Ribchesters Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08668887 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

RIBCHESTERS GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Armstrong FCA CTA

J D Holloway FCA DChA

R W Ribchester FCA MA(Dunelm)

REGISTERED OFFICE:

Finchale House

Belmont Business Park

Durham

DH1 1TW

REGISTERED NUMBER:

08668887 (England and Wales)

FIXED ASSETS

Intangible assets

4

377,779

431,112

Tangible assets

5

38,440

50,975

Investments

6

21

21

416,240

482,108

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

7

465,109

417,915

Cash at bank

1,441,557

1,100,526

1,907,666

1,519,441

CREDITORS

Amounts falling due within one year

8

262,070

244,185

NET CURRENT ASSETS

1,645,596

1,275,256

TOTAL ASSETS LESS CURRENT LIABILITIES

2,061,836

1,757,364

CREDITORS

Amounts falling due after more than one year

9

(34,723

)

(51,388

)

PROVISIONS FOR LIABILITIES

(7,268

)

(7,355

)

NET ASSETS

2,019,845

1,698,621

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

2,009,845

1,688,621

SHAREHOLDERS' FUNDS

2,019,845

1,698,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2022 and were signed on its behalf by:

D M Armstrong FCA CTA - Director

J D Holloway FCA DChA - Director

R W Ribchester FCA MA(Dunelm) - Director

1.	STATUTORY INFORMATION

Ribchesters Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover derives from the principal activity of the company, and represents revenue earned, net of value added tax, on client contracts performed during the accounting period. Revenue is recognised at the fair value of work performed up to the balance sheet date, once the right to revenue exists, the amounts receivable can be measured reliably and it is probable that the revenue will be received.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

Government grants

Government grants relating to revenue are recognised in the Statement of Income on a systematic basis over the periods in which the entity recognises the related costs for which the grants are intended to compensate.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Stocks

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

Financial instruments

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' of FRS 102to 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.

Basic financial assets

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 present

value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to 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

Basic financial liabilities, including creditors, 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.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill

Goodwill is being amortised on a straight-line basis over a period of 15 years. It relates to the acquisition of a long-established business in 2014. That period was adopted after assessing the average length of client retention and the average annual recurring fees that such clients generate, to determine the period over which economic benefits can be expected to flow from the acquisition. The directors consider that amortisation period to remain appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

800,000

AMORTISATION

At 1 April 2021

368,888

Amortisation for year

53,333

At 31 March 2022

422,221

NET BOOK VALUE

At 31 March 2022

377,779

At 31 March 2021

431,112

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

27,513

44,930

70,129

142,572

Additions

-

420

9,970

10,390

Disposals

-

-

(14,444

)

(14,444

)

At 31 March 2022

27,513

45,350

65,655

138,518

DEPRECIATION

At 1 April 2021

16,049

26,940

48,608

91,597

Charge for year

2,753

4,514

15,658

22,925

Eliminated on disposal

-

-

(14,444

)

(14,444

)

At 31 March 2022

18,802

31,454

49,822

100,078

NET BOOK VALUE

At 31 March 2022

8,711

13,896

15,833

38,440

At 31 March 2021

11,464

17,990

21,521

50,975

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

1

20

21

NET BOOK VALUE

At 31 March 2022

1

20

21

At 31 March 2021

1

20

21

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

Subsidiary

Ribchesters Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Associated company

Ribchester Smith & Law Limited

Registered office:

Nature of business: Chartered Accountants

%

Class of shares:

holding

Ordinary

20.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

152,185

124,170

Amounts recoverable on

contracts

270,700

259,364

Other debtors

42,224

34,381

465,109

417,915

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

25,505

20,737

Taxation and social security

209,163

170,748

Other creditors

27,402

52,700

262,070

244,185

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

34,723

51,388

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

4,000

Ordinary A

£1.00

4,000

4,000

4,000

Ordinary B

£1.00

4,000

4,000

2,000

Ordinary C

£1.00

2,000

2,000

10,000

10,000

11.	CONTINGENT LIABILITIES

The company has a contingent liability in respect of a cross guarantee over the bank borrowings of a company under common management and control. The maximum contingent liability at the balance sheet date was £176,547 (2021: £206,789).

12.	RELATED PARTY DISCLOSURES

The directors have provided interest free loans to the company. The total amount outstanding at the year end was £204 (2021:£1,564). The loans are interest free and repayable on demand.