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REGISTERED NUMBER: 01612921 (England and Wales)













REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RETIREMENT SECURITY LIMITED

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Chairman 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Notes to the Consolidated Financial Statements 11


RETIREMENT SECURITY LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: R Bessell
N Chriscoli
Mrs M Bessell
Mrs M Hackett
M Prince





REGISTERED OFFICE: Unit 3 Wellesbourne Distribution Park,
Loxley Road
Wellesbourne
Warwickshire
CV35 9JY





REGISTERED NUMBER: 01612921 (England and Wales)





AUDITORS: Cooper Adams Ltd
Chartered Accountants
and Statutory Auditors
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

REPORT OF THE CHAIRMAN
for the Year Ended 31 March 2024

The financial year 2023/24 has been a very busy period for Retirement Security, and much has been accomplished, despite the backdrop of a challenging environment.

The work on our branding and our website continues and we are evolving to keep pace with a competitive growing sector whilst meeting the needs of our Owners’.

We appointed a National Resales Manager to lead our Resales Team, which now includes a Regional Sales Consultant and a Marketing Executive. The team have made significant improvements to our service. Supporting our Courts and Vendors they have delivered excellent results using revised marketing techniques and a more ‘hands-on approach’. Now they have settled in, our expectation is for the team to translate these improvements into more resales in an environment of rising prices, which means greater value for our vendors and higher revenues for the company through our transfer premium income.

As part of the emphasis on improvements to the resale landscape, during August 2023 we commenced the roll out of an opportunity for Owners to purchase a 990-year lease extension. At the time of writing over 35% of our owners have chosen to take advantage of this initiative, improving their chances of sale and strengthening their negotiating position with buyers. My hope is that most of our owners will take advantage of this opportunity, which will help to safeguard their tenure and improve the outlook for future resales.

The very good results this year reflect the high income received from the lease extension initiative that started in 2023/24. There is also an increase in costs much of which is due to the associated legal fees, but the overall result is very positive for the company.

The wellbeing of our Owners remains our priority. We are focussed on supporting Owners to live a happy and fulfilled life. Our Services Manager Team work closely with your Court Managers ensuring that Owners have access to financial advice and assistance, support with health requirements and encouraging a range of social activities on offer. With many challenges facing the care sector we understand the decision of many Courts to de-register with the Care Quality Commission. However, our commitment to caring for the wellbeing of all our Owners will continue regardless of CQC registration.

Retirement Security is proud to have a unique model of which we will continue to strengthen. We remain dedicated on improvement to ensure we provide our Courts with the high-quality service they expect.

Bob Bessell

Chairman

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company and group are shown in the annexed financial statements.

The group made a profit before tax of £1,020,202 (2023: £311,508). This reflects the results achieved from management fees, transfer fees on resold properties and lease extensions.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 0.06 per share.

The total distribution of dividends for the year ended 31 March 2024 will be £ 100,864 .

FUTURE DEVELOPMENTS
The Group continues to consider new development opportunities. The Group will also continue to ensure that any future developments will maintain and enhance the independence and quality of living of the Owners. Retirement Security is aware of its obligations relating to carbon neutral targets and will incorporate them into any future designs.

As always, Retirement Security will focus on providing high-quality housing and services, and will work to ensure it attracts the positive recognition within the retirement housing sector that it deserves.

Retirement Security will also look to make continuous improvements and developments to current practices so ensuring the operational model is sustainable and fit for the future, delivering a high level of service to all Courts.

DIRECTORS
The directors shown below have held office during the whole period from 1 April 2023 to the date of this report.

R Bessell
N Chriscoli
Mrs M Bessell
Mrs M Hackett

Other changes in directors holding office are as follows:

Miss A Bessell - resigned 1 May 2023
P Hulme - appointed 14 October 2023 - resigned 21 December 2023
M Prince - appointed 26 March 2024

Mrs M Gowers, M Wakeford and Mrs L Clement ceased to be directors after 31 March 2024 but prior to the date of this report.

The beneficial interests of the directors holding office on 31 March 2024 in the issued share capital of the company were as follows:

Ordinary 10p shares 31.03.24 31.03.23

R Bessell 515,507 515,007
M Bessell 50,758 50,758
N Chriscoli 23,000 23,000
M Wakeford 573,420 359,446
M Gowers 1,000 1,000

M Wakeford is a shareholder of Brackley Holdings Limited. Brackley Holdings Limited holds 573,420 (2023:
359,446) ordinary shares in the company.


RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

DIRECTORS - continued
In accordance with the Articles of Association, R Bessell and N Chriscoli will retire at the forthcoming Annual General Meeting, and being eligible, will stand for re-election.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cooper Adams Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs M Hackett - Director


9 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETIREMENT SECURITY LIMITED

Opinion
We have audited the financial statements of Retirement Security Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Annual Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETIREMENT SECURITY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETIREMENT SECURITY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Cooper FCA (Senior Statutory Auditor)
for and on behalf of Cooper Adams Ltd
Chartered Accountants
and Statutory Auditors
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA

9 October 2024

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 31 March 2024

Year Ended Period
31.3.24 1.6.22 to 31.3.23
Notes £    £    £    £   

TURNOVER 2,159,907 1,644,382

Cost of sales 500,310 271,470
GROSS PROFIT 1,659,597 1,372,912

Administrative expenses 2,102,667 1,283,147
(443,070 ) 89,765

Other operating income 1,455,605 220,816
Revaluation of investments 472 (130 )
OPERATING PROFIT 1,013,007 310,451

Income from fixed asset investments 34 24
Interest receivable and similar income 7,161 1,033
7,195 1,057
PROFIT BEFORE TAXATION 1,020,202 311,508

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 1,020,202 311,508

Profit attributable to:
Owners of the parent 1,020,202 311,508

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 52,253 59,253
Investments 8 - -
52,253 59,253

CURRENT ASSETS
Stocks 480,514 297,096
Debtors 9 462,685 480,733
Investments 10 1,292 820
Cash at bank 1,500,740 337,233
2,445,231 1,115,882
CREDITORS
Amounts falling due within one year 11 668,186 265,175
NET CURRENT ASSETS 1,777,045 850,707
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,829,298

909,960

CAPITAL AND RESERVES
Called up share capital 13 168,107 168,107
Share premium 14 200,000 200,000
Capital redemption reserve 14 71,525 71,525
Retained earnings 14 1,389,666 470,328
SHAREHOLDERS' FUNDS 1,829,298 909,960

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:




M Prince - Director



N Chriscoli - Director


RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 52,253 59,253
Investments 8 - -
52,253 59,253

CURRENT ASSETS
Stocks 480,514 297,096
Debtors 9 1,825,666 2,010,753
Investments 10 1,292 820
Cash at bank 1,500,740 337,233
3,808,212 2,645,902
CREDITORS
Amounts falling due within one year 11 736,469 259,540
NET CURRENT ASSETS 3,071,743 2,386,362
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,123,996

2,445,615

CAPITAL AND RESERVES
Called up share capital 13 168,107 168,107
Share premium 14 200,000 200,000
Capital redemption reserve 14 71,525 71,525
Retained earnings 14 2,684,364 2,005,983
SHAREHOLDERS' FUNDS 3,123,996 2,445,615

Company's profit for the financial year 779,245 318,166

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:




M Prince - Director



N Chriscoli - Director


RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Retirement Security 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 General Information page.

In the preceding year, the accounting year end date was changed from 31st May to 31st March, to align the accounting year end date with the corporate tax year end date. This resulted in a shortened reporting period of 1st June 2022 to 31st March 2023. Therefore, the figures stated for the preceding year are not entirely comparable.

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.

Turnover
Turnover represents income from the sale of development properties and the income receivable in respect of development consultancy fees, management fees and transfer premiums on resold properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the term of the lease
Office & computer equipment - 15% to 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of paid employees, including directors, during the year was 21 (2023: 18).

The aggregate payroll costs of these persons were as follows:

Period
1.6.22
Year Ended to
31.3.24 31.3.23
£ £
Salaries 957,914 715,882
Social security costs 103,464 86,243
Other pension costs 84,005 58,824
1,145,383 860,949

The company operates a defined pension scheme. The charge shown above represents the company's contributions payable to the pension scheme in respect of the financial year. At the year end, the pension liability is £1,258 (2023: £6,648).

Period
1.6.22
Year Ended to
31.3.24 31.3.23
£ £
Directors' remuneration 364,928 280,711
Directors' pension contributions to money purchase schemes 29,792 22,265

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

4. AUDITORS' REMUNERATION

Period
1.6.22
Year Ended to
31.3.24 31.3.23
£ £
For the audit of the group's financial statements 13,560 12,849
For other services 11,444 10,679
25,004 23,528

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the period ended 31 March 2023.

The group has corporation tax losses carried forward at the balance sheet date amounting to £5,102,470 (2023: £6,129,644). No deferred tax asset has been recognized in respect of these losses.

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The parent company's profit for the financial period was £779,245 (2023: £318,166).

7. TANGIBLE FIXED ASSETS

Group
Office &
Short computer
leasehold equipment Totals
£    £    £   
COST
At 1 April 2023 56,438 232,232 288,670
Additions - 12,731 12,731
Disposals - (2,474 ) (2,474 )
At 31 March 2024 56,438 242,489 298,927
DEPRECIATION
At 1 April 2023 56,438 172,979 229,417
Charge for year - 19,721 19,721
Eliminated on disposal - (2,464 ) (2,464 )
At 31 March 2024 56,438 190,236 246,674
NET BOOK VALUE
At 31 March 2024 - 52,253 52,253
At 31 March 2023 - 59,253 59,253

Company
Office &
Short computer
leasehold equipment Totals
£    £    £   
COST
At 1 April 2023 56,438 232,232 288,670
Additions - 12,731 12,731
Disposals - (2,474 ) (2,474 )
At 31 March 2024 56,438 242,489 298,927
DEPRECIATION
At 1 April 2023 56,438 172,979 229,417
Charge for year - 19,721 19,721
Eliminated on disposal - (2,464 ) (2,464 )
At 31 March 2024 56,438 190,236 246,674
NET BOOK VALUE
At 31 March 2024 - 52,253 52,253
At 31 March 2023 - 59,253 59,253


RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. FIXED ASSET INVESTMENTS

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Retirement Security (Milton Keynes) Limited
Registered office: United Kingdom
Nature of business: development, sale & mgmnt of very sheltered housing
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (578,064 ) (701,464 )
Profit for the year/period 123,400 -

Retirement Security (Reading) Limited
Registered office: United Kingdom
Nature of business: development, sale & mgmnt of very sheltered housing
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (3,581,248 ) (3,698,805 )
Profit/(loss) for the year/period 117,557 (6,658 )


The fair value of fixed asset investments is £nil (2023: £nil). The historical cost of fixed asset investments is £200 (2023: £200).

9. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 82,308 204,540 82,308 204,540
Amounts owed by group undertakings - - 1,594,481 1,762,520
Other debtors 107,293 21,746 107,293 20,746
VAT 8,356 - 8,356 -
Prepayments and accrued income 33,228 22,947 33,228 22,947
231,185 249,233 1,825,666 2,010,753

Amounts falling due after more than one year:
Other debtors 231,500 231,500 - -

Aggregate amounts 462,685 480,733 1,825,666 2,010,753

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. DEBTORS - continued

Included in debtors is a balance of £231,500 (2023: £231,500) due to the group for properties sold at Margaret Court. This balance will be paid when the properties are resold or earlier if the debt is factored or repaid by the purchaser.

10. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 1,292 820 1,292 820

The historical cost of current asset investments is £382 (2023: £382).

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 93,489 99,432 93,489 99,432
Amounts owed to group undertakings - - 77,089 -
Social security and other taxes 39,558 57,450 39,558 57,450
Proposed dividends 100,864 50,432 100,864 50,432
Other creditors 5,020 22,816 5,020 22,816
Accruals and deferred income 429,255 35,045 420,449 29,410
668,186 265,175 736,469 259,540

.

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 11,360 20,110
Between one and five years 32,839 28,209
44,199 48,319

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 11,360 20,110
Between one and five years 32,839 28,209
44,199 48,319

RETIREMENT SECURITY LIMITED (REGISTERED NUMBER: 01612921)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,681,065 Ordinary 10p 168,107 168,107

14. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 470,328 200,000 71,525 741,853
Profit for the year 1,020,202 1,020,202
Dividends (100,864 ) (100,864 )
At 31 March 2024 1,389,666 200,000 71,525 1,661,191

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 2,005,983 200,000 71,525 2,277,508
Profit for the year 779,245 779,245
Dividends (100,864 ) (100,864 )
At 31 March 2024 2,684,364 200,000 71,525 2,955,889


15. RELATED PARTY DISCLOSURES

During the year the company charged Retirement Security (Milton Keynes) Limited, its wholly owned subsidiary, £105,395 (2023: £122,106) in respect of management fees.

During the year the company charged Retirement Security (Reading) Limited, its wholly owned subsidiary, £60,950 (2023: £89,752) in respect of management fees.

16. POST BALANCE SHEET EVENTS

The company is now involved in an employment dispute with a former company director. Legal proceedings concerning this matter may continue for some months, but as at the date of this report, any financial obligation of the company as a result of this litigation has not been determined.