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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Ripstone Ltd. |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Ripstone Ltd. |
Ripstone Ltd. (Registered number: 07489192) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ripstone Ltd. |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
2nd Floor |
56 Hamilton Square |
Birkenhead |
Merseyside |
CH41 5AS |
Ripstone Ltd. (Registered number: 07489192) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET ASSETS |
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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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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. |
Ripstone Ltd. (Registered number: 07489192) |
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Balance Sheet - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Ripstone Ltd. (Registered number: 07489192) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Ripstone Ltd. is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is represented by:- |
- the net invoiced sales of services. |
- the sale of software downloaded by customers via a third party distributor. Such revenue is recognised at the point the |
download is completed. |
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Both of the above exclude value added tax. |
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Capitalised development costs |
Costs relating to the development of the new products are capitalised and disclosed as an intangible asset once the |
Company has determined that:- |
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- the product is technically and commercially feasible. |
- the project is clearly defined and associated costs are separately identifiable |
- future revenues are expected to exceed current and future costs of the product |
- the Company has the intention, ability and resources to complete development of the product |
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Development costs will include advances payable to external developers under development agreements and the direct |
payroll and overhead costs of the internal development teams. Amounts relating to software development which are not |
capitalised are expenses as incurred. |
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Deferred development expenditure for each unreleased product is reviewed at the end of each accounting period and |
where circumstances which have justified the deferral of the expenditure, as set out above, no longer apply, or are |
considered doubtful the previously capitalised development expenditure to the extent to which is considered to be |
irrecoverable, is immediately impaired on a project by project basis. |
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On product release, capitalised development costs are amortised in accordance with the proportion of revenue |
generated to date compared with total forecast revenue. At the end of financial year, the carrying value of each product |
is assessed. Where the forecast revenue for the product does not exceed the current and future costs of the product, a |
provision for impairment is recognised. |
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Capitalised development costs are removed from the schedule of intangible fixed asset 5 years after the product release. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Ripstone Ltd. (Registered number: 07489192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ripstone Ltd. (Registered number: 07489192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Ripstone Ltd. (Registered number: 07489192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Other creditors |
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10. | POST BALANCE SHEET EVENTS |
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A charge was created on 14th May 2018 as a result of a loan made to the company by Creative England Limited. |
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The charge is a fixed charge, a floating charge (covering all the property or undertaking of the company) and the charge |
also contains a negative pledge. |
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11. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |