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Company registration number: 00741967







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


RICE & COLE LIMITED






































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RICE & COLE LIMITED
REGISTERED NUMBER:00741967



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,900,815
7,855,896

  
7,900,815
7,855,896

Current assets
  

Stocks
 5 
1,218,503
1,086,120

Debtors: amounts falling due within one year
 6 
1,936,363
1,661,711

Cash at bank and in hand
  
289,883
131,473

  
3,444,749
2,879,304

Creditors: amounts falling due within one year
 7 
(898,741)
(860,600)

Net current assets
  
 
 
2,546,008
 
 
2,018,704

Total assets less current liabilities
  
10,446,823
9,874,600

Creditors: amounts falling due after more than one year
 8 
(59,192)
(4,629)

Provisions for liabilities
  

Deferred tax
 10 
(1,812,691)
(1,752,743)

  
 
 
(1,812,691)
 
 
(1,752,743)

Net assets
  
8,574,940
8,117,228


Capital and reserves
  

Allotted, called up and fully paid share capital
  
132
132

Revaluation reserve
  
5,281,401
5,346,566

Profit and loss account
  
3,293,407
2,770,530

  
8,574,940
8,117,228

Page 1

 


RICE & COLE LIMITED
REGISTERED NUMBER:00741967


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 comprehensive income 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: 

................................................
M.C. Annis
Director

Date: 4 November 2024

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 


RICE & COLE LIMITED
 



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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
132
3,640,316
2,399,323
6,039,771


Comprehensive income for the year

Profit for the year

-
-
371,207
371,207

Surplus on revaluation of freehold property
-
2,275,000
-
2,275,000

Deferred tax
-
(568,750)
-
(568,750)


Other comprehensive income for the year
-
1,706,250
-
1,706,250


Total comprehensive income for the year
-
1,706,250
371,207
2,077,457



At 1 April 2023
132
5,346,566
2,770,530
8,117,228


Comprehensive income for the year

Profit for the year
-
-
522,877
522,877

Deficit on revaluation of freehold property
-
(65,165)
-
(65,165)
Total comprehensive income for the year
-
(65,165)
522,877
457,712


At 31 March 2024
132
5,281,401
3,293,407
8,574,940


The notes on pages 4 to 9 form part of these financial statements.
Page 3

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Rice & Cole Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Ashcombe House, 5 The Crescent, Leatherhead, Surrey, KT22 8DY. The principal place of business is Queen Street, Paddock Wood, Kent, TN12 6NX.
This Company is part of the Monte Carlo Parks Ltd Group.
The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Pitch fees, mooring fees, recharge of expenses and commissions
Income is recognised on an accruals basis in the period to which they relate.
Sales of park homes
Sales of park homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.

 
2.3

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.

 
2.4

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.

 
2.5

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.

 
2.7

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.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
10% - 33% reducing balance
Motor vehicles
-
15% - 25% reducing balance
Computer equipment
-
25% to 33% reducing balance

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.

No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the Statement of Comprehensive Income.

Page 5

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

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 reporting 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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each reporting 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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Employees

The average monthly number of employees during the year was 13 (2023 - 14). The directors did not receive any remuneration.

Page 6

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
7,625,000
585,093
101,609
51,047
8,362,749


Additions
-
8,499
70,151
2,539
81,189



At 31 March 2024

7,625,000
593,592
171,760
53,586
8,443,938



Depreciation


At 1 April 2023
-
395,990
61,801
49,062
506,853


Charge for the year
-
27,161
8,013
1,096
36,270



At 31 March 2024

-
423,151
69,814
50,158
543,123



Net book value



At 31 March 2024
7,625,000
170,441
101,946
3,428
7,900,815



At 31 March 2023
7,625,000
189,103
39,808
1,985
7,855,896

The property was professionally valued in January 2023 by commercial real estate agents, Avison Young, at market value. The director chose to adopt this valuation at 31 March 2024.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
583,130
583,130

Net book value
583,130
583,130


5.


Stocks

2024
2023
£
£

Work in progress
369,786
363,155

Finished goods and goods for resale
848,717
722,965

1,218,503
1,086,120


Page 7

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
53,282
70,535

Amounts owed by group undertakings
1,849,291
1,451,521

Prepayments and accrued income
33,790
97,155

Amounts recoverable on long-term contracts
-
42,500

1,936,363
1,661,711



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
347,829
397,460

Corporation tax
88,981
90,018

Other taxation and social security
1,429
17,160

Obligations under finance lease and hire purchase contracts
14,421
1,758

Other creditors
207,705
108,339

Accruals and deferred income
238,376
245,865

898,741
860,600



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
59,192
4,629

59,192
4,629



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
14,421
1,758

Between 1-5 years
14,030
1,893

Over 5 years
45,162
2,736

73,613
6,387

Page 8

 


RICE & COLE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024


£






At beginning of year
(1,752,743)


Charged to profit or loss
5,217


Charged to other comprehensive income
(65,165)



At end of year
(1,812,691)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(52,468)
(57,724)

Other timing differences
245
284

Revaluation on freehold property
(1,760,468)
(1,695,303)

(1,812,691)
(1,752,743)


11.


Contingent liabilities

The Company has given a guarantee in respect of the bank borrowings of its parent company. The guarantee is secured by a fixed charge over the company’s freehold property and a debenture over all other assets of the company.


12.


Related party transactions

The Company has taken advantage of the exemption available within FRS 102 Section 33.1A, from disclosing transactions entered into with entities which are a wholly owned part of the group.


13.


Controlling party

The ultimate controlling parent undertaking is Monte Carlo Parks Ltd by virtue of its 100% controlling interest of the Company. The address of the parent company's registered office Ashcombe House, 5 The Crescent, Leatherhead, Surrey, KT22 8DY.
The ultimate controlling party is M.C. Annis by virtue of his 100% shareholding in Monte Carlo Parks Ltd.


14.


Auditors' information

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

The audit report was signed on 4 November 2024 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9