Company registration number 11450865 (England and Wales)
R.J.O HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
R.J.O HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Y Osman
A A Osman
A S Osman
Company number
11450865
Registered office
Terrance House
151 Hastings Road
Bromley
Kent
BR2 8NQ
Auditor
RSM UK Audit LLP
3rd Floor
T Bromley
15-17 London Road
Bromley
Kent
BR1 1DE
R.J.O HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024. Comparatives are for the 15 month period ended 30 April 2023.

Review of the business

A summary of the group financial results for the year ended 30 April 2024, the group financial position as at that date and certain key financial performance indicators, are set out in the table below:

 

 

 

2024

2023

 

 

 

 

 

 

Turnover

 

£21.5m

£32.4m

 

Gross profit

 

£1.9m

£0.8m

 

Gross profit margin

 

9.0%

2.5%

 

Profit/(Loss) before tax

 

£1.0m

(£0.6m)

 

Cash at bank

 

£0.1m

£0.1m

 

Net assets

 

£3.6m

£2.8m

 

 

The directors are pleased with the overall performance of the group for the year. Whilst turnover has fallen when compared to the previous year, profits have increased resulting in a strengthening of our financial position at the year end.

 

Any contracts where the margins were effected by rising inflation causing an increase in materials and skilled labour costs have all been completed. The directors also made a strategic decision to not sign any new fixed price contracts until the market stabilised. Both of these factors have contributed to the improved results for the year.

 

At the year end the group entered into 6 new contracts with Housing Associations and Local Authorities, which will deliver 234 much needed houses and flats to the areas. The company has a good future pipeline of contracts from well-established clients and our current contracts are progressing according to programme.

 

The main financial key performance indicator of the business is gross profit performance on contracts. These are reviewed on a monthly basis by management and variances are compared to budget to understand progress on each individual contract.

 

Future plans

The group plans to continue to develop its existing strategy and seek profitable contracts.

Principal risks and uncertainties

The principal risks and uncertainties that might impact the Group's future financial performance relate to material changes in the UK economy and the resulting impact on the property sector. The Group has minimal debt and thus has the flexibility to adapt to changes in the sector and take advantage of future opportunities. The company mitigates some risks by undertaking developments in the housing association and local authority market where returns are more certain.

Financial risk management

The Group's principal financial risks relate to liquidity risk. The policy to manage this risks is set out below.

 

Liquidity Risk

The liquidity risk of the group is managed by the directors. Budgets for all projects are agreed by the directors in advance, enabling the group's cash requirements to be anticipated and funding facilities to be arranged.

On behalf of the board

A S Osman
Director
30 January 2025
R.J.O HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and consolidated financial statements for the year ended 30 April 2024. Comparatives are for the 15 month period ended 30 April 2023.

Principal activities

The principal activity of the company is that of a non-trading holding company. The principal activity of the group continued to be that of property development and new building work.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £Nil (2023: £Nil). The directors do not recommend payment of a further dividend (2023: £Nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Y Osman
A A Osman
A S Osman
Auditor

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of truefuture developments and financial risk management.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A S Osman
Director
30 January 2025
R.J.O HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors are responsible for preparing the Strategic Report and the Directors' 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

R.J.O HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R.J.O HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of R.J.O Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

R.J.O HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.J.O HOLDINGS LIMITED
- 5 -
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 strategic report or the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 3, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

R.J.O HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.J.O HOLDINGS LIMITED
- 6 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statements disclosures, completing a financial statements disclosure checklist and reviewing tax computations prepared by tax advisors.

The group audit engagement team identified the risk of management override of controls, long term contracts and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries, challenging key management estimates and judgements and evaluating the business rationale in relation to significant or unusual transactions, including transactions entered into outside the normal course of business and reviewing and challenging key judgements and estimates relating to revenue and long term contracts.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

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 an auditor's 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.

Helen Hunt
For and on behalf of
30 January 2025
RSM UK Audit LLP
Chartered Accountants
Statutory Auditor
3rd Floor
T Bromley
15-17 London Road
Bromley
Kent
BR1 1DE
R.J.O HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Year
Period
ended
ended
30 April
30 April
2024
2023
Notes
£
£
Turnover
3
21,540,945
32,369,006
Cost of sales
(19,601,603)
(31,573,238)
Gross profit
1,939,342
795,768
Administrative expenses
(905,083)
(1,239,157)
Operating profit/(loss)
4
1,034,259
(443,389)
Interest receivable and similar income
7
544
722
Interest payable and similar expenses
8
(24,484)
(77,785)
Fair value gains and losses on investment properties
12
-
0
(33,400)
Profit/(loss) before taxation
1,010,319
(553,852)
Tax on profit/(loss)
9
(235,957)
134,200
Profit/(loss) for the financial year
22
774,362
(419,652)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
R.J.O HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
126,687
209,044
Investment property
12
196,600
196,600
323,287
405,644
Current assets
Stocks
15
2,136,053
2,852,532
Debtors
16
10,836,595
12,238,018
Cash at bank and in hand
108,070
51,292
13,080,718
15,141,842
Creditors: amounts falling due within one year
17
(9,443,879)
(12,213,507)
Net current assets
3,636,839
2,928,335
Total assets less current liabilities
3,960,126
3,333,979
Creditors: amounts falling due after more than one year
18
(269,912)
(397,803)
Provisions for liabilities
Deferred tax liability
19
71,427
91,751
(71,427)
(91,751)
Net assets
3,618,787
2,844,425
Capital and reserves
Called up share capital
21
6,000,000
6,000,000
Revaluation reserve
22
127,762
127,762
Other reserves
22
(5,999,994)
(5,999,994)
Profit and loss reserves
22
3,491,019
2,716,657
Total equity
3,618,787
2,844,425

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A S  Osman
Director
Company registration number 11450865 (England and Wales)
R.J.O HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,000,100
3,000,100
Current assets
Debtors
16
2,718,921
4,036,455
Creditors: amounts falling due within one year
17
(325,413)
(1,642,885)
Net current assets
2,393,508
2,393,570
Net assets
5,393,608
5,393,670
Capital and reserves
Called up share capital
21
6,000,000
6,000,000
Profit and loss reserves
22
(606,392)
(606,330)
Total equity
5,393,608
5,393,670

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £62 (2023 - £3,000,186 loss).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A S  Osman
Director
Company registration number 11450865 (England and Wales)
R.J.O HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
6,000,000
152,812
(5,999,994)
3,117,259
3,270,077
Period ended 30 April 2023:
Loss and total comprehensive income
-
-
-
(419,652)
(419,652)
Dividends
10
-
-
-
(6,000)
(6,000)
Transfers
-
(25,050)
-
25,050
-
Balance at 30 April 2023
6,000,000
127,762
(5,999,994)
2,716,657
2,844,425
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
774,362
774,362
Balance at 30 April 2024
6,000,000
127,762
(5,999,994)
3,491,019
3,618,787
R.J.O HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
6,000,000
2,399,856
8,399,856
Period ended 30 April 2023:
Loss and total comprehensive income for the period
-
(3,000,186)
(3,000,186)
Dividends
10
-
(6,000)
(6,000)
Balance at 30 April 2023
6,000,000
(606,330)
5,393,670
Year ended 30 April 2024:
Profit and total comprehensive income
-
(62)
(62)
Balance at 30 April 2024
6,000,000
(606,392)
5,393,608
R.J.O HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
551,776
(28,945)
Interest paid
(24,484)
(77,785)
Income taxes paid
(501,058)
(215,615)
Net cash inflow/(outflow) from operating activities
26,234
(322,345)
Investing activities
Purchase of tangible fixed assets
-
(3,712)
Proceeds from disposal of tangible fixed assets
30,000
48,000
Interest received
544
722
Net cash generated from investing activities
30,544
45,010
Financing activities
Dividends paid to equity shareholders
-
0
(6,000)
Net cash used in financing activities
-
(6,000)
Net increase/(decrease) in cash and cash equivalents
56,778
(283,335)
Cash and cash equivalents at beginning of year
51,292
334,627
Cash and cash equivalents at end of year
108,070
51,292
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information

R.J.O Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Terrance House, 151 Hastings Road, Bromley, Kent, BR2 8NQ.

 

The group consists of R.J.O Holdings Limited and all of its subsidiaries.

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, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company R.J.O Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The directors have prepared detailed cash flow forecasts for the group covering the period to 31 January 2026. These forecasts show that the group will have cash resources to enable it to pay its debts as they fall due for at least that period.

 

Accordingly, the directors have, after careful consideration, concluded that it is appropriate to prepare these financial statements on the going concern basis as the company and the group will be able to pay their debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Turnover represents revenue recognised by the group in respect of goods sold and services supplied, exclusive of Value Added Tax and trade discounts. Revenue is recognised by reference to the stage of completion of each individual contract. The stage of completion is assessed by surveyors who issue a certificate for the agreed valuation. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract.

 

Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% 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 recognised in the income statement.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors, loans to fellow group companies and related companies 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.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors (including accruals), 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.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other debtors or other creditors.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The key areas of accounting estimates and assumptions, which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities, are revenue recognition and construction contracts whose policies are disclosed above.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
21,524,687
32,356,788
Rental income
16,258
12,218
21,540,945
32,369,006

All the group's sales for the period and prior year were within the United Kingdom.

4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
42,636
80,788
Loss on disposal of tangible fixed assets
9,721
15,942
Operating lease charges
120,375
90,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,650
4,550
Audit of the financial statements of the company's subsidiaries
29,350
27,950
34,000
32,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
15
17
3
3
Direct costs
20
25
-
-
Total
35
42
3
3
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,517,992
2,180,781
-
0
-
0
Social security costs
167,804
252,297
-
-
Pension costs
38,046
44,865
-
0
-
0
1,723,842
2,477,943
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
544
722
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
614
335
Other interest on financial liabilities
23,812
30
Other interest
58
77,420
Total finance costs
24,484
77,785
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
187,154
-
0
Adjustments in respect of prior periods
(33,509)
(18)
Total current tax
153,645
(18)
Deferred tax
Origination and reversal of timing differences
(20,324)
(23,196)
Adjustment in respect of prior periods
13,147
-
0
Tax losses carried forward
89,489
(102,636)
Other adjustments
-
0
(8,350)
Total deferred tax
82,312
(134,182)
Total tax charge/(credit)
235,957
(134,200)
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 20 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,010,319
(553,852)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.40%)
252,580
(107,428)
Tax effect of expenses that are not deductible in determining taxable profit
3,724
3,322
Adjustments in respect of prior years
(33,509)
(18)
Effect of change in corporation tax rate
-
(30,076)
Group relief
15
-
0
Deferred tax adjustments in respect of prior years
13,147
-
0
Taxation charge/(credit)
235,957
(134,200)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
6,000
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
11
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
562,924
80,139
111,584
754,647
Disposals
(80,000)
-
0
(13,552)
(93,552)
At 30 April 2024
482,924
80,139
98,032
661,095
Depreciation and impairment
At 1 May 2023
404,547
59,652
81,404
545,603
Depreciation charged in the year
31,533
4,551
6,552
42,636
Eliminated in respect of disposals
(41,712)
-
0
(12,119)
(53,831)
At 30 April 2024
394,368
64,203
75,837
534,408
Carrying amount
At 30 April 2024
88,556
15,936
22,195
126,687
At 30 April 2023
158,377
20,487
30,180
209,044
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
196,600
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,000,100
3,000,100
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
3,000,100
Carrying amount
At 30 April 2024
3,000,100
At 30 April 2023
3,000,100
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Skillcrown Homes Limited
a)
Ordinary
100.00
Skillcrown Limited
a)
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

a)
Terrance House, 151 Hastings Road, Bromley. Kent, BR2 8NQ
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
2,136,053
2,852,532
-
-
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,006,521
338,205
-
0
-
0
Gross amounts owed by contract customers
1,766,187
1,034,229
-
0
-
0
Amounts owed by group undertakings
-
-
54,225
1,371,697
Amounts owed by related entities
7,069,058
8,591,898
2,664,696
2,664,696
Other debtors
201,644
202,155
-
-
Prepayments and accrued income
484,047
1,108,028
-
0
-
0
10,527,457
11,274,515
2,718,921
4,036,393
Amounts falling due after more than one year:
Amount owed by related parties
-
0
242,576
-
0
-
0
Prepayments and accrued income
309,138
618,291
-
0
-
0
309,138
860,867
-
-
Deferred tax asset (note 19)
-
0
102,636
-
0
62
309,138
963,503
-
62
Total debtors
10,836,595
12,238,018
2,718,921
4,036,455
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
5,750,920
5,271,727
-
0
-
0
Gross amounts owed to contract customers
511,387
2,171,657
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
325,413
1,642,885
Amounts owed to related entities
-
1,160,743
-
-
Corporation tax payable
211,692
559,105
-
0
-
0
Other taxation and social security
57,696
59,475
-
-
Other creditors
2,811,030
2,941,175
-
-
Accruals and deferred income
101,154
49,625
-
0
-
0
9,443,879
12,213,507
325,413
1,642,885
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
269,912
397,803
-
0
-
0
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
29,627
49,767
-
-
Short term timing differences
(788)
(603)
-
62
Investment property
42,588
42,587
-
-
Tax losses
-
-
-
102,574
71,427
91,751
-
102,636
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Short term timing differences
-
-
-
62
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(10,885)
(62)
Charge to profit or loss
82,312
62
Liability at 30 April 2024
71,427
-
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,046
44,865

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £5,226 (2023: £5,430) were payable to the fund at the year end and are included in creditors.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000,000
6,000,000
6,000,000
6,000,000
22
Reserves
Revaluation reserve

Cumulative fair value gains and losses in respect of investment properties.

Other reserves

The other reserve arises on consolidation as a result of the group reorganisation being the difference between the company's issued share capital and the share capital of Skillcrown Homes Limited.

Profit and loss reserves

Cumulative profit and loss net of distribution to owners.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
136,500
72,000
-
-
Between two and five years
443,625
258,000
-
-
580,125
330,000
-
-
R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Entities under common control
2024
2023
£
£
Group
Recharged costs to
48,782
-
Loans from
(1,251,100)
(966,319)
Settlement of liabilities
27,261
-
Management charges
130,000
143,750
Expenses paid on behalf of
11,448
38,751
Construction contracts
1,941,262
15,282,696
Rental expenses
116,800
90,000

The following amounts were outstanding at the reporting end date and included in creditors:

Amounts due to related parties
2024
2023
£
£
Group
Loans from
-
1,160,743

The following amounts were outstanding at the reporting end date and included in debtors:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Loans from
7,069,058
8,834,474
Other information

Company

The company has provided loans to entities under common control totalling £Nil (2023: £Nil) and were provided loans from entities under common control totalling £Nil (2023: £663,385). At 30 April 2024 £2,664,696 (2023: £2,664,696) was due from entities under common control and included in debtors.

R.J.O HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
25
Directors' transactions

During the year the directors had drawings totalling £642,671 (2023: £340,484) and made repayments of £2,350,000 (2023: £940,000) to the group. At 30 April 2024 the group owed the directors £2,789,227 (2023: £1,081,897) which is included in creditors.

 

During the year the group was instructed to carry out a build contract for A S Osman. Costs totalling £1,137,551 (2023: £37,744) were incurred during the period. At the period end costs totalling £1,223,390 (2023: £85,839) were include in work in progress.

 

During the year the group loaned £850,000 (2023: £Nil) to a closed family member, which was fully repaid by 30 April 2024.

 

The director, Y Osman, has provided a personal guarantee totalling £100,000 (2023: £100,000) in respect of facilities provided to the group.

Dividends totalling £Nil (2023 - £6,000) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The group is controlled by Y Osman by virtue of his shareholding.

27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
774,362
(419,652)
Adjustments for:
Taxation charged/(credited)
235,957
(134,200)
Finance costs
24,484
77,785
Investment income
(544)
(722)
Loss on disposal of tangible fixed assets
9,721
15,942
Fair value (gain)/loss on investment properties
-
0
33,400
Depreciation and impairment of tangible fixed assets
42,636
80,788
Movements in working capital:
Decrease/(increase) in stocks
716,479
(922,437)
Decrease/(increase) in debtors
1,298,787
(63,323)
(Decrease)/increase in creditors
(2,550,106)
1,303,474
Cash generated from/(absorbed by) operations
551,776
(28,945)
28
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
51,292
56,778
108,070
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