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Company Registration No. 03450320 (England and Wales)







PATRICK RUDDY HOMES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
PATRICK RUDDY HOMES LIMITED
 
 
COMPANY INFORMATION


Directors
Patrick Joseph Ruddy 
Eileen Catherine Ruddy 
Lee Myles Ruddy 
Alan Joseph Ruddy 




Company secretary
Lee Myles Ruddy



Registered number
03450320



Registered office
Enterprise Way
Flitwick

Bedford

MK45 5BS




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Natwest Bank
22 King's Mall

Hammersmith

London

W6 0PZ




Solicitors
DAC Beachcroft LLP
25 Walbrook

London

EC4N 8AF





 
PATRICK RUDDY HOMES LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Profit and Loss Account
 
 
9
Balance Sheet
 
 
10
Statement of Changes in Equity
 
 
11
Statement of Cash Flows
 
 
12
Analysis of Net Debt
 
 
13
Notes to the Financial Statements
 
 
14 - 20


 
PATRICK RUDDY HOMES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report together with the financial statements of the company for the year ended 31 December 2022. 
Principal activities
The company's principal activity continues to be residential property development and building contracts.

Financial key performance indicators
 
The key financial highlights of the company for the last four years are as follows:



2022
2021
2020
2019


£
£
£
£
Turnover
£'000
8,622
12,180
11,500
9,174
Profit before tax
£
873
1,265
1,099
1,368
Profit Margin
%
10.13
10.39
9.56
14.91
Balance sheet strength
£
17,392
16,685
16,002
15,112

Review of 2022 and future prospects
 
The company had another successful year achieving profit of £0.9 million on turnover of £8.6 million. Activities in current year are progressing satisfactorily.
Demand for residential property remains buoyant in our target area of operation in the South East, and customers’ ability to buy new homes continues to be supported by mortgage availability, the Government’s Help to Buy Scheme, lower interest rate and near full employment.

Principal risks and uncertainties
 
The principal risk for our company is similar to most companies and industry sectors, namely the state of the economy. House builders are subject to other specific risks, the main ones being i) buying development land at the right price and in the right locations, ii) securing timely and sufficient planning consent iii) supply chain issues iv) price increases and v) the availability of mortgage finance for our customers.
Demand for new homes remains high, Government backed incentives for customers continue and lower interest rates help to mitigate the many risks involved in the residential property markets sector.
Our residential development programme is carried out in a phased basis, year on year. We carry out stringent appraisals of our land buying programme in our targeted locations, we have an established supply chain and we have a strong and liquid balance sheet that helps ensure that we deliver on time and within budget. 
Financial instruments, credit and liquidity risk
The company's credit and liquidity risks are mainly attributable to the timescale involved in buying land and building residential homes for sale. The company finances its operations with its retained earnings and it does not rely on any bank loans or overdrafts or complex financial instruments or hedging products.
The company's directors and its modern and efficient financial and management reporting system constantly monitor its finances, its regular forecasting, including work in progress and cash flow requirements.
Going concern
The company has a strong balance sheet and strong demand for its finished homes. Therefore the directors are confident that the company can continue to trade successfully for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements

Page 1

 
PATRICK RUDDY HOMES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

The future
 
The directors look forward with confidence to continue the success of the company in to the future.


This report was approved by the board on 13 March 2024 and signed on its behalf.



___________________________
Patrick Joseph Ruddy
Chairman

Page 2

 
PATRICK RUDDY HOMES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £707,413 (2021 - £1,024,286).

No interim dividends were paid during the year (2021: £Nil) and the directors have not proposed a final dividend (2021: £341,428).

Directors

The directors who served during the year were:

Patrick Joseph Ruddy 
Eileen Catherine Ruddy 
Lee Myles Ruddy 
Alan Joseph Ruddy 

Strategic report

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch.7 to be contained in the directors' report. It has done so in respect of principal risk and uncertainties, financial instruments and going concern.

Page 3

 
PATRICK RUDDY HOMES LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors will be deemed to have been reappointed as auditors.

