Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01falseNo description of principal activity11falsefalsefalse 13117698 2023-01-01 2023-12-31 13117698 2022-01-01 2022-12-31 13117698 2023-12-31 13117698 2022-12-31 13117698 2022-01-01 13117698 c:Director1 2023-01-01 2023-12-31 13117698 c:RegisteredOffice 2023-01-01 2023-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2023-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2022-12-31 13117698 d:PlantMachinery 2023-01-01 2023-12-31 13117698 d:MotorVehicles 2023-01-01 2023-12-31 13117698 d:FurnitureFittings 2023-01-01 2023-12-31 13117698 d:OfficeEquipment 2023-01-01 2023-12-31 13117698 d:ComputerEquipment 2023-01-01 2023-12-31 13117698 d:Goodwill 2023-01-01 2023-12-31 13117698 d:CurrentFinancialInstruments 2023-12-31 13117698 d:CurrentFinancialInstruments 2022-12-31 13117698 d:Non-currentFinancialInstruments 2023-12-31 13117698 d:Non-currentFinancialInstruments 2022-12-31 13117698 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13117698 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13117698 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13117698 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13117698 d:ShareCapital 2023-01-01 2023-12-31 13117698 d:ShareCapital 2023-12-31 13117698 d:ShareCapital 2022-01-01 2022-12-31 13117698 d:ShareCapital 2022-12-31 13117698 d:ShareCapital 2022-01-01 13117698 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2023-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2022-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2022-01-01 13117698 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13117698 c:OrdinaryShareClass1 2023-12-31 13117698 c:OrdinaryShareClass1 2022-12-31 13117698 c:FRS102 2023-01-01 2023-12-31 13117698 c:Audited 2023-01-01 2023-12-31 13117698 c:FullAccounts 2023-01-01 2023-12-31 13117698 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13117698 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 13117698 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 13117698 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 13117698 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 13117698 c:Consolidated 2023-12-31 13117698 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 13117698 4 2023-01-01 2023-12-31 13117698 6 2023-01-01 2023-12-31 13117698 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 13117698







CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


RJF PROPERTY INVESTMENTS LTD






































img3c79.png                        

 


RJF PROPERTY INVESTMENTS LTD
 


 
COMPANY INFORMATION


Director
R J Froomberg 




Registered number
13117698



Registered office
Avenue One

Letchworth Garden City

North Hertfordshire

SG6 2WW




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP





 


RJF PROPERTY INVESTMENTS LTD
 



CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 34


 


RJF PROPERTY INVESTMENTS LTD
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents his strategic report of the company and the group for the year ended 31st December 2023.

Business review
 
The principal activity of the Group is the manufacture and distribution of first aid kits and supplies, as well as the provision of first aid training courses and other safety training services.  
The Group primarily serves the wholesale and distributor first aid supply market.
Results
In the year ended 31st December 2023 the Group made a loss before tax of -£35k, compared with a loss of -£1,190k in 2022. This represents an 97% improvement year-on-year.
2023 was a year of improvement for the business. Off the back of a challenging 2022, which included unprecedented increases in freight costs (Covid19/Brexit), and other cost challenges including substantial relocation expenses in relation to an office/warehouse move. 
In 2023, gross margin has improved by +11.5% points vs the prior year (44.0% vs 32.5%), which has been achieved through various operational efficiencies, as well as freight costs returning to more normal levels in 2023. 
Distribution costs and Administrative expenses (excluding exceptional items) were both below last year by -13% in 2023. Further building on the more streamlined operation put in place towards the end of 2022. 
The Group’s stock position is also significantly decreased in 2023, with the year-end stock balance -17% lower than the prior year. This has been achieved through stock rationalisation and clearance of overstocked Covid19 products. 
The balance sheet remains strong and cash balances remain healthy, despite the loss sustained in 2023. The business is now in a good position and expected to return to profit in the coming year.

Principal risks and uncertainties
 
The business imports goods into the country for resale, meaning there is a risk associated with gains/losses on foreign exchange. This is mitigated by strategic planning of purchases, competitive rates with our suppliers and competitive rates with our foreign exchange partners using forward contracts.
The risks associated with Covid19 have been greatly reduced. However, more recent geopolitical factors have caused increases across freight and other supplier costs. The Group continues to closely monitor this position and has implemented processes and systems to react to any cost volatility.
The business has further mitigated risk by ensuring it services multiple market sectors and has a wide customer portfolio.

Financial key performance indicators
 
A range of key performance indicators are used by the Group to monitor performance. These include sales performance, gross profit %, control of overheads, EBITDA performance, and cash flow forecasting. All KPIs are measured vs the detailed budget prepared, variances thoroughly investigated and relevant actions taken.


This report was approved by the board on 29 July 2024 and signed on its behalf.



R J Froomberg
Director

Page 1

 


RJF PROPERTY INVESTMENTS LTD
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £35,171 (2022 - loss £1,189,993).

The total distribution of dividends for the year ended 31 December 2023 was £144,000 (2022: £166,000).

Director

The director who served during the year was:

R J Froomberg 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 


RJF PROPERTY INVESTMENTS LTD
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board on 29 July 2024 and signed on its behalf.
 





R J Froomberg
Director

Page 3

 


RJF PROPERTY INVESTMENTS LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD

Opinion


We have audited the financial statements of RJF Property Investments Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss 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 Group 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 director's 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 Group's or the parent 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 director 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 director is responsible for the other information contained within the Annual ReportOur 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 4

 


RJF PROPERTY INVESTMENTS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


RJF PROPERTY INVESTMENTS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (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 Group 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 sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:
    - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
   - understanding how those charged with governance considered and addressed the potential for override of controls or         other innappropriate influence over the financial reporting process;
    - challenging assumptions and judgments made by management in its significant accounting estimates;
    - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and 
    - assessing the extent of compliance with the relevant laws and regulations.
- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.


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.


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.


Page 6

 


RJF PROPERTY INVESTMENTS LTD


img63e5.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (CONTINUED)




James Fox ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

15 August 2024
Page 7

 


RJF PROPERTY INVESTMENTS LTD
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

  

Turnover
 4 
8,769,999
9,233,500

Cost of sales
  
(4,913,627)
(6,041,403)

Exceptional cost of sales
 11 
-
(194,160)

Gross profit
  
3,856,372
2,997,937

Distribution costs
  
(966,548)
(1,110,964)

Administrative expenses
  
(2,718,376)
(3,124,585)

Exceptional administrative expenses
 11 
(138,542)
-

Operating profit/(loss)
 5 
32,906
(1,237,612)

Interest payable and similar expenses
 9 
(211,317)
(121,826)

Loss before tax
  
(178,411)
(1,359,438)

Tax on loss
 10 
143,240
169,445

Loss for the financial year
  
(35,171)
(1,189,993)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(35,171)
(1,189,993)

Loss for the year attributable to:
  

Owners of the parent company
  
35,171
1,189,993

  
35,171
1,189,993

Total comprehensive income attributable to:
  

The notes on pages 15 to 34 form part of these financial statements.

Page 8

 


RJF PROPERTY INVESTMENTS LTD
REGISTERED NUMBER:13117698



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
29,753

Tangible assets
 13 
4,493,038
4,595,693

  
4,493,038
4,625,446

Current assets
  

Stocks
 15 
1,382,651
1,657,542

Debtors: amounts falling due within one year
 16 
1,777,224
2,117,361

Cash at bank and in hand
 17 
483,696
213,410

  
3,643,571
3,988,313

Creditors: amounts falling due within one year
 18 
(2,633,906)
(2,796,597)

Net current assets
  
 
 
1,009,665
 
 
1,191,716

Total assets less current liabilities
  
5,502,703
5,817,162

Creditors: amounts falling due after more than one year
 19 
(2,632,843)
(2,768,131)

  

Net assets
  
2,869,860
3,049,031


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
2,869,760
3,048,931

  
2,869,860
3,049,031


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




R J Froomberg
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 


RJF PROPERTY INVESTMENTS LTD
REGISTERED NUMBER:13117698



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,050,585
4,078,140

Investments
 14 
100
100

  
4,050,685
4,078,240

Current assets
  

Debtors: amounts falling due within one year
 16 
22,018
25,722

Cash at bank and in hand
 17 
48
-

  
22,066
25,722

Creditors: amounts falling due within one year
 18 
(1,433,726)
(1,452,272)

Net current liabilities
  
 
 
(1,411,660)
 
 
(1,426,550)

Total assets less current liabilities
  
2,639,025
2,651,690

  

Creditors: amounts falling due after more than one year
 19 
(2,514,903)
(2,597,869)

  

Net assets
  
124,122
53,821


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
124,022
53,721

  
124,122
53,821


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.


R J Froomberg
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 10

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
4,404,924
4,405,024


Comprehensive income for the year

Loss for the year
-
(1,189,993)
(1,189,993)
Total comprehensive income for the year
-
(1,189,993)
(1,189,993)


Contributions by and distributions to owners

Dividends: Equity capital
-
(166,000)
(166,000)


Total transactions with owners
-
(166,000)
(166,000)



At 1 January 2023 (as previously stated)
100
3,479,111
3,479,211

Prior year adjustment
-
(430,180)
(430,180)


At 1 January 2023 (as restated)
100
3,048,931
3,049,031


Comprehensive income for the year

Loss for the year
-
(35,171)
(35,171)
Total comprehensive income for the year
-
(35,171)
(35,171)


Contributions by and distributions to owners

Dividends: Equity capital
-
(144,000)
(144,000)


Total transactions with owners
-
(144,000)
(144,000)


At 31 December 2023
100
2,869,760
2,869,860


The notes on pages 15 to 34 form part of these financial statements.

Page 11

 


RJF PROPERTY INVESTMENTS LTD
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
48,812
48,912


Comprehensive income for the year

Profit for the year
-
170,909
170,909
Total comprehensive income for the year
-
170,909
170,909


Contributions by and distributions to owners

Dividends: Equity capital
-
(166,000)
(166,000)


Total transactions with owners
-
(166,000)
(166,000)



At 1 January 2023
100
53,721
53,821


Comprehensive income for the year

Profit for the year
-
214,301
214,301
Total comprehensive income for the year
-
214,301
214,301


Contributions by and distributions to owners

Dividends: Equity capital
-
(144,000)
(144,000)


Total transactions with owners
-
(144,000)
(144,000)


At 31 December 2023
100
124,022
124,122


The notes on pages 15 to 34 form part of these financial statements.

Page 12

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
£
£

Cash flows from operating activities

Loss for the financial year
(35,171)
(1,189,993)

Adjustments for:

Amortisation of intangible assets
29,753
18,792

Depreciation of tangible assets
134,234
158,321

Loss on disposal of tangible assets
-
1,372

Decrease in stocks
274,891
65,871

Decrease in debtors
307,515
82,502

(Decrease)/increase in creditors
(669,031)
262,272

Increase/(decrease) in provisions
-
(210,102)

Corporation tax received/(paid)
32,622
(719,269)

Net cash generated from operating activities

74,813
(1,530,234)


Cash flows from investing activities

Purchase of tangible fixed assets
(31,579)
(195,746)

Sale of tangible fixed assets
-
4,927

Net cash from investing activities

(31,579)
(190,819)

Cash flows from financing activities

New secured loans
-
79,474

Repayment of loans
(68,645)
-

Other new loans
753,388
1,079,827

Repayment of other loans
(302,324)
(138,248)

Dividends paid
(144,000)
(166,000)

Net cash used in financing activities
238,419
855,053

Net increase/(decrease) in cash and cash equivalents
281,653
(866,000)

Cash and cash equivalents at beginning of year
202,043
1,068,043

Cash and cash equivalents at the end of year
483,696
202,043


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
483,696
213,410

Bank overdrafts
-
(11,367)

483,696
202,043


The notes on pages 15 to 34 form part of these financial statements.

Page 13

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank

213,410

270,286

483,696

Bank overdrafts

(11,367)

11,367

-

Debt due after 1 year

(2,597,869)

68,645

(2,529,224)

Debt due within 1 year

(977,028)

(503,386)

(1,480,414)

Finance leases

(211,156)

52,323

(158,833)


(3,584,010)
(100,765)
(3,684,775)

The notes on pages 15 to 34 form part of these financial statements.

Page 14

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RJF Property Investments Ltd is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office is disclosed on the Company information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, the
Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related part
transactions with wholly owned subsidiaries within the group.

 
2.4

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
The directors have reviewed forecasts and budgets and are confident of the Group's ability to continue trading as a going concern for the foreseeable future.

