (Company number 07527610). The registered office of the ultimate parent company is H. Ripley & Co, Apex Way, Hailsham, England, BN27 3WA.

The results of the company are consolidated into the financial statements of Ripley Group Limited.