Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseshopfitters and office refurbishers4041truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02672506 2022-04-01 2023-03-31 02672506 2021-04-01 2022-03-31 02672506 2023-03-31 02672506 2022-03-31 02672506 2021-04-01 02672506 c:Director2 2022-04-01 2023-03-31 02672506 d:Buildings 2022-04-01 2023-03-31 02672506 d:Buildings 2023-03-31 02672506 d:Buildings 2022-03-31 02672506 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02672506 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 02672506 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 02672506 d:PlantMachinery 2022-04-01 2023-03-31 02672506 d:MotorVehicles 2022-04-01 2023-03-31 02672506 d:FurnitureFittings 2022-04-01 2023-03-31 02672506 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02672506 d:OtherPropertyPlantEquipment 2023-03-31 02672506 d:OtherPropertyPlantEquipment 2022-03-31 02672506 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02672506 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 02672506 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02672506 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 02672506 d:CurrentFinancialInstruments 2023-03-31 02672506 d:CurrentFinancialInstruments 2022-03-31 02672506 d:Non-currentFinancialInstruments 2023-03-31 02672506 d:Non-currentFinancialInstruments 2022-03-31 02672506 d:Non-currentFinancialInstruments 1 2023-03-31 02672506 d:Non-currentFinancialInstruments 1 2022-03-31 02672506 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02672506 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02672506 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02672506 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02672506 d:ShareCapital 2023-03-31 02672506 d:ShareCapital 2022-03-31 02672506 d:RetainedEarningsAccumulatedLosses 2023-03-31 02672506 d:RetainedEarningsAccumulatedLosses 2022-03-31 02672506 c:FRS102 2022-04-01 2023-03-31 02672506 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02672506 c:FullAccounts 2022-04-01 2023-03-31 02672506 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02672506 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02672506 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 02672506 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02672506 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 02672506 2 2022-04-01 2023-03-31 02672506 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02672506 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 02672506






RUGGLES & JEFFERY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










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RUGGLES & JEFFERY LIMITED
REGISTERED NUMBER:02672506

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
171,912
150,923

  
171,912
150,923

Current assets
  

Stocks
 5 
49,732
16,456

Debtors: amounts falling due within one year
 6 
1,574,550
1,513,588

Cash at bank and in hand
 7 
3,349
3,466

  
1,627,631
1,533,510

Creditors: amounts falling due within one year
 8 
(1,050,112)
(1,141,176)

Net current assets
  
 
 
577,519
 
 
392,334

Total assets less current liabilities
  
749,431
543,257

Creditors: amounts falling due after more than one year
 9 
(43,304)
(1,000)

Provisions for liabilities
  

Deferred tax
 11 
(19,477)
(15,167)

  
 
 
(19,477)
 
 
(15,167)

Net assets
  
686,650
527,090


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
676,650
517,090

  
686,650
527,090


Page 1

 
RUGGLES & JEFFERY LIMITED
REGISTERED NUMBER:02672506
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
I H Jeffery
Director

Date: 23 August 2023

Page 2

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Ruggles & Jeffery Limited is a private company limited by shares, incorporated in England and Wales.
Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB. 
The principal activity of the company continued to be that of shopfitters and office refurbishers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
Over the term of the lease
Tools
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.13

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 -41).

Page 7

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
110,561
341,738
452,299


Additions
-
72,926
72,926


Disposals
-
(58,577)
(58,577)



At 31 March 2023

110,561
356,087
466,648



Depreciation


At 1 April 2022
39,464
261,912
301,376


Charge for the year on owned assets
2,211
23,765
25,976


Charge for the year on financed assets
-
17,956
17,956


Disposals
-
(50,572)
(50,572)



At 31 March 2023

41,675
253,061
294,736



Net book value



At 31 March 2023
68,886
103,026
171,912



At 31 March 2022
71,097
79,826
150,923


5.


Stocks

2023
2022
£
£

Work in progress
49,732
16,456

49,732
16,456




Page 8

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,239,418
1,242,679

Amounts owed by group undertakings
19,338
-

Other debtors
740
15

Prepayments and accrued income
29,190
27,096

Amounts recoverable on long term contracts
285,864
243,798

1,574,550
1,513,588



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,349
3,466

Less: bank overdrafts
(343,054)
(291,564)

(339,705)
(288,098)


Page 9

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
343,054
291,564

Trade creditors
374,464
555,663

Amounts owed to group undertakings
-
52,564

Other taxation and social security
229,134
154,917

Obligations under finance lease and hire purchase contracts
21,749
1,310

Other creditors
9,375
8,811

Accruals and deferred income
72,336
76,347

1,050,112
1,141,176


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts
343,054
291,564

343,054
291,564

Details of security provided:

The bank overdraft is secured by a deposit agreement dated 7 November 2003, a debenture dated 9 December 2005 and an unlimited guarantee from Ruggles & Jeffery Holdings Limited dated April 1999.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
42,304
-

Share capital treated as debt
1,000
1,000

43,304
1,000


Page 10

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
21,749
1,318

Between 1-5 years
42,304
-

64,053
1,318


11.


Deferred taxation




2023
2022


£

£






At beginning of year
(15,167)
(18,973)


Charged to profit or loss
(4,310)
3,806



At end of year
(19,477)
(15,167)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
19,477
15,167

19,477
15,167


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £92,670 (2022: £78.313). Contributions totalling £6,988 (2022: 7,451) were payable to the fund at the balance sheet date.

 
Page 11