Company registration number 10675699 (England and Wales)
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
RS Dean
AM Whitfield
Company number
10675699
Registered office
The Penthouse
Telegraph House
Calenick Street
TRURO
Cornwall
TR1 2SF
Auditor
RRL LLP
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be the acquisition and development of land for residential properties within Cornwall, along with the construction of residential properties contracted on behalf of Registered Housing Providers.

Review of the business

Despite a difficult year for the housebuilding industry in the UK, the group increased turnover significantly during 2023. Demand for housing in the UK had slowed as a result of the cost of living crisis and interest rates rising impacting the availability of mortgages, however, the group was able to mitigate this by remaining agile and maximising opportunities to construct residential properties and develop communities on behalf of Registered Housing Providers in Cornwall.

Profitability, however, was impacted by factors that are affecting the construction sector across the UK; primarily increased costs of materials, skilled labour shortages and the ongoing effects of the Russo-Ukrainian war which has seen energy costs remaining at an all-time high and heightened issues with the supply chain. The business has responded well to these challenges with careful forward planning and management of resources as appropriate.

The directors believe the long term prospects for the group are strong. The housebuilding sector has recorded improvement in terms of demand during 2024, with forecasts predicting a 2025 return to growth (which may be increased further depending on government policy). The group has a strong balance sheet at year end and significant reserves held. The directors consider the group to be in a strong trading position with a healthy order book and a number of projects in progress that will assist the group in reaching its forecasted sales for 2024.

Principal risks and uncertainties

The board of directors are ultimately responsible for risk management and processes are in place to identify, mitigate and manage risks.

The directors consider the following as the principal risks facing the company:

The directors monitor the company’s performance regularly and proactively consider the impact of these risks and respond accordingly. The company seeks to maintain strong relationships with the supply chain and to reflect increased pricing in its building contracts where appropriate.

Development and performance

The group is in the early stages of developing a site for a timber frame manufacturing plant to guarantee the supply chain.

Key performance indicators

The group’s key financial performance indicators for the year during the year were as follows:

 

                                          2023                2022

Turnover                                 £21,814,656            £15,353,262 

Gross profit margin                        11.88%                16.24%

Profit before taxation              £1,275,272            £1,396,936

- 1 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

On behalf of the board

RS Dean
Director
19 September 2024
- 2 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Preference dividends were paid amounting to £700. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

RS Dean
AM Whitfield
Financial instruments

The group finances its operations through a mixture of retained profits and assistance from group and common controlled companies.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The group is in the early stages of developing a site for a timber frame manufacturing plant to guarantee the supply chain.

Auditor

RRL LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

- 3 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
On behalf of the board
RS Dean
Director
19 September 2024
- 4 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

- 5 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
Opinion

We have audited the financial statements of Robertson Developments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- 6 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have 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.

- 7 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERTSON DEVELOPMENTS HOLDINGS LIMITED

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.

 

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company and the sector in which they operate. We determined that the laws and regulations most significant to the group and parent company, as well as the laws and regulations that have a direct impact on the preparation of the financial statements are: the Companies Act 2006.

 

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

 

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Our audit approach also considered the opportunities and incentives that may exist within the group and parent company for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

- 8 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERTSON DEVELOPMENTS HOLDINGS LIMITED

Other matters which we are required to address

The financial statements for the year ended 31 December 2022, forming the corresponding figures of the financial

statements for the year ended 31 December 2023, are unaudited as the directors' claimed exemption from audit

under section 477 of the Companies Act 2006 relating to small companies.

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.

Nicholas Skerratt FCA CTA (Senior Statutory Auditor)
For and on behalf of RRL LLP
19 September 2024
Chartered Accountants
Statutory Auditor
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
- 9 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
Turnover
3
21,814,656
15,353,262
Cost of sales
(19,222,974)
(12,859,954)
Gross profit
2,591,682
2,493,308
Administrative expenses
(1,268,872)
(1,078,870)
Other operating income
71
71
Operating profit
4
1,322,881
1,414,509
Interest receivable and similar income
8
16,388
35,146
Interest payable and similar expenses
9
(63,997)
(52,719)
Profit before taxation
1,275,272
1,396,936
Tax on profit
10
(355,331)
(271,713)
Profit for the financial year
25
919,941
1,125,223
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
- 10 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
324,423
522,545
Investment property
13
1,494,317
1,491,206
1,818,740
2,013,751
Current assets
Stocks
16
16,640,638
17,221,383
Debtors
17
1,434,762
2,154,623
Cash at bank and in hand
3,290,203
985,766
21,365,603
20,361,772
Creditors: amounts falling due within one year
18
(8,563,802)
(8,386,437)
Net current assets
12,801,801
11,975,335
Total assets less current liabilities
14,620,541
13,989,086
Creditors: amounts falling due after more than one year
19
-
0
(241,086)
Provisions for liabilities
Deferred tax liability
21
78,700
125,400
(78,700)
(125,400)
Net assets
14,541,841
13,622,600
Capital and reserves
Called up share capital
23
700,200
700,200
Share premium account
24
99
99
Profit and loss reserves
25
13,841,542
12,922,301
Total equity
14,541,841
13,622,600

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
RS Dean
Director
Company registration number 10675699 (England and Wales)
- 11 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
13
1,494,317
1,491,206
Investments
14
200
200
1,494,517
1,491,406
Current assets
Stocks
16
3,723,461
4,621,772
Debtors
17
2,334,935
2,066,866
Cash at bank and in hand
1,385,371
380,153
7,443,767
7,068,791
Creditors: amounts falling due within one year
18
(1,414,878)
(1,369,527)
Net current assets
6,028,889
5,699,264
Net assets
7,523,406
7,190,670
Capital and reserves
Called up share capital
23
200
200
Share premium account
24
99
99
Profit and loss reserves
25
7,523,107
7,190,371
Total equity
7,523,406
7,190,670

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £332,736 (2022 - £252,602 ).

These financial statements have been prepared 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 19 September 2024 and are signed on its behalf by:
RS Dean
Director
Company registration number 10675699 (England and Wales)
- 12 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
700,200
99
11,797,078
12,497,377
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,125,223
1,125,223
Balance at 31 December 2022
700,200
99
12,922,301
13,622,600
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
919,941
919,941
Dividends
-
-
(700)
(700)
Balance at 31 December 2023
700,200
99
13,841,542
14,541,841
- 13 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
200
99
6,937,769
6,938,068
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
252,602
252,602
Balance at 31 December 2022
200
99
7,190,371
7,190,670
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
332,736
332,736
Balance at 31 December 2023
200
99
7,523,107
7,523,406
- 14 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,804,820
554,542
Interest paid
(63,997)
(52,719)
Income taxes (paid)/refunded
(390,426)
60,319
Net cash inflow from operating activities
2,350,397
562,142
Investing activities
Proceeds from disposal of intangibles
-
0
(100)
Purchase of tangible fixed assets
(13,424)
(56,263)
Proceeds from disposal of tangible fixed assets
62,500
24,500
Purchase of investment property
(3,111)
-
0
Proceeds from disposal of subsidiaries, net of cash disposed
-
0
100
Interest received
16,388
1,492
Dividends received
-
0
33,654
Net cash generated from investing activities
62,353
3,383
Financing activities
Payment of finance leases obligations
(107,613)
(86,221)
Dividends paid to equity shareholders
(700)
-
0
Net cash used in financing activities
(108,313)
(86,221)
Net increase in cash and cash equivalents
2,304,437
479,304
Cash and cash equivalents at beginning of year
985,766
506,462
Cash and cash equivalents at end of year
3,290,203
985,766
- 15 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information

Robertson Developments Holdings Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is The Penthouse, Telegraph House, Calenick Street, TRURO, Cornwall, TR1 2SF.

 

The group consists of Robertson Developments Holdings Limited and all of its subsidiaries.

1.1
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The 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 exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

- 16 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Robertson Developments Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

- 17 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)

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:

Freehold land and buildings
0 - 20% per annum on cost
Plant and equipment
15 - 33.33% per annum on cost
Fixtures and fittings
20 - 33.33% per annum on cost

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 recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, 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. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

- 18 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks
- 19 -

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

- 20 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

- 21 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 periods.

- 22 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

The key area of estimation uncertainty as assessed by management is the valuation of work in progress where there has been no formal valuation at the year end and values are based on management’s detailed calculations and estimate.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rental income
244,260
249,392
Other income
14,377
708
Sales of goods
21,556,019
15,103,162
21,814,656
15,353,262
2023
2022
£
£
Other revenue
Interest income
16,388
1,492
Dividends received
-
33,654
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
90,112
110,873
Depreciation of tangible fixed assets held under finance leases
47,639
47,639
Loss/(profit) on disposal of tangible fixed assets
11,295
(8,400)
(Profit)/loss on disposal of intangible assets
-
100
Stocks impairment losses recognised or reversed
300,000
-
0
Operating lease charges
116,404
70,460
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
-
Audit of the financial statements of the company's subsidiaries
12,525
-
17,525
-
0
- 23 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
44
45
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,835,215
1,730,130
-
0
-
0
Social security costs
194,406
193,312
-
-
Pension costs
64,987
46,174
-
0
-
0
2,094,608
1,969,616
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Sums paid to third parties for directors' services
20,600
20,698
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
13,524
1,445
Other interest income
2,864
47
Total interest revenue
16,388
1,492
Income from fixed asset investments
Income from shares in group undertakings
-
0
33,654
Total income
16,388
35,146
- 24 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
296
-
Other interest on financial liabilities
60,780
46,745
Interest on finance leases and hire purchase contracts
2,921
5,974
Total finance costs
63,997
52,719
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
402,031
268,113
Deferred tax
Origination and reversal of timing differences
(46,700)
3,600
Total tax charge
355,331
271,713

The main tax rate changed on 1 April 2023 from 19% to 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,275,272
1,396,936
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
299,951
265,418
Tax effect of expenses that are not deductible in determining taxable profit
2,755
698
Tax effect of income not taxable in determining taxable profit
-
0
(1,596)
Tax effect of utilisation of tax losses not previously recognised
-
0
(10,886)
Unutilised tax losses carried forward
51,654
-
0
Permanent capital allowances in excess of depreciation
47,671
20,798
Dividend income
-
0
(6,394)
Capital disposals
-
0
75
Deferred tax charge/(credit) for year
(46,700)
3,600
Taxation charge
355,331
271,713
- 25 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Stocks
16
300,000
-
0
Recognised in:
Cost of sales
300,000
-
0
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
197,067
877,596
37,672
1,112,335
Additions
-
0
11,512
1,912
13,424
Disposals
-
0
(120,981)
-
0
(120,981)
Transfers
(143,080)
143,080
-
0
-
0
At 31 December 2023
53,987
911,207
39,584
1,004,778
Depreciation and impairment
At 1 January 2023
121,375
441,825
26,590
589,790
Depreciation charged in the year
-
0
131,764
5,987
137,751
Eliminated in respect of disposals
-
0
(47,186)
-
0
(47,186)
Transfers
(67,388)
67,388
-
0
-
0
At 31 December 2023
53,987
593,791
32,577
680,355
Carrying amount
At 31 December 2023
-
0
317,416
7,007
324,423
At 31 December 2022
75,692
435,771
11,082
522,545
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
174,665
222,304
-
0
-
0
- 26 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
1,491,206
1,491,206
Additions through external acquisition
3,111
3,111
At 31 December 2023
1,494,317
1,494,317

The freehold properties of the company held for investment purposes were valued at 31 December 2023 on an open market basis by the directors at the amounts shown above.

 

The historic cost of the freehold property is £1,494,317 (2022: £1,491,206).

 

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
200
Carrying amount
At 31 December 2023
200
At 31 December 2022
200
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Robertson Developments Ltd
The Penthouse, Telegraph House, Calenick Street, Truro, Cornwall, TR1 2SF
Construction of domestic and commercial buildings
Ordinary
100.00
Stephenson Regeneration Limited
The Penthouse, Telegraph House, Calenick Street, Truro, Cornwall, TR1 2SF
Buying, selling and letting of real estate
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
- 27 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
806,817
Robertson Developments Ltd
7,175,863
Stephenson Regeneration Limited
(157,228)
(219,612)

All subsidiary companies have the same registered office as the parent company.

For the year ended 31 December 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

 

Stephenson Regeneration Ltd

 

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
8,215,770
9,251,637
3,723,461
4,621,772
Work in progress
7,724,868
6,969,746
-
-
Finished goods and goods for resale
700,000
1,000,000
-
-
16,640,638
17,221,383
3,723,461
4,621,772
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
229,484
436,198
43,715
84,364
Corporation tax recoverable
-
0
5,687
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
1,711,771
1,086,771
Other debtors
777,060
1,554,919
576,471
893,067
Prepayments and accrued income
408,218
137,819
2,978
2,664
1,414,762
2,134,623
2,334,935
2,066,866
Amounts falling due after more than one year:
Other debtors
20,000
20,000
-
0
-
0
Total debtors
1,434,762
2,154,623
2,334,935
2,066,866
- 28 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
35,004
89,031
-
0
-
0
Trade creditors
3,006,996
2,812,315
4,201
36,606
Corporation tax payable
274,031
268,113
104,202
50,483
Other taxation and social security
104,863
79,114
8,042
5,962
Other creditors
4,492,262
4,500,812
1,242,326
1,242,326
Accruals and deferred income
650,646
637,052
56,107
34,150
8,563,802
8,386,437
1,414,878
1,369,527

Net obligations under finance leases are secured by fixed charges on the assets concerned.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
-
0
53,586
-
0
-
0
Other creditors
-
0
187,500
-
0
-
0
-
0
241,086
-
0
-
0

Net obligations under finance leases are secured by fixed charges on the assets concerned.

 

Other creditors includes loans which are secured against the assets to which they relate.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
35,004
89,031
-
0
-
0
In two to five years
-
0
53,586
-
0
-
0
35,004
142,617
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

- 29 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
78,700
125,400
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
125,400
-
0
Credit to profit or loss
(46,700)
-
0
Liability at 31 December 2023
78,700
-
0

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,987
46,174

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Included in other creditors is £15,307 (2022: £10,827) owed to defined contribution pension schemes.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
- 30 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
99
99
99
99
25
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
12,922,301
11,797,078
7,190,371
6,937,769
Profit for the year
919,941
1,125,223
332,736
252,602
Dividends
(700)
-
0
-
0
-
0
At the end of the year
13,841,542
12,922,301
7,523,107
7,190,371
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
92,074
69,234
-
0
-
0
Between two and five years
56,797
51,293
-
0
-
0
In over five years
28,381
15,999
-
0
-
0
177,252
136,526
-
0
-
0
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
111,230
130,222
Transactions with related parties
- 31 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Stephenson Property Services Limited
4,455
363,665
Directors
3,175,477
3,255,015

During the period, Stephenson Property Services Limited, of which RS Dean is director, made a payment on

behalf of Stephenson Regeneration Ltd, a company of which RS Dean is also director.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
AKD Developments Limited
1,114,986
1,009,986
Company
Stephenson Property Services Limited
576,098
893,607
AKD Developments Limited
373
-
0

AKD Developments Limited, of which RS Dean and AM Whitfield are directors, provided a loan to Robertson Developments Ltd, a company of which RS Dean and AM Whitfield are also directors.

 

During the period the company, made a payment on behalf of AKD Developments Limited, a company of which RS Dean and AM Whitfield are also directors.

 

During the period the company made a payment on behalf of Stephenson Property Services Limited, a company of which RS Dean is also director.

Other information

Group

 

The group has taken advantage of the exemption from disclosing transactions with wholly owned group undertakings.

 

 

Company

 

The company has taken advantage of the exemption from disclosing transactions with wholly owned group undertakings.

28
Controlling party

The ultimate controlling party is RS Dean, director.

- 32 -
ROBERTSON DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
919,941
1,125,223
Adjustments for:
Taxation charged
355,331
271,713
Finance costs
63,997
52,719
Investment income
(16,388)
(35,146)
Loss/(gain) on disposal of tangible fixed assets
11,295
(8,400)
(Gain)/loss on disposal of intangible assets
-
100
Depreciation and impairment of tangible fixed assets
137,751
158,512
Movements in working capital:
Decrease/(increase) in stocks
580,745
(663,247)
Decrease in debtors
714,174
218,230
Increase/(decrease) in creditors
37,974
(565,162)
Cash generated from operations
2,804,820
554,542
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
985,766
2,304,437
3,290,203
Obligations under finance leases
(142,617)
107,613
(35,004)
843,149
2,412,050
3,255,199
31
Auditor's liability limitation agreement

For the year ended 31 December 2023 the company entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £5,000,000 to relation to their responsibilities as auditors of the company.  The date this was agreed by the company was 28 March 2024.

- 33 -
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