This report was approved by the board on 13 March 2024 and signed on its behalf.
 





___________________________
Patrick Joseph Ruddy
Director

Page 4

 
PATRICK RUDDY HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PATRICK RUDDY HOMES LIMITED
 

Opinion


We have audited the financial statements of Patrick Ruddy Homes Limited (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
PATRICK RUDDY HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PATRICK RUDDY HOMES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires  to report to you if, in our opinion:


adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
PATRICK RUDDY HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PATRICK RUDDY HOMES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the property development and construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.                                                


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
PATRICK RUDDY HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PATRICK RUDDY HOMES LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

13 March 2024
Page 8

 
PATRICK RUDDY HOMES LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022


2022
2021
Note
£
£

  

Turnover
 3 
8,622,469
12,179,840

Cost of sales
  
(7,522,937)
(9,504,824)

Gross profit
  
1,099,532
2,675,016

Administrative expenses
  
(840,978)
(1,141,834)

Operating profit
  
258,554
1,533,182

Interest receivable and similar income
 7 
614,795
22

Interest payable and similar expenses
 8 
-
(268,653)

Profit before tax
  
873,349
1,264,551

Taxation
 9 
(165,936)
(240,265)

Profit for the financial year
  
707,413
1,024,286

The notes on pages 14 to 20 form part of these financial statements.

Page 9

 
PATRICK RUDDY HOMES LIMITED
REGISTERED NUMBER:03450320

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 11 
2,381,527
2,381,527

  
2,381,527
2,381,527

Current assets
  

Developments in progress
 12 
9,849,160
10,798,965

Debtors
 13 
2,018,444
8,896,808

Cash at bank and in hand
  
12,269,593
5,918,963

  
24,137,197
25,614,736

Creditors: amounts falling due within one year
 14 
(9,126,373)
(11,311,325)

Net current assets
  
 
 
15,010,824
 
 
14,303,411

  

Net assets
  
17,392,351
16,684,938


Capital and reserves
  

Called up share capital 
 15 
8,000,100
8,000,100

Profit and loss account
  
9,392,251
8,684,838

  
17,392,351
16,684,938


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2024.



___________________________
Patrick Joseph Ruddy
___________________________
Lee Myles Ruddy
Chairman
Director

Page 10

 
PATRICK RUDDY HOMES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
8,000,100
8,001,980
16,002,080



Profit for the year
-
1,024,286
1,024,286

Dividends paid
-
(341,428)
(341,428)



At 1 January 2022
8,000,100
8,684,838
16,684,938



Profit for the year
-
707,413
707,413


At 31 December 2022
8,000,100
9,392,251
17,392,351


Page 11

 
PATRICK RUDDY HOMES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Profit for the financial year
707,413
1,024,286

Adjustments for:

Interest paid
-
268,653

Interest received
(700,914)
(22)

Taxation charge
165,936
240,265

Decrease / (Increase) in stocks
949,805
(2,366,469)

Decrease/(increase) in debtors
6,878,364
(2,906,870)

(Decrease)/increase in creditors
(2,110,622)
2,746,712

Corporation tax paid
(240,266)
(208,757)

Net cash generated from operating activities

5,649,716
(1,202,202)


Cash flows from investing activities

Interest received
700,914
22

Net cash from investing activities

700,914
22

Cash flows from financing activities

Dividends paid
-
(341,428)

Interest paid
-
(268,653)

Net cash used in financing activities
-
(610,081)

Net increase/(decrease) in cash and cash equivalents
6,350,630
(1,812,261)

Cash and cash equivalents at beginning of year
5,918,963
7,731,224

Cash and cash equivalents at the end of year
12,269,593
5,918,963


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
12,269,593
5,918,963


Page 12

 
PATRICK RUDDY HOMES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022




At 1 January 2022
Cash flows
At 31 December 2022
£

£

£

Cash at bank and in hand

5,918,963

6,350,630

12,269,593

Debt due within 1 year

-

-

-


5,918,963
6,350,630
12,269,593

Page 13

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Patrick Ruddy Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Way, Flitwick, Bedfordshire, MK45 5BS.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are confident that the company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover is recognised at legal completion in respect of the total proceeds of residential development. Turnover is measured at the fair value of consideration received or receivable, net of discounts and VAT. 
Turnover from the sale of residential properties is recognised when the contract for the sale is exchanged.
Turnover from joint venture of contracting activities is recognised at the fair value of the consideration received or receivable after taking  into  account for trade discounts, settlement discounts and volume rebates.

