Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseshopfitters and office refurbishers41The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.40truetruefalse 02672506 2023-04-01 2024-03-31 02672506 2022-04-01 2023-03-31 02672506 2024-03-31 02672506 2023-03-31 02672506 2022-04-01 02672506 c:Director2 2023-04-01 2024-03-31 02672506 d:Buildings 2023-04-01 2024-03-31 02672506 d:Buildings 2024-03-31 02672506 d:Buildings 2023-03-31 02672506 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02672506 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02672506 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 02672506 d:PlantMachinery 2023-04-01 2024-03-31 02672506 d:MotorVehicles 2023-04-01 2024-03-31 02672506 d:FurnitureFittings 2023-04-01 2024-03-31 02672506 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02672506 d:OtherPropertyPlantEquipment 2024-03-31 02672506 d:OtherPropertyPlantEquipment 2023-03-31 02672506 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02672506 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02672506 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02672506 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02672506 d:CurrentFinancialInstruments 2024-03-31 02672506 d:CurrentFinancialInstruments 2023-03-31 02672506 d:Non-currentFinancialInstruments 2024-03-31 02672506 d:Non-currentFinancialInstruments 2023-03-31 02672506 d:Non-currentFinancialInstruments 1 2024-03-31 02672506 d:Non-currentFinancialInstruments 1 2023-03-31 02672506 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02672506 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02672506 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02672506 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02672506 d:ShareCapital 2024-03-31 02672506 d:ShareCapital 2023-03-31 02672506 d:RetainedEarningsAccumulatedLosses 2024-03-31 02672506 d:RetainedEarningsAccumulatedLosses 2023-03-31 02672506 c:FRS102 2023-04-01 2024-03-31 02672506 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02672506 c:FullAccounts 2023-04-01 2024-03-31 02672506 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02672506 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 02672506 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02672506 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 02672506 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02672506 2 2023-04-01 2024-03-31 02672506 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02672506 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02672506 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 02672506






RUGGLES & JEFFERY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










img27e5.png

 
RUGGLES & JEFFERY LIMITED
REGISTERED NUMBER:02672506

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
182,893
171,912

  
182,893
171,912

Current assets
  

Stocks
 5 
60,349
49,732

Debtors: amounts falling due within one year
 6 
1,232,255
1,574,550

Cash at bank and in hand
 7 
2,958
3,349

  
1,295,562
1,627,631

Creditors: amounts falling due within one year
 8 
(994,959)
(1,050,112)

Net current assets
  
 
 
300,603
 
 
577,519

Total assets less current liabilities
  
483,496
749,431

Creditors: amounts falling due after more than one year
 9 
(38,966)
(43,304)

Provisions for liabilities
  

Deferred tax
 11 
(22,081)
(19,477)

  
 
 
(22,081)
 
 
(19,477)

Net assets
  
422,449
686,650


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
412,449
676,650

  
422,449
686,650


Page 1

 
RUGGLES & JEFFERY LIMITED
REGISTERED NUMBER:02672506
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 by: 




I H Jeffery
Director

Date: 15 October 2024

Page 2

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ruggles & Jeffery Limited is a private company limited by shares, incorporated in England and Wales.
Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB. 
The principal activity of the company continued to be that of shopfitters and office refurbishers.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
Over the term of the lease
Tools
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.12

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

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

 
2.17

Dividends

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

Page 6

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2023 - 40).


4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2023
110,561
356,086
466,647


Additions
-
55,452
55,452


Disposals
-
(30,707)
(30,707)



At 31 March 2024

110,561
380,831
491,392



Depreciation


At 1 April 2023
41,675
253,060
294,735


Charge for the year on owned assets
2,211
13,646
15,857


Charge for the year on financed assets
-
26,343
26,343


Disposals
-
(28,436)
(28,436)



At 31 March 2024

43,886
264,613
308,499



Net book value



At 31 March 2024
66,675
116,218
182,893



At 31 March 2023
68,886
103,026
171,912


5.


Stocks

2024
2023
£
£

Work in progress
60,349
49,732

60,349
49,732




Page 7

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,100,894
1,239,418

Amounts owed by group undertakings
-
19,338

Other debtors
22,774
740

Prepayments and accrued income
14,339
29,190

Amounts recoverable on long term contracts
94,248
285,864

1,232,255
1,574,550



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,958
3,349

Less: bank overdrafts
(245,085)
(343,054)

(242,127)
(339,705)


Page 8

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
245,085
343,054

Trade creditors
369,234
374,464

Amounts owed to group undertakings
29,906
-

Taxation and social security
229,829
229,134

Obligations under finance lease and hire purchase contracts
39,727
21,749

Other creditors
68,014
9,375

Accruals and deferred income
13,164
72,336

994,959
1,050,112


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
245,085
343,054

245,085
343,054

Details of security provided:

The bank overdraft is secured by a deposit agreement dated 7 November 2003, a debenture dated 9 December 2005 and an unlimited guarantee from Ruggles & Jeffery Holdings Limited dated April 1999.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
37,966
42,304

Share capital treated as debt
1,000
1,000

38,966
43,304


Page 9

 
RUGGLES & JEFFERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
44,321
25,790

Between 1-5 years
39,418
45,133

83,739
70,923


11.


Deferred taxation




2024
2023


£

£






At beginning of year
19,477
15,167


Charged to profit or loss
2,604
4,310



At end of year
22,081
19,477

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
22,081
19,477

22,081
19,477


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £44,967 (2023: £48,429). Contributions totalling £7,924 (2023: £6,988) were payable to the fund at the balance sheet date.

 
Page 10