Page 15

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 16

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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

Depreciation is provided on the following basis:

Leasehold properties
-
20%
and over the life of lease
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
20%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to 
Page 19

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.19

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 20

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period.
The following judgements which also include estimates have been made in applying the above accounting policies:
(a) Debtors
The Company makes an estimate of the recoverable value of trade and other debtors/ When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors ad historical experience.
(b) Useful economic life of goodwill
The useful economic life of the goodwill arising on consolidation is subject to estimation. In line with FRS 102, the directors have determined that the goodwill should be amortised over a 10 or 20 year period, the maximum amount allowed, given that the business have strong financial performance. Should the performance of the businesses change in the future, the directors will amend their estimate of the useful economic life of the goodwill.
(c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(d) Stock provisioning
The Company assembles and installs processing stations and is subject to changing cost prices. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considered the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
As restated 2022
£
£

Medical units and equipment
7,889,061
8,079,992

Recruitment and training
880,938
1,153,508

8,769,999
9,233,500


All turnover arose within the United Kingdom.

Page 21

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Depreciation and amortisation
136,432
149,558

Exchange differences
(2,500)
1,372

Other operating lease rentals
715
136,066

Equipment hire
18,989
16,254


6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,500
17,500


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,131,221
2,491,421
-
-

Social security costs
173,221
170,960
-
-

Cost of defined contribution scheme
42,853
37,040
-
-

2,347,295
2,699,421
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
1
1



Staff
56
58
-
-

58
60
1
1

Page 22

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Director's remuneration

2023
2022
£
£

Director's emoluments
28,144
28,144

28,144
28,144



9.


Interest payable and similar expenses

2023
As restated 2022
£
£


Bank interest payable
201,091
116,678

Finance leases and hire purchase contracts
10,226
5,148

211,317
121,826


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
6,211


Total current tax
-
6,211

Deferred tax


Origination and reversal of timing differences
(143,240)
(175,656)

Total deferred tax
(143,240)
(175,656)


Tax on loss
(143,240)
(169,445)
Page 23

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(178,411)
(1,359,438)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(41,927)
(172,759)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
6,992
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,991
821

Capital allowances for year in excess of depreciation
24,117
(3,754)

Utilisation of tax losses
-
175,692

Adjustments to tax charge in respect of prior periods
-
6,211

Unrelieved tax losses carried forward
8,827
-

Other differences leading to an increase (decrease) in the tax charge
(143,240)
(175,656)

Total tax charge for the year
(143,240)
(169,445)


11.


Exceptional items

2023
2022
£
£


Employee settlement fee
138,542
-

Restructuring costs
-
194,160

138,542
194,160

Restructuring costs in 2022 relate to the reallocation of premises in the year.

Page 24

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
567,472



At 31 December 2023

567,472



Amortisation


At 1 January 2023
537,719


Charge for the year on owned assets
29,753



At 31 December 2023

567,472



Net book value



At 31 December 2023
-



At 31 December 2022
29,753



Page 25

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
4,422,685
71,573
152,010
257,746
214,105
5,118,119


Additions
5,685
4,595
-
7,609
13,690
31,579


Disposals
-
(3,950)
-
-
-
(3,950)



At 31 December 2023

4,428,370
72,218
152,010
265,355
227,795
5,145,748



Depreciation


At 1 January 2023
92,040
14,855
80,402
172,969
162,160
522,426


Charge for the year on owned assets
50,575
13,998
17,902
24,696
27,063
134,234


Disposals
-
(3,950)
-
-
-
(3,950)



At 31 December 2023

142,615
24,903
98,304
197,665
189,223
652,710



Net book value



At 31 December 2023
4,285,755
47,315
53,706
67,690
38,572
4,493,038



At 31 December 2022
4,330,645
56,718
71,608
84,777
51,945
4,595,693

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
27,665
33,115

Motor vehicles
53,706
63,831

Furniture, fittings and equipment
45,361
55,349

126,732
152,295

Page 26

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Long-term leasehold property

£

Cost or valuation


At 1 January 2023
4,133,250



At 31 December 2023

4,133,250



Depreciation


At 1 January 2023
55,110


Charge for the year on owned assets
27,555



At 31 December 2023

82,665



Net book value



At 31 December 2023
4,050,585



At 31 December 2022
4,078,140







14.


