Company registration number 02186453 (England and Wales)
Royds Properties Limited
financial statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Royds Properties Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Royds Properties Limited
Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,118
40,998
Investments
4
400,000
400,000
Investment properties
5
18,411,999
18,479,745
18,848,117
18,920,743
Current assets
Debtors
6
2,670,271
2,643,073
Cash at bank and in hand
459,536
423,248
3,129,807
3,066,321
Creditors: amounts falling due within one year
7
(886,724)
(942,485)
Net current assets
2,243,083
2,123,836
Total assets less current liabilities
21,091,200
21,044,579
Creditors: amounts falling due after more than one year
8
(4,400,000)
(4,610,000)
Provisions for liabilities
9
(924,151)
(963,797)
Net assets
15,767,049
15,470,782
Capital and reserves
Called up share capital
1,600,000
1,600,000
Revaluation reserve
3,130,037
3,205,037
Profit and loss reserves
11,037,012
10,665,745
Total equity
15,767,049
15,470,782
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
M J Royds
Director
Company Registration No. 02186453
Royds Properties Limited
Notes to the financial statements
for the year ended 31 March 2024
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the total invoice value of rent receivable and other income derived from the provision of services falling within the company's ordinary activities. Turnover is recognised on an accruals basis.
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
10% straight line
Plant and machinery
10% to 25% on cost
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investment properties
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
Fixed asset investments
Interests in subsidiaries, associates and 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 reversals of impairment losses are recognised immediately in profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
25,017
281,540
90,422
396,979
Additions
5,658
5,658
Disposals
(25,017)
(25,017)
At 31 March 2024
287,198
90,422
377,620
Depreciation and impairment
At 1 April 2023
25,017
251,915
79,049
355,981
Depreciation charged in the year
7,017
3,521
10,538
Eliminated in respect of disposals
(25,017)
(25,017)
At 31 March 2024
258,932
82,570
341,502
Carrying amount
At 31 March 2024
28,266
7,852
36,118
At 31 March 2023
29,625
11,373
40,998
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
400,000
400,000
On 16 December 2022 Royds Properties purchased 400,000 £1 preference shares in Royds Pub Co Ltd, a company with common directors.
Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 4 -
5
Investment property
2024
£
Fair value
At 1 April 2023
18,479,745
Additions
32,254
Revaluations
(100,000)
At 31 March 2024
18,411,999
The investment properties were revalued by the director.
On 31 March 2024 the historical cost of these properties was £14,238,615 (2023: £14,206,361)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
176,840
94,641
Amounts owed by group undertakings
66
66
Amounts due from connected companies
2,493,365
2,548,366
2,670,271
2,643,073
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
70,000
Trade creditors
287,476
250,630
Corporation tax
151,775
114,637
Other taxation and social security
53,351
58,215
Directors loan account
167,002
227,002
Accruals and deferred income
227,120
222,001
886,724
942,485
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,400,000
4,610,000
A bank loan totalling £4,400,000 is secured by an unlimited debenture and legal charges over the assets of the company, it is repayable on 8 July 2030.
Royds Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
9
Provisions for liabilities
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
(49,430)
(52,181)
Tax losses
(69,765)
(52,367)
Revaluations
1,043,346
1,068,345
924,151
963,797
2024
Movements in the year:
£
Liability at 1 April 2023
963,797
Credit to profit or loss
(39,646)
Liability at 31 March 2024
924,151
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Charles R Moorby
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
13 September 2024
11
Financial commitments, guarantees and contingent liabilities
The bank loans are secured by fixed charges over investment properties and unlimited cross guarantees with Royds Estates Limited and Royds Industrial Properties Ltd.
12
Parent company
The company's ultimate parent undertaking at the balance sheet date was George Lumb Holdings Limited, a company registered in England and Wales.
13
Company information
Royds Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Gledholt Business Park, Allen Row, Paddock, Huddersfield, West Yorkshire, HD1 4SB.