REGISTERED NUMBER:
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JOHN RITCHIE LIMITED |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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REGISTERED NUMBER:
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JOHN RITCHIE LIMITED |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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John Ritchie Limited is a private company, limited by shares, registered in Scotland. The registered office is 42 Beansburn, Kilmarnock, KA3 1RL. |
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The financial statements are presented in Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. |
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Going concern |
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the company following the restrictions and other conditions placed throughout the UK due to the Covid 19 pandemic, including the recoverability of debtors and the continued support of creditors. After due consideration, the directors consider it appropriate to prepare the financial statements on a going concern basis as the company will be supported financially by its parent undertaking if required. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise income when substantively all the risks and rewards in connection with the goods have been passed to the buyer. |
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Subscription income included in turnover is recognised in the period to which it relates. |
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Intangible assets |
Intangible assets, being website development costs, are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised on a straight line basis over their estimated useful life. The useful life of website development costs is estimated at 3 years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Items over £249 are capitalised. |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Impairment of tangible fixed assets |
At each reporting date, tangible fixed assets are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of the in use value and the fair value less costs to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and from related parties. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured initially, and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown withing borrowings in current liabilities. |
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Provisions |
Provisions are recognised where the company has a legal or constructive obligation at the reporting date resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the period in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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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. |
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Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Grants |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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Grant assistance of a capital nature is deferred and credited to the profit and loss account in line with the depreciation charged in respect of the related asset. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
The company has future leasing operating commitments of £2,248 (2020: £3,565). |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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JOHN RITCHIE LIMITED (REGISTERED NUMBER: SC413624) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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10. | POST BALANCE SHEET EVENTS |
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Since 31 March 2020 the UK's economic outlook has deteriorated as a consequence of the Covid-19 pandemic and the measures taken by the government to control the spread of the virus. At this point, it is not possible to estimate the future financial effect of this ongoing event. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of the Lord's Work Trust. The registered office of the Lord's Work Trust is 42 Beansburn, Kilmarnock, KA3 1RL. |
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12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |