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COMPANY REGISTRATION NUMBER: 8394276
Roderick Thomas Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Roderick Thomas Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
30,716
38,115
Investments
7
405,000
425,000
---------
---------
435,716
463,115
Current assets
Debtors
8
56,068
100,670
Investments
9
30,346
Cash at bank and in hand
193,909
52,007
---------
---------
249,977
183,023
Creditors: amounts falling due within one year
10
210,857
105,274
---------
---------
Net current assets
39,120
77,749
---------
---------
Total assets less current liabilities
474,836
540,864
Creditors: amounts falling due after more than one year
11
109,818
119,898
Provisions
Taxation including deferred tax
943
---------
---------
Net assets
365,018
420,023
---------
---------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
364,918
419,923
---------
---------
Shareholders funds
365,018
420,023
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Roderick Thomas Limited
Statement of Financial Position (continued)
30 June 2024
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr R D Thomas
Director
Company registration number: 8394276
Roderick Thomas Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is 1 Priory Road, Wells, Somerset, BA5 1SR
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure requirements of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of commission income on property sales, turnover is not recognised until a right to consideration arises, which is generally when legal completion of contracts occurs. Turnover includes estimates of amounts not invoiced.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
over the period of the lease
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Investments
Fixed and current asset investments which are publicly traded are measured at fair value, with changes in fair value being recognised in the profit or loss account.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date based on the directors valuation and any changes in fair value are recognised in profit or loss.
Financial instruments
Listed investments which are publicly traded are measured at fair value with changes in fair value recognised in the profit or loss account. Bank loans are initially recognised at the transaction price, being the amount received from the bank. Subsequently bank loans are measured at amortised cost using the effective interest method. Interest free loans to the company that are repayable on demand, are measured at cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
500,000
---------
Amortisation
At 1 July 2023 and 30 June 2024
500,000
---------
Carrying amount
At 30 June 2024
---------
At 30 June 2023
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
10,000
28,780
44,411
18,333
101,524
Additions
2,371
1,177
3,548
--------
--------
--------
--------
---------
At 30 June 2024
10,000
31,151
44,411
19,510
105,072
--------
--------
--------
--------
---------
Depreciation
At 1 July 2023
10,000
27,602
11,103
14,704
63,409
Charge for the year
1,030
8,327
1,590
10,947
--------
--------
--------
--------
---------
At 30 June 2024
10,000
28,632
19,430
16,294
74,356
--------
--------
--------
--------
---------
Carrying amount
At 30 June 2024
2,519
24,981
3,216
30,716
--------
--------
--------
--------
---------
At 30 June 2023
1,178
33,308
3,629
38,115
--------
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 July 2023
425,000
Revaluations
( 20,000)
---------
At 30 June 2024
405,000
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
405,000
---------
At 30 June 2023
425,000
---------
Fixed asset investments consist of an investment property acquired by the company in 2023 which was intended to be rented out as a furnished holiday let. The property is included at fair value based on the directors valuation as at the balance sheet date. The historical cost of the investment is £454,159. The property was disposed of after the year end.
Movements on the fair value of investment property passing through profit or loss are not taxable.
8. Debtors
2024
2023
£
£
Trade debtors
11,271
9,711
Other debtors
44,797
90,959
--------
---------
56,068
100,670
--------
---------
9. Investments
2024
2023
£
£
Other investments
30,346
----
--------
Current asset investments consist of listed investments, which are included at fair value based on the quoted market price as at the balance sheet date as stated on the London Stock Exchange. The historical cost of the investments is £nil. The investments were disposed of during the year.
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,074
10,008
Trade creditors
42,603
27,539
Corporation tax
66,908
31,399
Social security and other taxes
43,722
14,830
Other creditors
47,550
21,498
---------
---------
210,857
105,274
---------
---------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
109,818
119,898
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £100,000 (2023: £100,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
This represents an interest only loan on which interest is charged at a fixed rate of 4.44% until October 2027 after which time the bank's variable commercial rate will apply. This loan is secured personally by the directors.
Bank loans also include a bounce back loan which is guaranteed by the UK Government. Repayments are over 60 months and interest is charged at 2.5%.
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Reserves
The profit and loss reserve includes a loss of £29,159 in respect of the valuation of the investment property, which as it is not realised is not distributable.
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
19,000
11,250
Later than 1 year and not later than 5 years
74,839
39,089
--------
--------
93,839
50,339
--------
--------
15. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R D Thomas
65,180
21,883
( 75,269)
11,794
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R D Thomas
19,118
49,440
( 3,378)
65,180
--------
--------
-------
--------
During the year, the director, R D Thomas maintained a current account with the company. The movements on the current account are summarised above. Advances to directors are interest free and repayable on demand.