Registration number:
Ruddington Homes Limited
and Audited Financial Statements
for the Year Ended 31 December 2023
Ruddington Homes Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Ruddington Homes Limited
Company Information
Director |
Mr Paul Hearn |
Registered office |
|
Accountants |
|
Auditors |
|
Ruddington Homes Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is Care Home provider.
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The company continues to operate three separate care homes for the elderly:
- Orchard House - Ruddington, Nottingham
- Balmore Country House - Ruddington, Nottingham
- St Peters - Ruddington, Nottingham
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being occupancy levels, turnover and direct wage costs of the business.
The company's key financial and other performance indicators during the year were as follows:
31 December |
31 December |
||||
Unit |
2023 |
2022 |
|||
Turnover |
£ |
5,729,453 |
5,594,515 |
||
Average number of residents |
121 |
123 |
|||
Average weekly fee |
£ |
910 |
875 |
||
Direct wages and national insurance |
£ |
3,178,163 |
2,610,979 |
||
Wages as a percentage of turnover |
% |
55 |
46 |
||
The above indicators show a 2.4% increase in turnover for the year to 31 December 2023, there was a 4% increase in average weekly fees and a 1.6% decrease in average number of residents.
The decrease in average number of residents has not had a major impact on the financial stability of the company, and all 3 homes have maintained a steady flow of residents throughout the year, and operation at an average of 87% occupancy, an increase of 4% from the previous year.
The company was charged a management fee of £1,200,000 during the year, which had a large impact on the results for the year. See note 16 exceptional items for more details.
A provision of £60,005 was included for protentional bad debts.
When analysing the profitability of the company we use the earnings before interest, taxation, depreciation and amortisation (EBITDA) as the key indicator and also ignoring any management charges. Using this method, the profitability of the company was as follows:
Ruddington Homes Limited
Strategic Report for the Year Ended 31 December 2023
31 December 2023 |
31 December 2022 |
|
(Loss)/Profit before tax |
(243,619) |
1,684,966 |
Depreciation |
386,476 |
332,736 |
142,857 |
2,017,702 |
|
Management fees - exceptional items |
1,200,000 |
- |
EBITDA |
1,342,857 |
2,017,702 |
The balance sheet on page 11 of the financial statements shows that the net assets of the company have decreased slightly to £8,789,822 from £9,031,072.
Principal risks and uncertainties
Financial risk includes credit risk and cashflow management. The company closely monitors its debtors to ensure credit risk is mitigated; in addition, the company monitors its cash reserves closely to ensure it is able to meet its commitments.
The government announced the introduction of the National Living Wage during 2016, with the intention of increasing this to £9.00 per hour for anyone over the age of 25. In 2019 it was recommended that workers should become entitled to the National Living Wage at the age of 21 instead of 25. In April 2021, the age of entitlement was lowered to 23. The increase has been staggered over the last few years with the rate at the year end being £10.42 for employees over the age of 23, from 1 April 2024 the National Living Wage will increase to £11.44 for employees over the age of 21. To minimise the impact of this increase a full review of staffing is continuously carried out with the aim of removing duplication of duties whilst ensuring the efficient operation of the homes. It is believed that by implementing the recommendations of this review there will be little overall impact on the key performance indicators.
Following the UK's Exit from the EU, there were changes to immigration rules, with a points-based system being introduced. The company does not employ any EU resident care workers and, whilst some nursing staff are recruited from the EU, these are all qualified to the required level and their pay is above the general salary threshold.
In February 2022, Russia invaded Ukraine, this caused a shortage in imported gas supplies, resulting in the price of gas becoming considerably more volatile, and supplies limited. During 2022 the cost of gas rose by over 50%. Ofgem set a price cap for domestic customers but no price cap on business energy, this had a large financial impact on the costs during the prior year. Even though prices did fall during 2023, they remained above pre-crisis levels.
Fluctuating price inflation is a risk. The annual rate of inflation peaked at 11.1% in October 2022 and this had a knock-on effect on prices in 2023, however, the annual rate of inflation has since decreased to 7.3% for 2023.
