REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 26 JUNE 2023 TO 30 JUNE 2024 |
FOR |
RAGDALE HALL (1990) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 26 JUNE 2023 TO 30 JUNE 2024 |
FOR |
RAGDALE HALL (1990) LIMITED |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 26 June 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 |
RAGDALE HALL (1990) LIMITED |
COMPANY INFORMATION |
for the period 26 June 2023 to 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STRATEGIC REPORT |
for the period 26 June 2023 to 30 June 2024 |
The directors present their strategic report for the period 26 June 2023 to 30 June 2024. |
The principal activity of the company continued to be that of operating Ragdale Hall Spa. |
REVIEW OF BUSINESS |
Development and performance during the year |
Trading income increased by 10.4% from the previous year, although this was a 53-week trading year. The like-for-like trading income increase is 8.3% and is due to increase in guest numbers. |
Position of the company at the year end |
The company made a profit before tax of £6,822,243 (2023: £4,145,461). Net assets have increased to £20,031,712 (2023: £18,171,484). |
Key performance indicators |
The key performance indicators are considered to be turnover, profit margins, room rates and occupancy levels. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Operational |
The company has worked to increase occupancy levels during the financial year, taking into account both external and internal factors. |
Financial |
The company closely monitors the cost of all major costs and has looked to control these where possible and mitigate rising costs. |
Strategic |
Competition within the leisure industry remains significant and will continue to restrict the ability to increase prices. Increases in costs, particularly wages, are likely but manageable. Despite the current climate, the outlook for the company remains positive and the company's Directors believe that the company's historic prudent management approach will allow the business to be able to continue successfully in the future. |
SECTION 172(1) STATEMENT |
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of Ragdale Hall (1990) Limited (the 'Company') for the benefit of its members and stakeholders as a whole, and in doing so have regard, amongst other matters, to: |
- | The likely consequences of any decision in the long term. |
- | The interests of the Company's shareholders |
- | The interests of the Company's employees. |
- | The need to foster the Company's business relationships with customers, suppliers and other interested parties. |
- | The impact of the Company's operations on the community and the environment. |
- | The desirability of the Company maintaining a reputation for high standards of business conduct. |
- | The need to act fairly between members and stakeholders of the Company. |
Strategic Management |
The Board recognises that as a well-established Spa, the focus is to maintain the fantastic reputation of Ragdale Hall and current levels of business whilst looking for new opportunities to improve facilities, services and profitability in a rapidly developing and competitive industry. Through a prudent financial management approach, which has seen the Company deliver significant improvements to the business and services and facilities provided to guests over the years, the Company will carefully consider any future decisions, taking into account the interests of all key stakeholders. |
Our People |
The Company strives to recruit people with values that align with the Company values, individuals who are passionate and enthusiastic about hospitality, and considers the impact on the guest, employee and other stakeholder experience in all business decisions. As a business that enjoys a high level of owner management, the Board endeavours to create a workplace which is caring and respectful, in which every employee understands the part they play and their value. |
Business Relationships |
Our customers and suppliers, are key to our success. Our relationships with guests and members are paramount to the ongoing success of the business. The needs and expectations of our guests are integral in our business strategy and planning to ensure the Company delivers to the highest quality standards. We foster long term relationships with our supplier network, promoting close collaboration and development of sustainable quality chains of supply. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STRATEGIC REPORT |
for the period 26 June 2023 to 30 June 2024 |
Community and environment |
We are committed to further reducing our environmental impact. Initiatives have included; the use of renewable electricity suppliers and local suppliers, reduction of waste sent to landfill, removing single use plastic cups and maintaining a programme of investment in energy efficiency that is both reducing our impact and reducing our costs. |
Engagement |
The Board considers and discusses information from across the organisation to help it understand the impact of the Company's operations, and the interest and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks and legal compliance. This information is provided to the Board through reports sent in advance of each Board meeting, and through in-person presentations. |
Employees are encouraged to provide feedback through various channels and the results of this are considered and actioned as appropriate, with communication to employees on the reasoning behind these actions. |
As a result of the activities above, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the Directors to comply with their legal duty under section 172 of the Companies Act 2006. |
