General Information
Ripstone Ltd. is a private company, limited by shares, registered in England and Wales, registration number 07489192, registration address 5 Myrtle Street, Liverpool, Merseyside, L7 7DN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is represented by:-
- the net invoiced sales of services.
- the sale of software downloaded by customers via a third party distributor. Such revenue is recognised at the point the download is completed.
Both of the above exclude value added tax.
Rental income is accounted for on a received basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Costs relating to the development of the new products are capitalised and disclosed as an intangible asset once the Company has determined that:-
- the product is technically and commercially feasible.
- the project is clearly defined and associated costs are separately identifiable
- future revenues are expected to exceed current and future costs of the product
- the Company has the intention, ability and resources to complete development of the product
Development costs will include advances payable to external developers under development agreements and the direct payroll and overhead costs of the internal development teams. Amounts relating to software development which are not capitalised are expenses as incurred.
Deferred development expenditure for each unreleased product is reviewed at the end of each accounting period and where circumstances which have justified the deferral of the expenditure, as set out above, no longer apply, or are considered doubtful the previously capitalised development expenditure to the extent to which is considered to be irrecoverable, is immediately impaired on a project by project basis.
On product release, capitalised development costs are amortised in accordance with the proportion of revenue generated to date compared with total forecast revenue. At the end of financial year, the carrying value of each product is assessed. Where the forecast revenue for the product does not exceed the current and future costs of the product, a provision for impairment is recognised.
Capitalised development costs are removed from the schedule of intangible fixed asset 5 years after the product release.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
33% Straight Line
|
| Computer Equipment |
33% Straight Line
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks and Work in Progress
Work-in-progress has been calculated as the monetary value of time spent on a contract at the year-end, versus the total forecasted time that will be spent.
|
| 2. |
Average number of employees
Average number of employees during the year was 36 (2023 : 46).
|
| 3. |
Financial Commitments, Guarantees and Contingencies
The company rents two premises both with tenancy agreements.
First property has a tenancy agreement, expiring in March 2027. The monthly rent payment is £1,750 (net).
Second property has a tenancy agreement, expiring in October 2030. The monthly rent payment is £15,644 (net).
|
| 4. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
8,256,816 |
|
8,256,816 |
| Additions |
1,341,592 |
|
1,341,592 |
| Disposals |
- |
|
- |
| At 31 December 2024 |
9,598,408 |
|
9,598,408 |
| Amortisation |
| At 01 January 2024 |
6,259,983 |
|
6,259,983 |
| Charge for year |
245,323 |
|
245,323 |
| On disposals |
- |
|
- |
| At 31 December 2024 |
6,505,306 |
|
6,505,306 |
| Net book values |
| At 31 December 2024 |
3,093,102 |
|
3,093,102 |
| At 31 December 2023 |
1,996,833 |
|
1,996,833 |
|
| 5. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 January 2024 |
36,954 |
|
170,186 |
|
207,140 |
| Additions |
4,462 |
|
3,287 |
|
7,749 |
| Disposals |
- |
|
- |
|
- |
| At 31 December 2024 |
41,416 |
|
173,473 |
|
214,889 |
| Depreciation |
| At 01 January 2024 |
32,554 |
|
130,052 |
|
162,606 |
| Charge for year |
3,697 |
|
23,611 |
|
27,308 |
| On disposals |
- |
|
- |
|
- |
| At 31 December 2024 |
36,251 |
|
153,663 |
|
189,914 |
| Net book values |
| Closing balance as at 31 December 2024 |
5,165 |
|
19,810 |
|
24,975 |
| Opening balance as at 01 January 2024 |
4,400 |
|
40,134 |
|
44,534 |
|
| 6. |
Stocks
|
2024
£ |
|
2023
£ |
| Work in Progress |
0 |
|
172,400 |
|
0 |
|
172,400 |
|
| 7. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
221,015 |
|
1,855,465 |
| Prepayments & Accrued Income |
6,716 |
|
20,128 |
| Other Debtors |
162,596 |
|
185,040 |
| Deferred Tax |
4,745 |
|
8,461 |
| Corporation Tax |
271,900 |
|
30,565 |
| Directors' Current Accounts |
5,848 |
|
0 |
|
672,820 |
|
2,099,659 |
|
| 7. |
Debtors: amounts falling due after one year
|
2024
£ |
|
2023
£ |
| Other Debtors |
1,138,196 |
|
1,105,321 |
|
1,138,196 |
|
1,105,321 |
|
| 8. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
157,233 |
|
1,715,729 |
| PAYE & Social Security |
239,156 |
|
62,719 |
| Accrued Expenses |
241,345 |
|
245,645 |
| Other Creditors |
576 |
|
6,523 |
| Pension Payable |
4,961 |
|
8,944 |
| VAT |
9,764 |
|
4,573 |
|
653,035 |
|
2,044,133 |
|
| 9. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts (secured) |
609,000 |
|
0 |
| Other Creditors |
353,585 |
|
601,000 |
|
962,585 |
|
601,000 |
Bank Loans & Overdrafts, the company entered into a debenture with National Westminster Bank Plc, granting fixed and floating charges over its intellectual property, domain names, proprietary software, and other assets. The charge includes a negative pledge restricting the company from creating further charges over these assets without the banks consent. |
| 10. |
Share Capital
Allotted, called up and fully paid
|
2024
£ |
|
2023
£ |
|
516,304
Ordinary shares of £0.05 each |
25,815 |
|
25,815 |
|
25,815 |
|
25,815 |
|
| 11. |
Share premium account
|
2024
£ |
|
2023
£ |
| Equity Share Premium b/fwd |
850,272 |
|
850,272 |
|
850,272 |
|
850,272 |
|
| 12. |
Capital Redemption Reserve
|
2024
£ |
|
2023
£ |
| Capital Redemption Reserve b/fwd |
24,456 |
|
24,456 |
|
24,456 |
|
24,456 |
|
|
Loans to Directors
As at the year end, Director P Gaskell owed the company £3,781 (2023 £Nil) and Director L Cubbin owed the company £2,067 (2023 £Nil). These balances arose from advances made during the year. The loans are unsecured, interest-free, and have no formal repayment terms. They are considered repayable on demand and are disclosed as current assets. The transactions were not made under normal market conditions and fall within the scope of related party disclosures under FRS 102 Section 1A.35.
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