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Registered number: 07364844














RONIKS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
RONIKS LIMITED
 

COMPANY INFORMATION


Directors
Mrs K Patel 
Mr N Patel 
Dr A Patel (appointed 30 October 2024)
Dr R Patel (appointed 30 October 2024)




Registered number
07364844



Registered office
Bereforstal Barn
Canterbury Lane

Elham

Kent

CT4 6UE




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
RONIKS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Profit and Loss Account
 
8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 38


 
RONIKS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the company and the group for the year ended 31 March 2024.

Business review
 
The principal activity of the group was that of rental property development and the provision of dental services. 
The group is mainly split into two revenue sources, rental income and income from dental services. Rental income facilitated through the parent company, Roniks Limited. While dental income is facilitated through the subsidiary Pennypot Dental Practice Ltd. 
Roniks Limited
The company has continued to grow over the past twelve months. Occupancy itself, over all the properties has remained relatively consistent, and close to capacity.
Pennypot Dental Practice Limited
The company consists of five dental practices throughout the southeast of England performance has continued to improve over the past twelve months with revenue increasing significantly. 
Overall the directors are satisfied with the performance of the group and believe the group is well placed for the forthcoming year. 

Principal risks and uncertainties
 
The management of the business and the execution of the company's and the group's strategy are subject to a number of risks.
Commercial and residential rental market
Roniks Limited rental income will be directly reflective of the commercial and residential rental market. This is an area of inherent risk to the group. This market is exposed to external factors such as commercial activity in the area. However this is seen as a secondary source of revenue to the primary source of income from the dental practices.
Care Quality Commision (CQC)
The dental practices operate with significant NHS contracts which require each surgery to perform and maintain to set standards and are regularly policed by monthly returns and CQC visits. To date all practices have performed well and achieved good ongoing reports. However, failure to meet the standards set could result in the loss of these contracts.

Financial key performance indicators
 
The most significant financial key performance indicator used by the group's management is gross profit percentage. For the financial year ended 31 March 2024 this remained relatively consistent with the previous financial year at 37.8% and 38.7% respectively.
Another key performance indicator, relevant only to the parent company is rate of return. This is applied to each individual investment property. Returns for the year have remained steady correlating with the occupancy levels. 


This report was approved by the board on 21 January 2025 and signed on its behalf.



___________________________
Mr N Patel
Director

Page 1

 
RONIKS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,039,699 (2023 - £2,527,727).

Dividends totalling £141,500 have been paid during the year.
The directors do not recommend the payment of any further dividends for the year.

Directors

The directors who served during the year were:

Mrs K Patel 
Mr N Patel 

Future developments

Roniks Limited will continue to sustain occupancy at the company's current properties, with a view to keeping vacancy periods at a minimum. Roniks Limited will look to pursue further development opportunities in order to grow the property portfolio. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
RONIKS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 January 2025 and signed on its behalf.
 





___________________________
Mrs K Patel
Director

Page 3

 
RONIKS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RONIKS LIMITED
 

Opinion


We have audited the financial statements of Roniks Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 4

 
RONIKS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RONIKS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 
RONIKS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RONIKS LIMITED (CONTINUED)

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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.  We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
• Discussions with management regarding known or suspected instances of non-compliance with laws and
  regulations;
• Evaluation of controls designed to prevent and detect irregularities; and
• Assessing journal entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' Report.


Page 6

 
RONIKS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RONIKS LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report 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.





Andrew John Childs FCA (Senior Statutory Auditor)
for and on behalf of
Magee Gammon Corporate Limited
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH

21 January 2025
Page 7

 
RONIKS LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023
Note

  

Turnover
 4 
11,016,355
9,618,448

Cost of sales
  
(6,846,362)
(5,889,305)

Gross profit
  
4,169,993
3,729,143

Administrative expenses
  
(1,536,245)
(927,281)

Other operating income
 5 
-
6,303

Operating profit
  
2,633,748
2,808,165

Share of profit of joint ventures
  
(85,599)
-

Total operating profit
  
2,548,149
2,808,165

Amounts written off investments
  
(80,000)
-

Interest receivable and similar income
 9 
619,917
552,019

Interest payable and similar expenses
 10 
(271,749)
(217,513)

Profit before tax
  
2,816,317
3,142,671

Tax on profit
 11 
(776,618)
(614,944)

Profit for the financial year
  
£2,039,699
£2,527,727

Profit for the year attributable to:
  

Owners of the parent
  
2,039,699
2,527,727

  
£2,039,699
£2,527,727

The notes on pages 19 to 38 form part of these financial statements.

Page 8

 
RONIKS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023


Profit for the financial year
2,039,699
2,527,727

Other comprehensive income

Total comprehensive income for the year
£2,039,699
£2,527,727

Profit for the year attributable to:


Owners of the parent Company
2,039,699
2,527,727

£2,039,699
£2,527,727

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated profit and loss account.

The notes on pages 19 to 38 form part of these financial statements.

Page 9

 
RONIKS LIMITED
REGISTERED NUMBER:07364844

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note

Fixed assets
  

Intangible assets
 13 
665,000
760,000

Tangible assets
 14 
3,952,348
3,406,052

Investments
 16 
342,347
507,946

Investment property
 15 
6,870,000
7,441,200

  
11,829,695
12,115,198

Current assets
  

Stocks
 17 
65,747
65,015

Debtors: amounts falling due within one year
 18 
12,001,322
10,480,356

Cash at bank and in hand
 19 
946,858
977,701

  
13,013,927
11,523,072

Creditors: amounts falling due within one year
 20 
(2,943,202)
(4,588,943)

Net current assets
  
 
 
10,070,725
 
 
6,934,129

Total assets less current liabilities
  
21,900,420
19,049,327

Creditors: amounts falling due after more than one year
 21 
(2,345,798)
(1,261,168)

Provisions for liabilities
  

Deferred taxation
 24 
(356,557)
(488,293)

  
 
 
(356,557)
 
 
(488,293)

Net assets
  
£19,198,065
£17,299,866


Capital and reserves
  

Called up share capital 
 25 
200
200

Other reserves
 26 
636,619
1,005,993

Profit and loss account
 26 
18,561,246
16,293,673

  
£19,198,065
£17,299,866


Page 10

 
RONIKS LIMITED
REGISTERED NUMBER:07364844

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




___________________________
Mr N Patel
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
RONIKS LIMITED
REGISTERED NUMBER:07364844

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note

Fixed assets
  

Tangible assets
 14 
3,368,157
2,859,324

Investments
 16 
200,120
200,120

Investment property
 15 
6,870,000
7,441,200

  
10,438,277
10,500,644

Current assets
  

Debtors: amounts falling due within one year
 18 
11,588,110
10,143,866

Cash at bank and in hand
 19 
366,103
300,222

  
11,954,213
10,444,088

Creditors: amounts falling due within one year
 20 
(5,025,958)
(5,354,244)

Net current assets
  
 
 
6,928,255
 
 
5,089,844

Total assets less current liabilities
  
17,366,532
15,590,488

  

Creditors: amounts falling due after more than one year
 21 
(2,345,798)
(1,261,168)

Provisions for liabilities
  

Deferred taxation
 24 
(246,913)
(371,787)

  
 
 
(246,913)
 
 
(371,787)

Net assets
  
£14,773,821
£13,957,533


Capital and reserves
  

Called up share capital 
 25 
200
200

Other reserves
 26 
636,619
1,005,993

Profit and loss account
 26 
14,137,002
12,951,340

  
£14,773,821
£13,957,533


Page 12

 
RONIKS LIMITED
REGISTERED NUMBER:07364844

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.


___________________________
Mr N Patel
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 

RONIKS LIMITED
 
 
 


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



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity



At 1 April 2022
200
1,005,993
13,862,946
14,869,139
14,869,139



Comprehensive income for the year


Profit for the year
-
-
2,527,727
2,527,727
2,527,727

Total comprehensive income for the year
-
-
2,527,727
2,527,727
2,527,727


Dividends: Equity capital
-
-
(97,000)
(97,000)
(97,000)



Total transactions with owners
£-
£-
£(97,000)
£(97,000)
£(97,000)





At 1 April 2023
200
1,005,993
16,293,673
17,299,866
17,299,866



Comprehensive income for the year


Profit for the year
-
-
2,039,699
2,039,699
2,039,699



Other comprehensive income for the year
-
-
-
-
-



Total comprehensive income for the year
-
-
2,039,699
2,039,699
2,039,699


Dividends: Equity capital
-
-
(141,500)
(141,500)
(141,500)


Transfer to profit and loss account
-
(369,374)
369,374
-
-



At 31 March 2024
£200
£636,619
£18,561,246
£19,198,065
£19,198,065



The notes on pages 19 to 38 form part of these financial statements.

Page 14

 

RONIKS LIMITED
 
 
 


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



Called up share capital
Other reserves
Profit and loss account
Total equity



At 1 April 2022
200
1,005,993
11,614,529
12,620,722



Comprehensive income for the year


Profit for the year
-
-
1,433,811
1,433,811

Total comprehensive income for the year
-
-
1,433,811
1,433,811


Dividends: Equity capital
£-
£-
£(97,000)
£(97,000)





At 1 April 2023
200
1,005,993
12,951,340
13,957,533



Comprehensive income for the year


Profit for the year
-
-
957,788
957,788



Other comprehensive income for the year
-
-
-
-



Total comprehensive income for the year
-
-
957,788
957,788


Dividends: Equity capital
-
-
(141,500)
(141,500)


Transfer to profit and loss account
-
(369,374)
369,374
-



At 31 March 2024
£200
£636,619
£14,137,002
£14,773,821



The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
RONIKS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023

Cash flows from operating activities

Profit for the financial year
2,039,699
2,527,727

Adjustments for:

Amortisation of intangible assets
95,000
95,000

Depreciation of tangible assets
109,242
106,101

Impairments of fixed assets
80,000
-

Loss on disposal of tangible assets
5,297
-

Interest paid
271,750
217,512

Interest received
(619,917)
(552,019)

Taxation charge
776,618
614,944

(Increase) in stocks
(732)
(3,677)

(Increase) in debtors
(1,620,967)
(3,533,628)

Decrease in amounts owed by joint ventures
100,001
232,727

Increase/(decrease) in creditors
66,579
(683,991)

Net fair value losses recognised in P&L
571,200
-

Share of operating profit in joint ventures
85,599
-

Corporation tax (paid)
(669,497)
(407,405)

Net cash generated from operating activities

1,289,872
(1,386,709)


Cash flows from investing activities

Purchase of tangible fixed assets
(165,132)
(93,510)

Sale of tangible fixed assets
6,105
-

Purchase of investment properties
(501,807)
-

Interest received
619,917
552,019

Dividends received
-
60,000

Net cash from investing activities

(40,917)
518,509

Cash flows from financing activities

Repayment of loans
(866,548)
(5,405)

Dividends paid
(141,500)
(97,000)

Interest paid
(271,750)
(217,512)

Net cash used in financing activities
(1,279,798)
(319,917)

Net (decrease) in cash and cash equivalents
(30,843)
(1,188,117)

Cash and cash equivalents at beginning of year
977,701
2,165,818

Cash and cash equivalents at the end of year
£946,858
£977,701
Page 16

 
RONIKS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023




Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
946,858
977,701

£946,858
£977,701


The notes on pages 19 to 38 form part of these financial statements.

Page 17

 
RONIKS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024



Cash at bank and in hand

977,701

(30,843)

946,858

Debt due after 1 year

(1,261,168)

(1,084,630)

(2,345,798)

Debt due within 1 year

(3,269,100)

1,836,937

(1,432,163)


£(3,552,567)
£721,464
£(2,831,103)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

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

1.


General information

Roniks Limited is a private company limited by shares and incorporated in England and Wales under company number 07364844. 
The registered office of the company is Bereforstal Barn, Canterbury Road, Elham, Canterbury, Kent, CT4 6UE.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in UK Sterling pounds (£) and rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2017.

Page 19

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 that the Group 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; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 20

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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, as below.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
5% - 15% reducing balance
Motor vehicles
-
20% straight line
Fixtures and fittings
-
25% reducing balance / 25% straight line
Office equipment
-
25% reducing balance / 25% straight line

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yeilds for comparable real estate, adjusted if necessary for any differences in the nature, location and condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Profit and Loss Account.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)

 
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. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 22

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 23

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. All other borrowing costs are included in the profit and loss in the year in which they occur.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

 
RONIKS LIMITED
 

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

2.Accounting policies (continued)

 
2.20

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both the current and future periods. 
The following estimates have a material impact on the accounts:
a) Valuation of property - The group recognises the investment property on the valuations performed by the directors. The valuations are ascertained through assumptions including future rental income, anticipated maintenance costs and the current rental market of similar properties. 


4.


Turnover

Turnover attibutable to dental services in the financial year amounted to £10,649,060 (2023 - £9,295,309). Rental income in the financial year amounted to £367,295 (2023 - £323,139). 

All turnover arose within the United Kingdom.

Page 25

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

5.


Other operating income

2024
2023

Other income
£-
£6,303



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,200
7,000


All other services
23,950
25,350


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023


Wages and salaries
1,280,807
1,273,856

Social security costs
79,172
77,631

Cost of defined contribution scheme
21,387
19,182

£1,381,366
£1,370,669


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Dental staff
50
52
-
-



Management
5
5
-
-



Directors
2
2
2
2

57
59
2
2


8.


Directors' remuneration

2024
2023

Directors' emoluments
£12,500
£11,908


Page 26

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

9.


Interest receivable

2024
2023


Other interest receivable
£619,917
£552,019


10.


Interest payable and similar expenses

2024
2023


Bank interest payable
271,320
217,472

Other interest payable
429
41

£271,749
£217,513

Page 27

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

11.


Taxation


2024
2023

Corporation tax


Current tax on profits for the year
908,354
602,027


Total current tax
£908,354
£602,027


Origination and reversal of timing differences
(131,736)
12,917

Total deferred tax
£(131,736)
£12,917


Taxation on profit on ordinary activities
£776,618
£614,944

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023


Profit on ordinary activities before tax
£2,816,317
£3,142,672


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
704,079
597,108

Effects of:


Non-tax deductible amortisation of goodwill and impairment
23,750
18,050

Short term timing difference leading to an increase (decrease) in taxation
7,388
(214)

Special factors affecting joint-ventures and associates leading to an increase in the tax charge
41,401
-

Total tax charge for the year
£776,618
£614,944


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

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

12.


Dividends

2024
2023

A Ordinary


100 £1 (2023 - 100 £1)
27,000
97,000

B Ordinary


5 £1 (2023 - 5 £1)
24,500
-

C Ordinary


90 £1 (2023 - 90 £1)
65,500
-

D Ordinary


5 £1 (2023 - 5 £1)
24,500
-

£141,500
£97,000


13.


Intangible assets

Group and Company





Goodwill



Cost


At 1 April 2023
3,563,996



At 31 March 2024

3,563,996



Amortisation


At 1 April 2023
2,803,996


Charge for the year on owned assets
95,000



At 31 March 2024

2,898,996



Net book value



At 31 March 2024
£665,000



At 31 March 2023
£760,000



All of the Group's intangible fixed assets are held in the subsidiary company

Page 29

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

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total



Cost or valuation


At 1 April 2023
3,874,041
17,254
16,713
695,307
4,603,315


Additions
101,595
24,999
-
38,539
165,133


Disposals
-
(17,254)
-
-
(17,254)


Transfers between classes
501,807
-
-
-
501,807



At 31 March 2024

4,477,443
24,999
16,713
733,846
5,253,001



Depreciation


At 1 April 2023
575,877
4,127
7,743
609,515
1,197,262


Charge for the year on owned assets
73,057
3,808
2,763
29,615
109,243


Disposals
-
(5,852)
-
-
(5,852)