EMISSIONS BREAKDOWN BY SCOPE |
2024 UK Emissions |
2023 UK Emissions |
tCO2e | tCO2e |
Scope 1 | 1,732.92 | 1,709.19 |
Scope 2 | 570.21 | 569.86 |
Total Gross Scope 1 & 2 | 2,303.13 | 2,279.05 |
Scope 3 | 2.03 | 1.61 |
Total Scope 1, 2 & 3 (tCO2e) | 2,305.16 | 2,280.66 |
Total kgCO2e | 2,303,130 | 2,280,650 |
kgCO2e/£ of turnover | 0.09 | 0.10 |
kgCO2e/sq.ft | 17.03 | 16.86 |
Scope 1 & 2 UK Energy Consumption (kWh) | 9,241,017 | 9,171,691 |
Scope 3 Energy Consumption (kWh) | 6,499 | 6,338 |
Total UK Energy Consumption (kWh) | 9,247,516 | 9,178,029 |
Energy Efficiency actions undertaken during reporting year: |
- Investigating the possibility of installing solar panels |
- Replacement of equipment with more energy efficient versions |
- Installation of energy efficient lighting |
As an organisation, Ragdale Hall Spa has begun to measure their Scope 3 emissions. |
ON BEHALF OF THE BOARD: |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
REPORT OF THE DIRECTORS |
for the period 26 June 2023 to 30 June 2024 |
The directors present their report with the financial statements of the company for the period 26 June 2023 to 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company continued to be that of operating Ragdale Hall Spa. |
DIVIDENDS |
Interim dividends of £2,561,082 (2023: £1,551,572) were paid during the period. The directors do not recommend the payment of a final dividend. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 26 June 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
INDEMNITY PROVISION |
Third party indemnity cover for the directors was in place during the current and prior period. |
FINANCIAL INSTRUMENTS |
The company uses financial instruments, which include cash borrowings, cash and other liquid resources. The main risks arising from the company's financial instruments are interest rate changes and liquidity risk. The directors regularly review and agree policies for the mitigation of these risks. |
POLITICAL AND CHARITABLE CONTRIBUTIONS |
During the period the company made charitable donations of £10,026 (2023: £16,225). |
EMPLOYEE INVOLVEMENT |
The company's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests. |
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. |
DISABLED PERSONS |
Ragdale Hall is an equal opportunities employer and supports the employment training and advancement of disabled persons where this is possible. |
MARKET VALUE OF LAND AND BUILDINGS |
In the opinion of the directors the market value of land and buildings exceeds the current net book value. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
REPORT OF THE DIRECTORS |
for the period 26 June 2023 to 30 June 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
Magma Audit LLP has expressed its willingness to remain in office as auditor. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAGDALE HALL (1990) LIMITED |
Opinion |
We have audited the financial statements of Ragdale Hall (1990) Limited (the 'company') for the period ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the period 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RAGDALE HALL (1990) LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and the industry, we have identified that the principal risks of |
non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006.We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included: |
- | Discussions with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud. |
- | Challenging assumptions made by management in their accounting estimates such as useful economic lives of tangible fixed assets and deferred tax. |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined descriptions. |
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. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the period 26 June 2023 to 30 June 2024 |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
Notes | £ | £ |
TURNOVER | 3 |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
6,855,618 | 4,145,461 |
Interest payable and similar expenses | 8 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STATEMENT OF FINANCIAL POSITION |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STATEMENT OF CHANGES IN EQUITY |
for the period 26 June 2023 to 30 June 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 27 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 25 June 2023 |
Changes in equity |
Purchase of own shares | (1,000 | ) | (689,541 | ) | 1,000 | (689,541 | ) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
STATEMENT OF CASH FLOWS |
for the period 26 June 2023 to 30 June 2024 |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 21 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Payments to acquire tangible assets | ( |
) | ( |
) |
Receipts from sales of tangible assets |
Current asset investments | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Purchase of own shares | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of period |
22 |
11,634,028 |
Cash and cash equivalents at end of period |
22 |
3,849,053 |
4,169,907 |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 26 June 2023 to 30 June 2024 |
1. | GENERAL INFORMATION |
The company carries out the operation of Ragdale Hall Spa. |
The company is a private company limited by shares and is incorporated in England. The address of its registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ. The company's principal place of business is Ragdale Hall Health Hydro and Thermal Spa, Ragdale Village, Melton Mowbray, LE14 3PB. |
2. | ACCOUNTING POLICIES |