The company has a normal level of exposure to price, credit and liquidity risk arising from its trading activities which are only conducted in sterling.
Ruddington Homes Limited
Strategic Report for the Year Ended 31 December 2023
Approved by the
.........................................
Director
Ruddington Homes Limited
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 of the company
The director who held office during the year was as follows:
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Strategic Report, the Director's Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and 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; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Disclosure of information in the strategic report
The company has chosen, in accordance with Section 414C (11) of the Companies Act 2006 to include certain matters in its strategic report that would otherwise be required to be disclosed in this Director's Report. The Strategic Report can be found on page 2 of these accounts.
Approved by the
.........................................
Director
Ruddington Homes Limited
Independent Auditor's Report to the Members of Ruddington Homes Limited
Qualified opinion
We have audited the financial statements of Ruddington Homes Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies.
The 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, except for the possible effects of the matter described in the Basis for qualified opinion on the financial statements section of our report, the accompanying financial statements:
• |
give a true and fair view of the state of affairs of the company as at 31 December 2023, and of its 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 qualified opinion on the financial statements
appointed as auditors to the company for the year ended 30 June 2011 the corresponding figures for that year
had been unaudited and the records relating to the historical cost of the land and buildings maintained by
previous management of the company in the years preceding that date were not sufficiently detailed.
On transition to FRS 102, the company opted to carry the revalued fixed assets at deemed cost. As explained in
the previous paragraph, the audit evidence with respect to fixed assets held at the transition date of 1 January
2014, before any transitional adjustments for the implementation of FRS 102, with a cost of £1,864,367 and a
net book value of £1,254,702 was limited; as a consequence, on the transition to FRS 102, the audit evidence
available in respect of the historic cost used to determine the revaluation reserve as at 1 January 2014 of
£1,254,702 was also limited. We were unable to satisfy ourselves by alternative means by using other audit
procedures. Consequently, we were unable to determine whether any adjustment to the revaluation reserve
was necessary. The fact that we were unable to obtain sufficient appropriate audit evidence regarding the cost
of these fixed assets for the year ended 30 June 2011 and subsequent years and also regarding the revaluation
reserve created when the company opted to carry fixed assets at deemed cost on transition to FRS 102 caused
us to qualify our audit opinion on the financial statements relating to the year ended 30 June 2011 and
subsequent years.
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 Auditor’s 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 UK, including the
FRC’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 qualified opinion.
Ruddington Homes Limited
Independent Auditor's Report to the Members of Ruddington Homes Limited
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 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 director is responsible for the other information. The other information comprises the information included in the Director's Report and Strategic Report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 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.
Opinions on other matters prescribed by 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 our 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 and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the 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. |
Ruddington Homes Limited
Independent Auditor's Report to the Members of Ruddington Homes Limited
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], 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 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 company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 auditor’s 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Care Quality Commission regulation, recognising the regulated nature of the Company's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Ruddington Homes Limited
Independent Auditor's Report to the Members of Ruddington Homes Limited
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 2006. Our 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 auditor’s 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.
......................................
For and on behalf of
Chartered Accountants & Statutory Auditors
Strelley Hall
Main Street
Nottinghamshire
NG8 6PE
Ruddington Homes Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
956,247 |
1,684,929 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
Exceptional items |
|||
Management fees |
1,200,000 |
- |
|
(1,199,866) |
37 |
||
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
Ruddington Homes Limited
(Registration number: 01903864)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
25,000 |
25,000 |
|
Share premium reserve |
1,980,000 |
1,980,000 |
|
Revaluation reserve |
4,602,880 |
4,589,465 |
|
Profit and loss account |
2,181,942 |
2,436,607 |
|
Shareholders' funds |
8,789,822 |
9,031,072 |
Approved and authorised by the
......................................... |
Ruddington Homes Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Share premium |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
Transfer between reserves |
- |
- |
|
( |
- |
Total comprehensive income |
- |
- |
|
( |
( |
At 31 December 2023 |
|
|
|
|
|
Share capital |
Share premium |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Transfer between reserves |
- |
- |
( |
|
- |
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
|
The revaluation reserve, which is non distributable, represents the cumulative effect of the revaluation of the freehold land and buildings up to the date of transition to FRS 102, after which the company has adopted a deemed cost accounting policy.
