RINGWAY ISLAND ROADS LIMITED

1. RINGWAY ISLAND ROADS LIMITED 2012-07-12 → present
2. RINGWAY WIGHT HIGHWAYS LIMITED 2012-06-18 → 2012-07-12

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Constantin

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have received a financial support letter from the Company's parent company that adequate resources will be made available to meet the Company's requirement for working capital during the operation of the contract. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.”

Significant events

• “The Core Investment Phase was severely affected by a number of significant issues; the delays in gaining planning permission to give a suitable asphalt supply on the Island in the first two years; the mass TUPE process of staff coming from Isle of Wight Council; staff turnover in the contract team at the Isle of Wight Council; changes in the political leadership of the Council since the commencement of the contract; a complicated PFI Contract with onerous Payment Mechanisms with Key Performance Indicator's linked to various services and milestones; and some local, organised opposition to the PFI model in the early part of the contract, which diminished as positive changes to the highway infrastructure on the island have begun to show.”
• “At the end of 2017, Isle of Wight Council announced a need to reduce costs across all of the Authority, as part of the austerity reductions and to meet reduced central Government funding. Isle of Wight Council re-hired the architect of their PFI and leader of the tender process, to work on a new Agreement that reduces costs to the Isle of Wight Council from the Highways PFI, with the first measures of reduction in service undertaken in April 2019, additional services reductions commenced in April 2022 and additional structures were added to the Contract, following an Adjudication decision in 2021.”
• “In March 2023, the team concluded a programme of work for additional structures and parapet rehabilitation, moving this contract from Core Investment, into the Post Core Investment Phase.”
• “A key project in this period was the Belgrave Road project which involved complex stabilisation and rebuilding of a series of terraces in Ventnor on the south coast of the island. This project won the national 2023 Ground Engineering Award in the category of UK Project with a Geotechnical Value of between £1M and £3M.”
• “Unseasonably wet weather throughout 2023 and in to 2024, alongside a complex geological environment on the island, has led to significant logistical and operational challenges, particularly in the south, in terms of managing the integrity and serviceability of the highway network.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -16.6%

  £22,231,881 → £18,544,400

• Cash

  +0.2%

  £893,808 → £895,981

• Net assets

  -0.8%

  -£51,853,263 → -£52,293,000

• Employees

  -4.2%

  190 → 182

• Operating profit

  +34.7%

  -£862,825 → -£563,029

• Profit before tax

  +32.5%

  -£873,488 → -£589,637

• Wages

  +1.1%

  £6,491,551 → £6,565,690

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers