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REGISTERED NUMBER: 00939484 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

RUSSEX LIMITED

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RUSSEX LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: M C D Hobden
J V F Hobden
D J Hobden
G S Jones





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 00939484 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,026 4,426
Investment property 5 11,059,671 9,598,374
11,063,697 9,602,800

CURRENT ASSETS
Debtors 6 505,897 975,806
Cash at bank and in hand 1,108,625 656,372
1,614,522 1,632,178
CREDITORS
Amounts falling due within one year 7 (92,445 ) (61,889 )
NET CURRENT ASSETS 1,522,077 1,570,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,585,774

11,173,089

PROVISIONS FOR LIABILITIES 8 (1,651,711 ) (1,343,848 )
NET ASSETS 10,934,063 9,829,241

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserves 6,601,798 5,677,910
Retained earnings 4,332,165 4,151,231
SHAREHOLDERS' FUNDS 10,934,063 9,829,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





D J Hobden - Director


RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Russex 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
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 the 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;
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost, or deemed cost, less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment-20% 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts unpaid at the balance sheet date are shown in accruals as a liability on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 9,487
Additions 1,023
At 31 March 2024 10,510
DEPRECIATION
At 1 April 2023 5,061
Charge for year 1,423
At 31 March 2024 6,484
NET BOOK VALUE
At 31 March 2024 4,026
At 31 March 2023 4,426

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 9,598,374
Additions 229,447
Revaluations 1,231,850
At 31 March 2024 11,059,671
NET BOOK VALUE
At 31 March 2024 11,059,671
At 31 March 2023 9,598,374

The 2024 valuations were made by Mr D Hobden, who is internal to the company, on an open market value for existing use basis.

If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Cost 2,807,162 2,576,704

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,140 38,615
Other debtors 475,757 937,191
505,897 975,806

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 6,600
Taxation and social security 77,929 48,771
Other creditors 14,516 6,518
92,445 61,889

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,651,711 1,343,848

Deferred
tax
£   
Balance at 1 April 2023 1,343,848
Accelerated capital allowances (100 )
Short term timing differences
Gain on revalued property 307,963
Balance at 31 March 2024 1,651,711

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
D J Hobden
Balance outstanding at start of year - -
Amounts advanced 74,134 -
Amounts repaid (47,850 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,284 -

10. RELATED PARTY DISCLOSURES

Hobden Property Limited
At 31 March 2024, £438,586 (2023: £438,586) was due from Hobden Property Limited, a company under common control. The loan was interest free, unsecured and repayable on demand.

Hobden Commercial Limited
At 31 March 2024 £12,350 (2023: £24,474 was due from) was due to Hobden Commercial Limited, a company under common control. The loan was interest free, unsecured and repayable on demand.

RUSSEX LIMITED (REGISTERED NUMBER: 00939484)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. 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 costs charge represents contributions payable by the company to the fund amount and amounted to £458 (2023: £281). Contributions totalling £95 (2023: £14) were payable to the fund at the balance sheet date.