Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityfalse22023-04-012truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02307964 2023-04-01 2024-03-31 02307964 2022-04-01 2023-03-31 02307964 2024-03-31 02307964 2023-03-31 02307964 2022-04-01 02307964 5 2023-04-01 2024-03-31 02307964 d:Director2 2023-04-01 2024-03-31 02307964 e:FreeholdInvestmentProperty 2024-03-31 02307964 e:FreeholdInvestmentProperty 2023-03-31 02307964 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 02307964 e:CurrentFinancialInstruments 2024-03-31 02307964 e:CurrentFinancialInstruments 2023-03-31 02307964 e:Non-currentFinancialInstruments 2024-03-31 02307964 e:Non-currentFinancialInstruments 2023-03-31 02307964 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 02307964 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 02307964 e:UKTax 2023-04-01 2024-03-31 02307964 e:UKTax 2022-04-01 2023-03-31 02307964 e:ShareCapital 2023-04-01 2024-03-31 02307964 e:ShareCapital 2024-03-31 02307964 e:ShareCapital 2022-04-01 2023-03-31 02307964 e:ShareCapital 2023-03-31 02307964 e:ShareCapital 2022-04-01 02307964 e:RevaluationReserve 2023-04-01 2024-03-31 02307964 e:RevaluationReserve 2024-03-31 02307964 e:RevaluationReserve 5 2023-04-01 2024-03-31 02307964 e:RevaluationReserve 2022-04-01 2023-03-31 02307964 e:RevaluationReserve 2023-03-31 02307964 e:RevaluationReserve 2022-04-01 02307964 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02307964 e:RetainedEarningsAccumulatedLosses 2024-03-31 02307964 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02307964 e:RetainedEarningsAccumulatedLosses 2023-03-31 02307964 e:RetainedEarningsAccumulatedLosses 2022-04-01 02307964 d:FRS102 2023-04-01 2024-03-31 02307964 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02307964 d:FullAccounts 2023-04-01 2024-03-31 02307964 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02307964 5 2023-04-01 2024-03-31 02307964 6 2023-04-01 2024-03-31 02307964 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02307964









KENNETH RICE & SONS GROUND RENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
KENNETH RICE & SONS GROUND RENTS LIMITED
REGISTERED NUMBER: 02307964

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
150,000
150,000

Investment property
 6 
68,045
27,915

  
218,045
177,915

Current assets
  

Debtors: amounts falling due after more than one year
 7 
316,058
-

Debtors: amounts falling due within one year
 7 
3,938
44,368

Cash at bank and in hand
  
858,914
162,418

  
1,178,910
206,786

Creditors: amounts falling due within one year
 8 
(105,900)
(278,624)

Net current assets/(liabilities)
  
 
 
1,073,010
 
 
(71,838)

Total assets less current liabilities
  
1,291,055
106,077

  

Net assets
  
1,291,055
106,077


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
42,591
2,461

Profit and loss account
  
1,247,464
102,616

  
1,291,055
106,077


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.

Page 1

 
KENNETH RICE & SONS GROUND RENTS LIMITED
REGISTERED NUMBER: 02307964
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024




Raymond Kenneth Rice
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1,000
2,461
126,838
130,299


Comprehensive income for the year

Profit for the year
-
-
93,278
93,278
Total comprehensive income for the year
-
-
93,278
93,278


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(117,500)
(117,500)


Total transactions with owners
-
-
(117,500)
(117,500)



At 1 April 2023
1,000
2,461
102,616
106,077


Comprehensive income for the year

Profit for the year
-
-
1,355,786
1,355,786

Surplus on revaluation of freehold property
-
40,130
-
40,130
Total comprehensive income for the year
-
40,130
1,355,786
1,395,916


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(210,938)
(210,938)


Total transactions with owners
-
-
(210,938)
(210,938)


At 31 March 2024
1,000
42,591
1,247,464
1,291,055


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Kenneth Rice and Sons Ground Rents Limited is a private company, limited by shares, registered in England and Wales.  The company's registered number and registered office address can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue  is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue  is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.4

Revaluation of investment property

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 4

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




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


        2024
        2023
            No.
            No.







Administration
2
2


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
51,586
21,751

Adjustments in respect of previous periods
138
-


51,724
21,751


Total current tax
51,724
21,751
Page 5

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,407,510
115,029


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
351,878
21,856

Effects of:


Adjustments to tax charge in respect of prior periods
138
-

Non-taxable income
(300,000)
-

Capital gains
(292)
(105)

Total tax charge for the year
51,724
21,751


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
150,000



At 31 March 2024
150,000




Page 6

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
27,915


Surplus on revaluation
40,130



At 31 March 2024
68,045

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£

Due after more than one year

Due from company under common control
316,058
-

316,058
-


2024
2023
£
£

Due within one year

Trade debtors
2,497
2,497

Other debtors
-
41,330

Called up share capital not paid
900
-

Prepayments and accrued income
541
541

3,938
44,368


Page 7

 
KENNETH RICE & SONS GROUND RENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
50,834
114,500

Corporation tax
51,586
21,751

Other creditors
-
108,000

Accruals and deferred income
3,480
34,373

105,900
278,624



9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 5 September 2024 by Philip Bryan.

 
Page 8