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Registration number: 00125526

Russell Acott Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Russell Acott Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Russell Acott Limited

(Registration number: 00125526)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

268,872

279,729

Investment property

6

7,077,523

9,424,189

Other financial assets

7

590,022

528,984

 

7,936,417

10,232,902

Current assets

 

Debtors

8

113,818

94,537

Cash at bank and in hand

 

989,060

814,100

 

1,102,878

908,637

Creditors: Amounts falling due within one year

9

(499,269)

(352,084)

Net current assets

 

603,609

556,553

Total assets less current liabilities

 

8,540,026

10,789,455

Creditors: Amounts falling due after more than one year

9

(30,287)

(41,290)

Provisions for liabilities

(1,645,000)

(2,146,000)

Net assets

 

6,864,739

8,602,165

Capital and reserves

 

Called up share capital

10

64,000

64,000

Retained earnings

6,800,739

8,538,165

Shareholders' funds

 

6,864,739

8,602,165

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
Mr R D Ansell
Director

.........................................
Mr G R Ansell
Director

 
     
 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
51A West Way
Botley
Oxford
OX2 0JE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 November 2024 was Mr Anthony Haines BSc FCA, who signed for and on behalf of Wenn Townsend.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Plant and equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. They use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,414

13,177

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

558,656

12,538

571,194

Additions

-

557

557

Disposals

-

(3,230)

(3,230)

At 31 March 2024

558,656

9,865

568,521

Depreciation

At 1 April 2023

279,122

12,343

291,465

Charge for the year

11,173

241

11,414

Eliminated on disposal

-

(3,230)

(3,230)

At 31 March 2024

290,295

9,354

299,649

Carrying amount

At 31 March 2024

268,361

511

268,872

At 31 March 2023

279,534

195

279,729

Included within the net book value of land and buildings above is £268,361 (2023 - £279,534) in respect of freehold land and buildings.
 

 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Investment properties

2024
£

At 1 April 2023

9,424,189

Fair value adjustments

(2,346,666)

At 31 March 2024

7,077,523

The directors have valued the investment properties on a market value basis. There has been no valuation of investment property by an independent valuer.

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

528,984

528,984

Fair value adjustments

61,038

61,038

At 31 March 2024

590,022

590,022

Carrying amount

At 31 March 2024

590,022

590,022

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

64,626

42,590

Amounts owed by directors

-

544

Other debtors

 

49,192

51,403

Total current trade and other debtors

 

113,818

94,537

 

Russell Acott Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

600

905

Taxation and social security

114,277

93,621

Accruals and deferred income

176,834

189,111

Other creditors

11,003

-

Amounts owed to directors

196,555

68,447

499,269

352,084

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other creditors

30,287

41,290

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.40 each

160,000

64,000

160,000

64,000

       

11

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £0.1563) per ordinary share

-

25,000

Interim dividend of £1.50 (2023 - £1.50) per ordinary share

240,000

240,000

240,000

265,000