Fixed asset investments

Company





Shares in group undertakings

£





At 1 January 2023
100




Subsidiary undertakings
Name:
 Safety Firsty Aid Group Limited
Registered office: Avenue One, Letchworth Garden City, North Hertfordshire, England, SG6 2WW
Class of shares: Ordinary
Holding: 100%
 

Page 27

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

Group
Group
2023
As restated 2022
£
£

Finished goods
1,382,651
1,657,542

1,382,651
1,657,542



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,413,900
1,887,379
-
-

Other debtors
44,751
3,364
100
100

Prepayments and accrued income
59,779
78,442
21,918
25,622

Tax recoverable
-
32,622
-
-

Deferred taxation
258,794
115,554
-
-

1,777,224
2,117,361
22,018
25,722



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
483,696
213,410
48
-

Less: bank overdrafts
-
(11,367)
-
(11,367)

483,696
202,043
48
(11,367)


Page 28

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
As restated 2022
2023
As restated 2022
£
£
£
£

Bank overdrafts
-
11,367
-
11,367

Bank loans
122,676
108,355
122,676
108,355

Other loans
1,372,059
868,673
-
-

Trade creditors
503,784
1,208,739
-
-

Amounts owed to group undertakings
-
-
1,305,050
1,326,550

Other taxation and social security
213,383
170,438
-
-

Obligations under finance lease and hire purchase contracts
40,893
40,894
-
-

Other creditors
9,650
38,905
-
-

Accruals and deferred income
371,461
349,226
6,000
6,000

2,633,906
2,796,597
1,433,726
1,452,272



The following liabilities were secured:
Group
Group
2023
2022
£
£

Other loans
1,220,518
618,671

Obligations under finance lease and hire purchase contracts
40,893
40,894

1,261,411
659,565

Details of security provided:

Bank and other loans are secured by way of a fixed and floating charge over the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 29

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
2,514,903
2,597,869
2,514,903
2,597,869

Net obligations under finance leases and hire purchase contracts
117,940
170,262
-
-

2,632,843
2,768,131
2,514,903
2,597,869



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
2,637,579
2,706,224
2,637,579
2,706,224

Obligations under finance lease and hire purchase contracts
117,940
170,262
-
-

2,755,519
2,876,486
2,637,579
2,706,224

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets concerned.



Page 30

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Loans

Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
122,676
108,355

Other loans
1,372,059
868,673


1,494,735
977,028

Amounts falling due 1-2 years

Bank loans
132,397
122,676


132,397
122,676

Amounts falling due 2-5 years

Bank loans
463,530
429,496


463,530
429,496

Amounts falling due after more than 5 years

Bank loans
1,918,976
2,045,697

1,918,976
2,045,697

4,009,638
3,574,897



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
40,893
40,894

Between 1-5 years
117,940
170,262

158,833
211,156

Page 31

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group





2023


£






At beginning of year
115,554


Charged to profit or loss
143,240



At end of year
258,794

Company




2023






At end of year
-

The deferred tax asset is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(95,770)
(107,122)

Tax losses carried forward
353,824
222,676

Pension surplus
740
-

258,794
115,554


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


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RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Prior year adjustment

The prior year adjustments, as recorded in the financial statements, relate to understated accruals, stock and goods received not invoiced.
The areas affected in the financial statements are as follows:





Statement of Financial Position

As previously reported 31 December 2022
Adjustment
As restated 31 December 2022
        £
        £
        £

Stock

1,714,211

56,670

1,657,541
 
Other creditors

5,251

33,654

38,905
 
Accruals

33,168

316,058

349,226
 
Social security and other taxes

146,640

23,798

170,438
 

1,899,270

430,180

2,216,110
 


25.


Statement of Income and Retained Earnings

As previously reported 31 December 2022
Adjustment
As restated 31 December 2022
        £
        £
        £

Sales

9,254,821

(21,321)

9,233,500
 
Cost of sales

(5,886,903)

(154,500)

(6,041,403)
 
Distribution costs

(884,665)

(226,299)

(1,110,964)
 
Administrative expenses

(3,099,666)

(24,919)

(3,124,585)
 
Interest payable

(118,685)

(3,141)

(121,826)
 

(735,098)

(430,180)

(1,165,278)
 


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £42,853 (2022 - £37,040) . Contributions totalling £7,060 (2022 - £5,151) were payable to the fund at the reporting date and are included in creditors.

Page 33

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
Group
£
£


Not later than 1 year
6,967
18,342

Later than 1 year and not later than 5 years
-
6,967

6,967
25,309


28.


Ultimate controlling party

The controlling party is R J Froomberg.

 
Page 34