Company registration number 02420996 (England and Wales)
RIPLEYS AUTO SPARES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
RIPLEYS AUTO SPARES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
RIPLEYS AUTO SPARES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
290,440
295,429
Current assets
Trade and other receivables
5
1,141,909
829,965
Cash and cash equivalents
12,481
9,172
1,154,390
839,137
Current liabilities
6
(202,571)
(44,639)
Net current assets
951,819
794,498
Total assets less current liabilities
1,242,259
1,089,927
Provisions for liabilities
7
(2,646)
(2,431)
Net assets
1,239,613
1,087,496
Equity
Called up share capital
20
20
Capital redemption reserve
10
10
Retained earnings
1,239,583
1,087,466
Total equity
1,239,613
1,087,496
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr O Ripley
Director
Company Registration No. 02420996
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Ripleys Auto Spares Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 North Street, Hailsham, East Sussex, BN27 1DQ.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Ripley Group Limited. These consolidated financial statements are available from its registered office, 5 North Street, Hailsham, East Sussex, BN27 1DQ.
1.2
Revenue
Turnover represents amounts receivable in respect of wholesaling of scrap vehicles net of VAT and trade discounts.
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.
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Property, plant and equipment
Property, plant and equipment 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 Freehold
50 years straight line
Plant and machinery
10 years straight line
Fixtures, fittings & equipment
10 years straight line
Motor vehicles
10 years straight line
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.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.5
Cash and cash equivalents
Cash and cash equivalents 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.
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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 trade and other receivables 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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.10
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 non-current 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
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 in the period are included in profit or loss.
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
10
4
Property, plant and equipment
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
334,960
51,811
2,721
29,587
419,079
Additions
4,050
4,050
At 31 March 2022
334,960
55,861
2,721
29,587
423,129
Depreciation and impairment
At 1 April 2021
70,217
35,380
2,721
15,332
123,650
Depreciation charged in the year
2,899
3,181
2,959
9,039
At 31 March 2022
73,116
38,561
2,721
18,291
132,689
Carrying amount
At 31 March 2022
261,844
17,300
11,296
290,440
At 31 March 2021
264,743
16,431
14,255
295,429
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
11,132
9,165
Amounts owed by group undertakings
255,300
Other receivables
1,130,777
565,500
1,141,909
829,965
6
Current liabilities
2022
2021
£
£
Bank loans and overdrafts
31
31
Trade payables
4,809
2,936
Corporation tax
65,933
28,460
Other taxation and social security
2,966
2,877
Other payables
128,832
10,335
202,571
44,639
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
2,646
2,431
2022
Movements in the year:
£
Liability at 1 April 2021
2,431
Charge to profit or loss
215
Liability at 31 March 2022
2,646
Of the deferred tax liability set out above, £30 is expected to reverse within 12 months
and relates to accelerated capital allowances that are expected to mature within the same period.
RIPLEYS AUTO SPARES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Steven Griffen FCA FCCA
Statutory Auditor:
Plummer Parsons Accountants Limited
Date of audit report:
20 November 2023
9
Financial commitments, guarantees and contingent liabilities
The company is a party to cross guarantee arrangements with its associated companies H. Ripley Group Ltd, H. Ripley & Co Ltd and C. Gearing & Son Ltd in support of their borrowings. The guarantee includes fixed and floating charges over all of the assets of the company.
10
Parent company
The Parent Company of Ripley Auto Spares Limited is Ripley Group Limited (Co. No. 07527610). The registered office of the Parent Company is 5, North Street, Hailsham, East Sussex BN27 1DQ.
The accounts of Ripley Auto Spares Limited are consolidated into the financial statements of Ripley Group Limited.
11
Subsequent events
On 4 April 2022 as part of a group restructuring, the entire business and assets of Ripleys Auto Spares Limited were transferred up to its parent company H. Ripley & Co Limited, at their stated values.
Ripleys Auto Spares Limited has since remained dormant.
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
H. Ripley & Co Ltd
998,962
820,800
2022-03-312021-04-01false20 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr O RipleyMr B RipleyMr M J RipleyMr M J Ripleyfalse024209962021-04-012022-03-31024209962022-03-31024209962021-03-3102420996core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3102420996core:PlantMachinery2022-03-3102420996core:FurnitureFittings2022-03-3102420996core:MotorVehicles2022-03-3102420996core:LandBuildingscore:OwnedOrFreeholdAssets2021-03-3102420996core:PlantMachinery2021-03-3102420996core:FurnitureFittings2021-03-3102420996core:MotorVehicles2021-03-3102420996core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102420996core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-3102420996core:CurrentFinancialInstruments2022-03-3102420996core:CurrentFinancialInstruments2021-03-3102420996core:ShareCapital2022-03-3102420996core:ShareCapital2021-03-3102420996core:CapitalRedemptionReserve2022-03-3102420996core:CapitalRedemptionReserve2021-03-3102420996core:RetainedEarningsAccumulatedLosses2022-03-3102420996core:RetainedEarningsAccumulatedLosses2021-03-3102420996bus:Director12021-04-012022-03-3102420996core:LandBuildingscore:OwnedOrFreeholdAssets2021-04-012022-03-3102420996core:PlantMachinery2021-04-012022-03-3102420996core:FurnitureFittings2021-04-012022-03-3102420996core:MotorVehicles2021-04-012022-03-31024209962020-04-012021-03-3102420996core:LandBuildingscore:OwnedOrFreeholdAssets2021-03-3102420996core:PlantMachinery2021-03-3102420996core:FurnitureFittings2021-03-3102420996core:MotorVehicles2021-03-31024209962021-03-3102420996core:WithinOneYear2022-03-3102420996core:WithinOneYear2021-03-3102420996bus:PrivateLimitedCompanyLtd2021-04-012022-03-3102420996bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-3102420996bus:FRS1022021-04-012022-03-3102420996bus:Audited2021-04-012022-03-3102420996bus:Director22021-04-012022-03-3102420996bus:Director32021-04-012022-03-3102420996bus:CompanySecretary12021-04-012022-03-3102420996bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP