Ridgway Holdings International Ltd - Limited company accounts 22.3
Ridgway Holdings International Ltd - Limited company accounts 22.3
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
FOR |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2022 |
The directors present their strategic report for the year ended 30 April 2022. |
REVIEW OF BUSINESS |
As shown in the Statement of Comprehensive Income on page 9, an operating loss of £9,372 (2021: £431) was generated. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is a holding company and receives income from other group companies. The group operates in a competitive market which is a continuing risk and may result in sale being lost to competitors. The group manages this risk by providing excellent service in all its activities. |
ON BEHALF OF THE BOARD: |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2022 |
The directors present their report with the financial statements of the company for the year ended 30 April 2022. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of a holding company. |
DIVIDENDS |
The directors recommend an interim dividend of £2,085 per ordinary share. |
The total distribution of dividends for the year ended 30 April 2022 will be £417,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2021 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2022 |
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 |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
Opinion |
We have audited the financial statements of Ridgway Holdings International Ltd (the 'company') for the year ended 30 April 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2022 and of its 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 company 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 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 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 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 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 |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
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 company through discussions with directors and other management, and from our commercial knowledge and experience of the renting and leasing of construction and civil engineering machinery and equipment 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 company, including the Companies Act 2006, taxation legislation, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations and Anti Money Laundering Regulations throughout the audit. |
- 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 company'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; and |
- 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; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RIDGWAY HOLDINGS INTERNATIONAL LTD |
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 |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Income from shares in group undertakings |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 5 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
BALANCE SHEET |
30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2022 |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
1. | STATUTORY INFORMATION |
Ridgway Holdings International Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements are for the individual entity only. |
The financial statements are presented in Sterling (£), rounded to the nearest £1. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
Significant judgements and estimates |
Owing to the nature of the individual entity's activities, there are no significant judgements or estimates required so as to produce accounts for the entity. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to it working condition for its intended use. |
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. |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
3. | ACCOUNTING POLICIES - continued |
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. |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
30.4.22 | 30.4.21 |
£ | £ |
Auditors' remuneration |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 April 2022 nor for the year ended 30 April 2021. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.22 | 30.4.21 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Income from shares in subsidiaries | ( |
) |
Losses carried forward |
Group relief surrendered |
Total tax charge |
No deferred tax liability arose at either 30 April 2022 or 30 April 2021. |
6. | DIVIDENDS |
30.4.22 | 30.4.21 |
£ | £ |
Ordinary shares of £0.01 each |
Interim dividend |
7. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 May 2021 |
and 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
and 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
8. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2021 |
Disposals | ( |
) |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Amounts owed by group undertakings |
VAT |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Amounts owed to group undertakings |
Directors' current accounts |
Accrued expenses |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.22 | 30.4.21 |
value: | £ | £ |
Ordinary | £0.01 | 2 | 2 |
Ordinary shares are entitled to full voting rights and dividends. |
RIDGWAY HOLDINGS INTERNATIONAL LTD (REGISTERED NUMBER: 03209914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2021 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 30 April 2022 |
Retained earnings includes all current and prior period retained profits and losses. |
13. | ULTIMATE PARENT COMPANY |
The immediate parent company is Sandford Assets Limited. Sandford Assets Limited is the parent of the smallest group for which consolidated financial statements are prepared, which include Ridgway Holdings International Limited. |
The ultimate parent company is Ridgway Holdings Limited, a company registered in England and Wales. |
Ridgway Holdings Limited is the parent of the largest group for which consolidated financial statements are prepared, which include Ridgway Holdings International Limited. |
Group accounts are freely available from Companies House. |
The registered office of both the immediate parent company and the ultimate parent company is Earthmover House Ridgway Business Park, St Martins, Oswestry, Shropshire, SY11 3PZ. |
14. | CONTINGENT LIABILITIES |
The company has provided an unlimited cross guarantee to Barclays Bank plc, dated 7 June 2018 in respect of bank borrowings of Ridgway Properties Limited, a group company. As at the year end the contingent liability in respect of this cross guarantee amounted to £175,193 (2021: £199,173). |
Ridgway Holdings International Limited has provided a guarantee to secure the bank borrowings and debt factoring of Ridgway Rentals Limited. |
Ridgway Holdings International Limited and the immediate holding parent company Sandford Assets Limited, have provided guarantees to secure various hire purchase liabilities of the subsidiary Ridgway Rentals Limited totalling £39,345,044 (2021: £40,949,716). |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is in the ultimate parent company, Ridgway Holdings Limited. |