Company registration number 01252878 (England and Wales)
DENNIS RYE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DENNIS RYE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DENNIS RYE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
543,266
226,838
Current assets
Stocks
2,189,949
2,189,449
Debtors
4
4,546,510
5,197,427
Cash at bank and in hand
36,139
88,646
6,772,598
7,475,522
Creditors: amounts falling due within one year
5
(2,932,268)
(2,547,465)
Net current assets
3,840,330
4,928,057
Total assets less current liabilities
4,383,596
5,154,895
Provisions for liabilities
56,000
Net assets
4,383,596
5,210,895
Capital and reserves
Called up share capital
6
55,250
55,250
Profit and loss reserves
4,328,346
5,155,645
Total equity
4,383,596
5,210,895
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
S D Rye
Director
Company registration number 01252878 (England and Wales)
DENNIS RYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Dennis Rye Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mansfield Road, Tibshelf, Alfreton, Derbyshire, DE55 5NF.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the net value of property sales and contracting earnings after deducting value added tax. Turnover also includes rental income and charges made for the provision of office services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
DENNIS RYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Share capital issued by the company is recorded at the proceeds received, net of direct issue costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
DENNIS RYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
18
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
179,361
153,214
332,575
Additions
464,246
74,245
538,491
Disposals
(128,250)
(128,250)
At 31 March 2023
515,357
227,459
742,816
Depreciation
At 1 April 2022
12,281
93,456
105,737
Depreciation charged in the year
84,812
19,757
104,569
Eliminated in respect of disposals
(10,756)
(10,756)
At 31 March 2023
86,337
113,213
199,550
Carrying amount
At 31 March 2023
429,020
114,246
543,266
At 31 March 2022
167,080
59,758
226,838
DENNIS RYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,106
9,963
Corporation tax recoverable
35,237
Other debtors
4,537,404
5,152,227
4,546,510
5,197,427
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
69,031
82,145
Corporation tax
404,687
412,658
Other taxation and social security
550,827
528,141
Other creditors
1,907,723
1,524,521
2,932,268
2,547,465
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
55,250
55,250
55,250
55,250
There are 27,625 Ordinary shares and 27,625 'A' ordinary shares, both are equity shares and have equal right to dividends in the event of a winding up. However, 'A' ordinary shares carry no voting rights.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
87,663
106,411
DENNIS RYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Related party transactions
Dennis Rye Limited acts as the main collecting agent for rents payable on properties owned by East Midlands Developments Limited, Dukeries Investments Limited and Tibshelf Investments Limited, and carries out routine maintenance work on properties owned by these entities. The company also provides centralised office and management services for all entities, and undertakes modernisation work when appropriate.
Balances due from related parties at 31 March 2023 totalled £3,145,986 (2022: £3,766,627).
Balances due to related parties at 31 March 2023 totalled £1,782,951 (2022: £1,446,931).
An amount of £9,344 (2022: £9,344) is due to the company from The Estate of Dennis Rye in relation to directors loan account, along with other costs associated with The Estate of £75,242 (2022: £14,951) and is included in other debtors. Dennis Rye is the father of the director, Stephen Rye.
Included in Other creditors is an amount due to the director of £24,995. This is unsecured, repayable on demand and no interest is charged on the balance.