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Company Registration No. 00126330 (England and Wales)
RITHERDON & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
RITHERDON & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
RITHERDON & CO LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
1,669
Tangible assets
4
317,376
352,476
Investments
5
484,667
480,521
802,043
834,666
Current assets
Stocks
358,583
363,022
Debtors
6
322,699
598,202
Cash at bank and in hand
1,159,861
1,038,127
1,841,143
1,999,351
Creditors: amounts falling due within one year
7
(390,336)
(568,840)
Net current assets
1,450,807
1,430,511
Total assets less current liabilities
2,252,850
2,265,177
Creditors: amounts falling due after more than one year
8
(1,725)
(2,254)
Provisions for liabilities
(20,472)
(23,356)
Net assets
2,230,653
2,239,567
Capital and reserves
Called up share capital
10
1,962
1,962
Profit and loss reserves
2,228,691
2,237,605
Total equity
2,230,653
2,239,567

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

For the financial year ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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

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

RITHERDON & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 June 2018 and are signed on its behalf by:
Dr B Ritherdon
Director
Company Registration No. 00126330
RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 3 -
1
Accounting policies
Company information

Ritherdon & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lorne Street, Darwen, Lancashire, BB3 1QW.

1.1
Accounting convention

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
2% - 5%  straight line
Plant, machinery and traffic light equipment
25% reducing balance
Fixtures, fittings & computer equipment
33% straight line
Computer software
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash at bank and in hand 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.

1.9
Financial instruments

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

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.

Classification of financial liabilities

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

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.

1.10
Equity instruments

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

RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 6 -
1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 7 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 43 (2017 - 43).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2017 and 28 February 2018
10,002
Amortisation and impairment
At 1 March 2017
8,333
Amortisation charged for the year
1,669
At 28 February 2018
10,002
Carrying amount
At 28 February 2018
-
At 28 February 2017
1,669
RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2017
200,279
1,822,955
2,023,234
Additions
-
35,048
35,048
At 28 February 2018
200,279
1,858,003
2,058,282
Depreciation and impairment
At 1 March 2017
57,467
1,613,293
1,670,760
Depreciation charged in the year
9,276
60,870
70,146
At 28 February 2018
66,743
1,674,163
1,740,906
Carrying amount
At 28 February 2018
133,536
183,840
317,376
At 28 February 2017
142,812
209,664
352,476
5
Fixed asset investments
2018
2017
£
£
Investments
484,667
480,521
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 March 2017
480,521
Additions
1,947
Valuation changes
2,199
At 28 February 2018
484,667
Carrying amount
At 28 February 2018
484,667
At 28 February 2017
480,521
RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 9 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
296,657
562,041
Other debtors
26,042
36,161
322,699
598,202
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
199,600
294,737
Corporation tax
7,256
22,835
Other taxation and social security
101,520
96,049
Other creditors
81,960
155,219
390,336
568,840
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,725
2,254
9
Government grants
2018
2017
£
£
Arising from government grants
1,725
2,254

Deferred income is included in the financial statements as follows:

2018
2017
£
£
Non-current liabilities
1,725
2,254
1,725
2,254

The grant was received in respect of the purchase of a pressbrake machine and has the conditions of employing a number of staff which have been met.

RITHERDON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 10 -
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,962 Ordinary shares of £1 each
1,962
1,962
1,962
1,962
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
93
17,903
2018-02-282017-03-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity01 June 2018Mr H RitherdonDr B RitherdonMr B DerbyshireMr R J WrightMr M H Davenport001263302017-03-012018-02-28001263302018-02-28001263302017-02-2800126330core:NetGoodwill2017-02-2800126330core:LandBuildings2018-02-2800126330core:OtherPropertyPlantEquipment2018-02-2800126330core:LandBuildings2017-02-2800126330core:OtherPropertyPlantEquipment2017-02-2800126330core:CurrentFinancialInstruments2018-02-2800126330core:CurrentFinancialInstruments2017-02-2800126330core:Non-currentFinancialInstruments2018-02-2800126330core:Non-currentFinancialInstruments2017-02-2800126330core:ShareCapital2018-02-2800126330core:ShareCapital2017-02-2800126330core:RetainedEarningsAccumulatedLosses2018-02-2800126330core:RetainedEarningsAccumulatedLosses2017-02-2800126330core:ShareCapitalOrdinaryShares2018-02-2800126330core:ShareCapitalOrdinaryShares2017-02-2800126330bus:Director22017-03-012018-02-2800126330core:Goodwill2017-03-012018-02-2800126330core:LandBuildingscore:LeasedAssetsHeldAsLessee2017-03-012018-02-2800126330core:PlantMachinery2017-03-012018-02-2800126330core:FurnitureFittings2017-03-012018-02-2800126330core:ComputerEquipment2017-03-012018-02-2800126330core:MotorVehicles2017-03-012018-02-2800126330core:NetGoodwill2017-02-2800126330core:NetGoodwill2018-02-2800126330core:NetGoodwill2017-03-012018-02-2800126330core:LandBuildings2017-02-2800126330core:OtherPropertyPlantEquipment2017-02-28001263302017-02-2800126330core:OtherPropertyPlantEquipment2017-03-012018-02-2800126330core:LandBuildings2017-03-012018-02-2800126330bus:OrdinaryShareClass12017-03-012018-02-2800126330bus:OrdinaryShareClass12018-02-2800126330bus:PrivateLimitedCompanyLtd2017-03-012018-02-2800126330bus:FRS1022017-03-012018-02-2800126330bus:AuditExemptWithAccountantsReport2017-03-012018-02-2800126330bus:SmallCompaniesRegimeForAccounts2017-03-012018-02-2800126330bus:Director12017-03-012018-02-2800126330bus:Director32017-03-012018-02-2800126330bus:Director42017-03-012018-02-2800126330bus:Director52017-03-012018-02-2800126330bus:FullAccounts2017-03-012018-02-28xbrli:purexbrli:sharesiso4217:GBP