Company registration number 12285586 (England and Wales)
ROBERT RICE HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ROBERT RICE HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ROBERT RICE HOLDINGS LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
80,000
80,000
Investments
4
300
210,411
80,300
290,411
Current assets
Debtors
5
4,111,657
2,382,663
Cash at bank and in hand
1,683,098
218,971
5,794,755
2,601,634
Creditors: amounts falling due within one year
6
(505,309)
263,102
Net current assets
5,289,446
2,864,736
Total assets less current liabilities
5,369,746
3,155,147
Provisions for liabilities
(1,897)
(3,421)
Net assets
5,367,849
3,151,726
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
5,367,649
3,151,526
Total equity
5,367,849
3,151,726
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROBERT RICE HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr R J Rice
Director
Company registration number 12285586 (England and Wales)
ROBERT RICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Robert Rice Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Hunts Accountants, The Old Pump House, Oborne Road, Sherborne, Dorset, England, DT9 3RX.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. 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.
1.2
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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
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.
ROBERT RICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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 company after deducting all of its liabilities.
1.6
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
ROBERT RICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
80,000
Investment property comprises of Unit 4A Somerton Business Park. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 12/2/2020 by Rob Rice, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
300
210,411
Movements in fixed asset investments
Shares in
Loans to
Other investments
Other loans
Other
Total
£
£
£
£
£
£
Cost or valuation
At 1 February 2023 & 31 January 2024
-
-
210,411
-
-
210,411
Impairment
At 1 February 2023
-
-
-
-
-
-
Disposals
-
-
210,111
-
-
210,111
At 31 January 2024
-
-
210,111
-
210,111
Carrying amount
At 31 January 2024
-
-
300
-
-
300
At 31 January 2023
-
-
210,411
210,411
ROBERT RICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,111,657
2,382,663
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
397,492
24,640
Other creditors
107,817
(287,742)
505,309
(263,102)
8
Directors' transactions
Included in other debtors at 31st January 2024 is a balance of £2,384,048 owed to the company by its directors. Interest has been charged at HMRC's official rate of interest and the loan is repayable on demand.