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Rule Five Land Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

Registration number: 07304642

 

Rule Five Land Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Rule Five Land Ltd

Company Information

Directors

GCR Langworthy

CH Langworthy

MTR Langworthy

SLG Langworthy

Registered office

191 Latymer Court
Hammersmith Road
London
W6 7JQ

Accountants

Paul Steele Limited
Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rule Five Land Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rule Five Land Ltd for the year ended 31 July 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Rule Five Land Ltd, as a body, in accordance with the terms of our engagement letter dated 30 November 2021. Our work has been undertaken solely to prepare for your approval the accounts of Rule Five Land Ltd and state those matters that we have agreed to state to the Board of Directors of Rule Five Land Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rule Five Land Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rule Five Land Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rule Five Land Ltd. You consider that Rule Five Land Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rule Five Land Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Paul Steele Limited
Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

30 January 2024

 

Rule Five Land Ltd

(Registration number: 07304642)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

147,311

194,975

Other financial assets

5

150

150

 

147,461

195,125

Current assets

 

Debtors

6

2,623,841

1,401,873

Investments

7

964,373

932,550

Cash at bank and in hand

 

654,094

917,988

 

4,242,308

3,252,411

Creditors: Amounts falling due within one year

8

(617,482)

(415,377)

Net current assets

 

3,624,826

2,837,034

Total assets less current liabilities

 

3,772,287

3,032,159

Provisions for liabilities

(36,828)

(20,566)

Net assets

 

3,735,459

3,011,593

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

3,735,259

3,011,393

Shareholders' funds

 

3,735,459

3,011,593

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

 

Rule Five Land Ltd

(Registration number: 07304642)
Balance Sheet as at 31 July 2023

.........................................
GCR Langworthy
Director

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
191 Latymer Court
Hammersmith Road
London
W6 7JQ

The principal place of business is:
Higher Clare
Coombeinteignhead
Newton Abbot
Devon
TQ12 4RR

These financial statements were authorised for issue by the Board on 30 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

Land & buildings

2% straight line basis

Plant & machinery

25% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Cost or valuation

At 1 August 2022

86,734

9,238

240,355

10,795

Additions

-

-

136,499

-

Disposals

(86,734)

-

(130,745)

-

At 31 July 2023

-

9,238

246,109

10,795

Depreciation

At 1 August 2022

-

8,488

136,963

6,696

Charge for the year

-

738

13,950

1,025

Eliminated on disposal

-

-

(49,029)

-

At 31 July 2023

-

9,226

101,884

7,721

Carrying amount

At 31 July 2023

-

12

144,225

3,074

At 31 July 2022

86,734

750

103,392

4,099

Total
£

Cost or valuation

At 1 August 2022

347,122

Additions

136,499

Disposals

(217,479)

At 31 July 2023

266,142

Depreciation

At 1 August 2022

152,147

Charge for the year

15,713

Eliminated on disposal

(49,029)

At 31 July 2023

118,831

Carrying amount

At 31 July 2023

147,311

At 31 July 2022

194,975

Included within the net book value of land and buildings above is £Nil (2022 - £86,734) in respect of freehold land and buildings.
 

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

150

150

At 31 July 2023

150

150

Impairment

Carrying amount

At 31 July 2023

150

150

6

Debtors

Current

2023
£

2022
£

Trade debtors

34,665

18,600

Prepayments

27,821

-

Other debtors

2,561,355

1,383,273

 

2,623,841

1,401,873

7

Current asset investments

2023
£

2022
£

Other investments

964,373

932,550

Listed investments

Investments having a net book value of £964,373 (31 July 2022 - £932,550) are listed on a recognised stock exchange and had a market value of £1,020,985 at the end of the year (31 July 2022 - £988,693).

 

Rule Five Land Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

588

2,402

Taxation and social security

201,525

265,190

Accruals and deferred income

1,575

1,500

Other creditors

413,794

146,285

617,482

415,377

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

98

98

98

98

B Ordinary of £1 each

2

2

2

2

Growth shares of £1 each

100

100

100

100

 

200

200

200

200

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

8,928

Contributions paid to money purchase schemes

100,000

190,000

109,096

198,928