Company registration number 02186453 (England and Wales)
Royds Properties Limited
Financial Statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Royds Properties Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Royds Properties Limited
Statement Of Financial Position
as at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,998
52,985
Investment properties
5
18,479,745
20,020,751
Investments
4
400,000
-
0
18,920,743
20,073,736
Current assets
Debtors
6
2,643,073
3,047,072
Cash at bank and in hand
423,248
401,064
3,066,321
3,448,136
Creditors: amounts falling due within one year
7
(942,485)
(1,055,996)
Net current assets
2,123,836
2,392,140
Total assets less current liabilities
21,044,579
22,465,876
Creditors: amounts falling due after more than one year
8
(4,610,000)
(6,300,000)
Provisions for liabilities
9
(963,797)
(726,408)
Net assets
15,470,782
15,439,468
Capital and reserves
Called up share capital
1,600,000
1,600,000
Revaluation reserve
3,205,037
4,081,901
Profit and loss reserves
10,665,745
9,757,567
Total equity
15,470,782
15,439,468

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 6 October 2023 and are signed on its behalf by:
M J Royds
Director
Company Registration No. 02186453
Royds Properties Limited
Notes to the financial statements
for the year ended 31 March 2023
- 2 -
1
Accounting policies
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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the total invoice value of rent receivable and other income derived from the provision of services falling within the company's ordinary activities. Turnover is recognised on an accruals basis.

Tangible fixed assets

Tangible fixed assets are measured at cost 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
10% straight line
Plant and machinery
10% to 25% on cost
Motor vehicles
25% on written down value

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.

Investment properties

Investment property 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. The surplus or deficit on revaluation is recognised in the income statement.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
25,017
281,540
90,422
396,979
Depreciation and impairment
At 1 April 2022
25,017
244,362
74,615
343,994
Depreciation charged in the year
-
0
7,553
4,434
11,987
At 31 March 2023
25,017
251,915
79,049
355,981
Carrying amount
At 31 March 2023
-
0
29,625
11,373
40,998
At 31 March 2022
-
0
37,178
15,807
52,985
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
400,000
-
0

On 16 December 2022 Royds Properties purchased 400,000 £1 preference shares in Royds Pub Co Ltd, a company with common directors.

Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 4 -
5
Investment property
2023
£
Fair value
At 1 April 2022
20,020,751
Additions
238,994
Disposals
(1,680,000)
Revaluations
(100,000)
At 31 March 2023
18,479,745

The investment properties were revalued by the director.

On 31 March 2023 the historical cost of these properties was £14,206,362 (2022: £14,981,368)

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
94,641
71,561
Amounts owed by group undertakings
66
66
Amounts due from connected companies
2,548,366
2,960,740
VAT recoverable
-
14,705
2,643,073
3,047,072
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
70,000
170,000
Trade creditors
250,630
309,435
Corporation tax
114,637
129,675
Other taxation and social security
58,215
5,802
Directors loan account
227,002
247,002
Accruals and deferred income
222,001
194,082
942,485
1,055,996
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,610,000
6,300,000

A bank loan totalling £4,400,000 is secured by an unlimited debenture and legal charges over the assets of the company, it is repayable on 8 July 2024.

 

A second bank loan totalling £280,000 is secured by an unlimited debenture and legal charges over the assets of the company, it is payable on 26 February 2027.

Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 5 -
9
Provisions for liabilities

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
(52,181)
(38,214)
Tax losses
(52,367)
(192,860)
Revaluations
1,068,345
957,482
963,797
726,408
2023
Movements in the year:
£
Liability at 1 April 2022
726,408
Charge to profit or loss
10,253
Effect of change in tax rate - profit or loss
227,136
Liability at 31 March 2023
963,797
10
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:
Charles R Moorby
Statutory Auditor:
B M Howarth Ltd
11
Financial commitments, guarantees and contingent liabilities

The bank loans are secured by fixed charges over investment properties and unlimited cross guarantees with Royds Estates Limited and Royds Industrial Properties Ltd.

12
Parent company

The company's ultimate parent undertaking at the balance sheet date was George Lumb Holdings Limited, a company registered in England and Wales.

13
Company information

Royds Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Gledholt Business Park, Allen Row, Paddock, Huddersfield, West Yorkshire, HD1 4SB.

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