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REGISTERED NUMBER: 03409971 (England and Wales)















THE OLD RECTORY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023






THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE OLD RECTORY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: A Kumar





SECRETARY: A Kumar





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 03409971 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,198,949 838,823
1,198,949 838,823

CURRENT ASSETS
Inventories 275 275
Debtors 6 279,931 312,925
Cash at bank and in hand 113,683 138,288
393,889 451,488
CREDITORS
Amounts falling due within one year 7 (1,268,559 ) (1,015,938 )
NET CURRENT LIABILITIES (874,670 ) (564,450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

324,279

274,373

CREDITORS
Amounts falling due after more than one
year

8

(268,490

)

(305,895

)
NET ASSETS/(LIABILITIES) 55,789 (31,522 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 54,789 (32,522 )
SHAREHOLDERS' FUNDS 55,789 (31,522 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2024 and were signed by:





A Kumar - Director


THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

The Old Rectory Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03409971. The registered office is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Included within current liabilities is a director's loan account balance of £1,016,554, the director has confirmed the repayment of this balance will not be sought until the company is in a position to repay it. The director has assessed the business risks faced by the company and is satisfied that it is well placed to manage these risks. Accordingly, the director is satisfied that the financial statements are correctly prepared on the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset is considered the key estimate in calculating an appropriate depreciation charge.

Estimating the recoverability of trade debtors is considered the key judgement in calculating the bad debt provision at the year end.

Revenue
Revenue comprises the aggregate of the fair value of the sale of services provided, net of rebates and discounts. Service revenues are recognised as those services are provided to residents.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, has been fully amortised evenly over its estimated useful life of twenty years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 10% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants of a revenue nature are credited to income in the period to which they relate.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is derived from purchase price, net of value added tax.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 41 ) .

THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 139,115
AMORTISATION
At 1 May 2022
and 30 April 2023 139,115
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 774,066 477,696 1,251,762
Additions - 375,637 375,637
At 30 April 2023 774,066 853,333 1,627,399
DEPRECIATION
At 1 May 2022 250,561 162,378 412,939
Charge for year - 15,511 15,511
At 30 April 2023 250,561 177,889 428,450
NET BOOK VALUE
At 30 April 2023 523,505 675,444 1,198,949
At 30 April 2022 523,505 315,318 838,823

In the opinion of the director, the residual value of the freehold property is approximately equal to the book value brought forward. Any further charge for depreciation is considered to be immaterial and therefore no current year charge has been applied.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,000 -
Other debtors 262,931 312,925
279,931 312,925

THE OLD RECTORY LIMITED (REGISTERED NUMBER: 03409971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 37,267 37,137
Trade creditors 156 53,363
Taxation and social security 140,146 133,434
Other creditors 1,090,990 792,004
1,268,559 1,015,938

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 268,490 305,895

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 118,056 156,015

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 265,078 297,078

Bank loans are secured by means of a fixed and floating charge over the assets of the company.