 
2.4

Fixed asset investments

Interests in 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 reversal of impairment losses are recognised immediately in profit and loss account.

 
2.5

Developments in progress

Developments in progress are stated at the lower of cost and estimated selling price less incidental costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the developments to their present condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Page 14

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

  
2.8

Pensions

The company operates a defined contribution plan for its employees. 

The contributions are recognised as an expense in the Profit and Loss Account 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.

 
2.9

Taxation

The tax expense represents the sum of the tax currently payable.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

 
2.10

Interest income

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

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Turnover

The total turnover of the company for the year has been derived from its principal activities wholly undertaken in the UK. An analysis of turnover by class of business is as follows:


2022
2021
£
£

Sale of residential properties
7,431,557
8,626,268

Construction contracts
887,098
3,526,126

Rent receivable
303,814
27,446

8,622,469
12,179,840



4.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditors:


2022
2021
£
£



Audit of company's financial statements
15,000
10,000

Other services
7,500
5,000

22,500
15,000

Page 16

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
690,005
947,696

Social security costs
86,081
115,506

Pension costs
13,301
27,668

789,387
1,090,870


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
4
4



Administrative staff
11
11

15
15


6.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
262,656
302,656

Pension costs
1,321
1,319

263,977
303,975


During the year retirement benefits were accruing to 1 director (2021 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £262,656 (2021 - £302,656).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2021 - £1,319).


7.


Interest receivable

2022
2021
£
£


Other interest receivable
614,795
22

Page 17

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Interest payable and similar expenses

2022
2021
£
£


Other loan interest payable
-
268,653

-
268,653


9.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
165,936
240,265



Taxation on profit on ordinary activities
165,936
240,265






10.


Dividends

2022
2021
£
£


Dividends payable
-
341,428


11.


Investment in joint venture





Investment in joint ventures

£



Cost or valuation


At 1 January 2022
2,381,527



At 31 December 2022
2,381,527





Operating joint venture


Investment in joint venture represents a 50% operating joint venture with Bulbourne Yard Developments LLP, which was incorporated in England and Wales.

Page 18

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Developments in progress

2022
2021
£
£

Development land and properties
9,849,160
10,798,965



13.


Debtors

2022
2021
£
£


Trade debtors
1,800,000
1,840,000

Amounts owed by joint venture
218,444
6,985,000

Other debtors
-
71,808

2,018,444
8,896,808


Other debtors represents the VAT recoverable.
The amounts owed by joint ventures are interest-free, unsecured and repayable on demand.


14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to related undertakings
7,524,412
7,756,304

Other creditors and accruals
1,394,935
3,278,083

Corporation tax
165,936
240,266

Other taxation and social security
41,090
36,672

9,126,373
11,311,325


The amounts owed to related undertakings are interest-free, unsecured and payable on demand.
Other creditors includes dividends payable to shareholders of £Nil (2021: £341,428).


15.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



8,000,100 Ordinary shares of £1 each
8,000,100
8,000,100


Page 19

 
PATRICK RUDDY HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently adminisstered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,301 (2021: £27,668). Contributions totalling £3,624 (2021: £1,876) were payable to the fund at the balance sheet date and are included in other creditors.


17.


Post balance sheet events

There were no events since the year end which materially affected the company.


18.


Controlling party

At the balance sheet date, P J Ruddy and E C Ruddy, in their capacity as trustees of the Ruddy Family trusts which owns the entire shareholdings of the company, are the ultimate controllers.

 
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