Ridgebay Investments Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 04060801 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

RIDGEBAY INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Knox

P C Birdseye

SECRETARY:

A J Knox

REGISTERED OFFICE:

102 Loddon Bridge Road

Woodley

Reading

Berkshire

RG5 4AW

REGISTERED NUMBER:

04060801 (England and Wales)

CURRENT ASSETS

Stocks

-

34,872

Debtors

5

-

72,860

Cash at bank and in hand

27,647

1,322

27,647

109,054

CREDITORS

Amounts falling due within one year

6

960

960

NET CURRENT ASSETS

26,687

108,094

TOTAL ASSETS LESS CURRENT LIABILITIES

26,687

108,094

CREDITORS

Amounts falling due after more than one year

7

750,386

747,886

NET LIABILITIES

(723,699

)

(639,792

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(723,799

)

(639,892

)

SHAREHOLDERS' FUNDS

(723,699

)

(639,792

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

A J Knox - Director

1.	STATUTORY INFORMATION

Ridgebay Investments Limited is a private company, limited by shares, incorporated in England and Wales and has its registered office and principal place of business at 102 Loddon Bridge Road, Woodley, Reading, Berkshire, RG5 4AW.

The principal activity of the company is to a holding company to a Hungarian construction materials manufacturing company.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

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 is measured at the fair value of the consideration received or receivable. Turnover is stated after discounts and sales taxes.

Revenue from the sale of stocks is recognised when all the following conditions are satisfied:

(i) the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

(ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the stocks sold;

(iii) the amount of revenue can be measured reliably;

(iv) it is probable that the economic benefits associated with the transaction will flow to the Company; and

(v) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of stocks is recognised on completion and legal title is passed.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price.

Going concern

The accounts have been prepare on a going concern basis and the validity of this assumption is dependent upon the continuing support of the directors and shareholders.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 January 2022

241,198

Disposals

(241,198

)

At 31 December 2022

-

PROVISIONS

At 1 January 2022

241,198

Eliminated on disposal

(241,198

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

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

Kisterenyei Kft

Registered office: Hungary

Nature of business: Construction materials manufacture

%

Class of shares:

holding

Ordinary

75.00

31.12.22

31.12.21

£

£

Aggregate capital and reserves

-

(1,233

)

Loss for the year

-

(815

)

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed by group undertakings

-

72,860

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Accruals and deferred income

960

960

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Shareholder loan

750,386

747,886

8.	GOING CONCERN

The balance sheet as at 31 December 2022 shows a deficit in the shareholders' funds. The company is dependent on the support of Mr A J Knox, a director and shareholder, who has confirmed that he will not seek repayment of his loan due to him by the company for at least 12 months from the approval of the accounts. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.