Company Registration No. SC314734 (Scotland)
WILLIAM RIDDELL & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
WILLIAM RIDDELL & SONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WILLIAM RIDDELL & SONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
696,318
696,318
Current assets
Debtors
5
287
1,123
Cash at bank and in hand
165,051
172,085
165,338
173,208
Creditors: amounts falling due within one year
6
(1,362,447)
(1,362,447)
Net current liabilities
(1,197,109)
(1,189,239)
Net liabilities
(500,791)
(492,921)
Capital and reserves
Called up share capital
50,000
55,355
Profit and loss reserves
(550,791)
(548,276)
Total equity
(500,791)
(492,921)
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 31 December 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 30 May 2023 and are signed on its behalf by:
J L Gallienne
Director
Company Registration No. SC314734
WILLIAM RIDDELL & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
William Riddell & Sons Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Lynedoch Crescent, Glasgow, G3 6EQ.
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
Going concern
In the opinion of the directors the company is a going concern and the shareholders will provide required funding to support the company for the foreseeable future.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
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.
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 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.
WILLIAM RIDDELL & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.7
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
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.
WILLIAM RIDDELL & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
13,077
Amortisation and impairment
At 1 January 2022 and 31 December 2022
13,077
Carrying amount
At 31 December 2022
At 31 December 2021
The company acquired the trade mark ''William Riddell'' in the year 2010.
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
696,318
Investment property comprises a property located in Russia. The fair value of the investment property has been arrived at on the basis of a valuation made by an independent property valuer on 27th September 2021.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
144
1,123
Prepayments and accrued income
143
287
1,123
WILLIAM RIDDELL & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
1,359,847
1,359,847
Accruals and deferred income
2,600
2,600
1,362,447
1,362,447
Included in other creditors is an amount of £1,359,847 (2020: £1,359,847) due to the controlling party. The loan is interest free and repayable on demand.
7
Profit and loss reserves
Included in retained losses at the end of the year is an amount of £371,593 (2021: £371,593) in respect of losses as a result of downward revaluations of the investment property. The balance of £179,198 is attributed to trading losses.
8
Related party transactions
Included in other creditors is an amount of £1,359,847 (2020: £1,359,847) due to the controlling party. The loan is interest free and repayable on demand.
9
Parent company
The company was under the control of its immediate parent company, Compagnia Fiduciaria Nazionale SPA, a company registered in Italy as trustees. The address of the company is: Galleria De Cristoforis 3, Milan, MI 20122, Italy.
10
Deferred Tax Asset
The Company is subject to UK corporation tax at the rate of 19%. The Company has an unrecognised deferred tax asset of £104,650 arising on cumulative losses. No deferred tax has been recognised as it is not considered probable that there will be future taxable profits, realisable in the near future.
Deferred tax assets and liabilities are offset only where the Company has a legally enforceable right to do so and where the assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable Company.