At 31 March 2024

648,934
2,083
10,506
639,130
1,300,653



Net book value



At 31 March 2024
£3,828,509
£22,916
£6,207
£94,716
£3,952,348



At 31 March 2023
£3,298,164
£13,127
£8,970
£85,792
£3,406,053

Page 30

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

           14.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

Cost or valuation


At 1 April 2023
2,837,227
17,254
16,713
2,871,194


Additions
-
24,999
-
24,999


Disposals
-
(17,254)
-
(17,254)


Transfers between classes
501,807
-
-
501,807



At 31 March 2024

3,339,034
24,999
16,713
3,380,746



Depreciation


At 1 April 2023
-
4,127
7,743
11,870


Charge for the year on owned assets
-
3,808
2,763
6,571


Disposals
-
(5,852)
-
(5,852)



At 31 March 2024

-
2,083
10,506
12,589



Net book value



At 31 March 2024
£3,339,034
£22,916
£6,207
£3,368,157



At 31 March 2023
£2,837,227
£13,127
£8,970
£2,859,324






The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £3,339,034 (2023 - £2,837,227)

Page 31

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

15.


Investment property

Group and Company


Freehold investment property



Valuation


At 1 April 2023
7,441,200


Additions at cost
501,807


Surplus on revaluation
(571,200)


Transfers between classes
(501,807)



At 31 March 2024
6,870,000

All of the Group's investment properties are held in the Parent company

The 2024 valuations were made by the directors, 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


Historic cost
£6,208,101
£6,208,101

Page 32

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

16.


Fixed asset investments

Group





Investment in joint ventures



Cost or valuation


At 1 April 2023
507,946


Share of profit/(loss)
(85,599)



At 31 March 2024

422,347



Impairment


Charge for the period
80,000



At 31 March 2024

80,000



Net book value



At 31 March 2024
£342,347



At 31 March 2023
£507,946

Company





Investments in subsidiary companies
Investment in joint ventures
Total



Cost or valuation


At 1 April 2023
100
200,020
200,120



At 31 March 2024
100
200,020
200,120






Net book value



At 31 March 2024
£100
£200,020
£200,120



At 31 March 2023
£100
£200,020
£200,120

The investment in joint ventures is representative of the proportional entitlement to the group has to the capital and reserves of  Quinn, Patel & Plews Developments Ltd & Quinn Patel Estates (1) Limited based on the Group's 20% & 38% share holding as at 31 March 2024.
The registered office of Quinn, Patel & Plews Developments Ltd & Quinn Patel Estates (1) Limited is 11 Sir John Fogge Ave, Ashford, Kent TN23 3GA. 

Page 33

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

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Pennypot Dental Practice Limited
Ordinary
-
100%
-

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Pennypot Dental Practice Limited
4,281,917
2,047,512


17.


Stocks

Group
Group
2024
2023

Finished goods and goods for resale
£65,747
£65,015


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023


Trade debtors
355,148
283,512
3,333
3,126

Amounts owed by joint ventures and associated undertakings
6,164,299
6,264,300
6,164,299
6,264,300

Other debtors
4,044,552
2,965,606
4,044,477
2,925,606

Prepayments and accrued income
1,437,323
966,938
1,376,001
950,834

£12,001,322
£10,480,356
£11,588,110
£10,143,866



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023

Cash at bank and in hand
£946,858
£977,701
£366,103
£300,222


Page 34

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

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023

Bank loans
1,095,304
3,046,481
1,095,304
3,046,481

Trade creditors
556,365
389,040
1,837
5,258

Amounts owed to group undertakings
-
-
3,350,036
1,900,788

Corporation tax
586,908
348,051
186,886
126,738

Other taxation and social security
21,208
31,492
5,630
4,380

Other creditors
629,738
714,202
353,658
236,981

Accruals and deferred income
53,679
59,677
32,607
33,618

£2,943,202
£4,588,943
£5,025,958
£5,354,244


Included in other creditors are amounts owed to directors of £336,859 (2023 - £222,619). 
Bank loans are secured against the respective properties held in the parent company.
 


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023

Bank loans
£2,345,798
£1,261,168
£2,345,798
£1,261,168



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023


Bank loans
£3,441,102
£4,307,649
£3,441,102
£4,307,649

Details of security provided:

Bank loans are secured against the respective properties held in the parent company.

The bank loans are repayable by instalments which are repayable on a monthly basis. These loans attract interest at a rate of between 1.6% and 2.8% above base rate.

Page 35

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

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023

Amounts falling due within one year

Bank loans
1,095,304
3,046,481
1,095,304
3,046,481

Amounts falling due 1-2 years

Bank loans
105,009
59,549
105,009
59,549

Amounts falling due 2-5 years

Bank loans
1,300,954
200,993
1,300,954
200,993

Amounts falling due after more than 5 years

Bank loans
939,835
1,000,626
939,835
1,000,626

£3,441,102
£4,307,649
£3,441,102
£4,307,649



23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023

Financial assets

Financial assets measured at fair value through profit or loss
946,858
977,701
366,103
300,222

Financial assets that are debt instruments measured at amortised cost
4,497,147
3,249,118
4,145,332
2,928,732

£5,444,005
£4,226,819
£4,511,435
£3,228,954


Financial liabilities

Financial liabilities measured at amortised cost
£(4,378,194)
£(5,410,891)
£(3,459,738)
£(4,549,888)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors


Financial liabilities measured at amortised cost comprise of loans, trade creditors and other creditors.

Page 36

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

24.


Deferred taxation


Group



2024
2023





At beginning of year
488,293
475,376


Charged to profit or loss
(131,736)
12,917



At end of year
£356,557
£488,293

Company


2024
2023









At beginning of year
371,787
363,867


Charged to profit or loss
(124,874)
7,920



At end of year
£246,913
£371,787

Group
Group
Company
Company
2024
2023
2024
2023

Accelerated capital allowances
226,694
222,692
117,050
106,186

Fair value surplus
129,863
265,601
129,863
265,601

£356,557
£488,293
£246,913
£371,787


25.


Share capital

2024
2023
Allotted, called up and fully paid



100 (2023 - 100) A Ordinary shares of £1.00 each
100
100
5 (2023 - 5) B Ordinary shares of £1.00 each
5
5
90 (2023 - 90) C Ordinary shares of £1.00 each
90
90
5 (2023 - 5) D Ordinary shares of £1.00 each
5
5

£200

£200



26.


Reserves

Other reserves

Other reserves represents non-distributable reserves transfered from the profit and loss account, arising from fair value adjustments net of the associated deferred tax provision.

Page 37

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

27.


Prior year adjustment

The measurement of investments in the parent undertaking has been changed from a fair value method to the cost method. In accordance with FRS 102 s.10, there has been a change in accounting policy, which must be applied retrospectively. The resulting impact is a reduction of the parent company reserves of £367,926. The consolidated position remains unchanged as FRS102 requires the equity method to be applied in consolidated accounts.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £22,464 (2023 - £19,182) . Contributions totalling £4,076 (2023 - £4,071) were payable to the fund at the balance sheet date and are included in creditors.


29.


Related party transactions

During the year, the subsidiary company paid rent to the directors of the company amounting to £12,000 (2023 - £10,000).
During the year, Roniks Limited purchased property from the directors for the sum of £475,000. 
During the year, the Company provided finance, in the form of loan advances to its Joint Ventures. The amount outstanding at the balance sheet is £6,164,299 (2023 - £6,264,300). The loans are repayable on demand and interest has been charged at the market rate.
During the year, the Company provided finance, in the form of a loan advance to a company with common directors. The amount outstanding at the balance sheet is £4,043,867 (2023 - £2,925,007). The loans are repayable on demand and interest has been charged at the market rate.


30.
Controlling party

Mr N Patel and Mrs K Patel are the controlling party of the company.



Page 38