The share premium reserve represents the amount above the nominal value received for shares sold, less transactions costs.
The profit and loss account records retained earnings and accumulated losses.
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
Company Number 01903864
The address of its registered office is:
England
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention, as modified by the revaluation of certain fixed assets.
Summary of disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the
parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption from the following disclosure requirement:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes
and disclosures.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has continued to trade well. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Judgements
In preparing these financial statements, the director has made the following judgements:
Determined whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic conditions and estimated market values of the assets. |
Key sources of estimation uncertainty
Freehold properties, included at deemed cost and other tangible fixed assets included at cost, are depreciated over their useful lives taking into account residual values, where appropriate. The land value, the estimated lives of the assets and their residual values are assessed annually and may vary depending on a number of factors. In addition, deferred tax is provided on the difference between the deemed cost and the indexed cost of the properties.
Turnover
Turnover represents the amount chargeable during the period in respect of the provision of care services.
The company recognises revenue when it can be reliably measured and it is probable that future economic benefit will flow to the entity.
Tax
The tax credit 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 or directly in equity respectively.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except,
- the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of the 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.
Tangible fixed assets and depreciation
Freehold properties are measured at deemed cost less accumulated depreciation and any accumulated impairment losses. Other assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.
Asset class |
Depreciation method and rate |
Buildings |
4% on deemed cost |
Furniture, fittings and equipment |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Other property, plant and equipment |
25% on reducing balance |
Stocks
Stock is valued at the lower of cost and net realisable value.
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholder is recognised in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The pension costs charged in the financial statements are in relation to the defined contribution money purchase pension scheme operated by the company and represent the contributions payable during the period.
Functional currency and presentation currency
Items included in the financial statements are measured in sterling, the functional currency of the company.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
All of which arose in the United Kingdom
Operating profit |
Arrived at after charging
2023 |
2022 |
|
Auditors' remuneration |
22,800 |
21,420 |
Depreciation |
386,476 |
332,736 |
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Nurses, care and general staff |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Director's Remuneration |
- |
- |
Director's pension contributions |
- |
- |
- |
- |
Taxation |
Tax (credited)/charged in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax (credit)/expense in the profit and loss account |
( |
|
The tax on (loss)/profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Deferred tax expense relating to changes in tax rates or laws |
( |
( |
Tax increase (decrease) from effect of capital allowances and depreciation |
|
|
Total tax (credit)/charge |
( |
|
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
From 1 April 2023, the Corporation Tax main rate for non-ring-fenced profits has been increased to 25%, applying to profits over £250,000.
Intangible assets |
Goodwill |
Total |
|
Cost |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 and 31 December 2022 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
|
- |
|
|
At 31 December 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
Included in deemed cost of the land and buildings is the estimated cost of freehold land of £1,332,500 (31 December 2022 - £1,332,500) which is not depreciated.
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Deferred income |
158,184 |
156,122 |
|
Accrued expenses |
|
|
|
|
|
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Decrease in provision |
( |
( |
At 31 December 2023 |
|
|
|
Included in the above is a deferred tax liability of £74,012 (31 December 2022 - £150,921) in respect of freehold properties which the company is not currently intending to sell but for which provision has been made in compliance with FRS 102.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
25,000 |
|
25,000 |
Exceptional items |
During the year, Ruddington Homes Limited was charged a management fee by a company under common control of £1,200,000.
Ruddington Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Loans to related parties
Included in debtors are the following amounts owing from related companies under common control:
2023 |
Associates |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
|
2022 |
Associates |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
|
Loans from related parties
Included in creditors are the following amounts owing to related companies under common control:
2023 |
Associates |
At start of period |
|
Advanced |
|
At end of period |
|
|
2022 |
Associates |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
|
Parent and ultimate controlling party |
The parent company is Ruddington (Holdings) Limited. Copies of the group accounts can be obtained from Companies House or from the company's registered office at 2 Cheapside, Derby, DE1 1BR.
The ultimate controlling party is Mr Paul Hearn.