Statement of compliance |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis, under the historical cost convention. |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the accounts. |
The financial statements are presented in Sterling (£) and rounded to the nearest £1. |
Turnover |
Turnover represents amounts receivable for goods and services net of value added tax and trade discounts. |
The company recognises turnover when (a) the significant risks and reward of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when specific criteria relating to each of the company's sales channels have been met. |
(i) Sales of services |
Where the amount received relates to a period which covers the statement of financial position date, that amount is apportioned over the period to which it relates. Payments on account of services supplied are disclosed as creditors falling due within one year. |
(ii) Sales of goods |
The company operates retail shops for the sale of goods. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Costs includes the original purchase price, costs directly attributable to bringing the assets to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
(i) Depreciation and residual values |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Freehold buildings | - 2% straight line per annum |
Plant and machinery | - 15% straight line per annum |
Fixtures, fittings, tools and equipment | - 15% straight line per annum |
Motor vehicles | - 25% straight line per annum |
Freehold land is not depreciated. |
The depreciation charge is pro-rated in the years of acquisition and disposal of assets. |
The assets' residual values and useful economic lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
(ii) Derecognition |
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between net disposal proceeds and the carrying amount is recognised in the income statement and included in 'administrative expenses'. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
Cost is determined on the first-in, first-out (FIFO) method. Costs include the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition. |
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original loss, and is recognised as a credit to the income statement. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in the income statement 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. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position 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; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pensions |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Distributions to equity holders |
Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of changes in equity. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and investments are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade creditors and other creditors 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. |
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. Creditors 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. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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. |
Investments |
Current asset investments consist of bank balances that are due to mature in over 3 months but less than 12 months. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Related party transactions |
The company discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the financial statements. |
Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
Operations | 508 | 474 |
Administration | 38 | 39 |
The average number of employees includes the Directors of the company. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
5. | DIRECTORS' EMOLUMENTS |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Key management personnel compensation |
The directors deem the key management of the company to include directors only. |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Staff costs |
Movement in stock | ( |
) |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Bank interest receivable |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Interest payable |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Loss/(Profit) on disposal of fixed assets | (5,750 | ) | (1,213 | ) |
Short term timing differences | 20,000 | 100,000 |
Change in tax rate | - | (3,368 | ) |
Total tax charge | 1,731,392 | 934,358 |
10. | DIVIDENDS |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Ordinary interim paid | 2,561,082 | 1,551,572 |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | fittings, |
land & | Plant and | tools and | Motor |
buildings | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 26 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 26 June 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 25 June 2023 |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods and goods for |
resale |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
14. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investment |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Payments received on account | 2,892,454 | 3,857,965 |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Other creditors includes £38,743 (2023: £164,562) of unpaid pension contributions. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,380,000 | 1,360,000 |
Deferred |
tax |
£ |
Balance at 26 June 2023 |
Provided during period |
Balance at 30 June 2024 |
The deferred tax liability relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation, offset by expected tax deductions when payments are made to utilise provisions. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
"A" Ordinary | 10p | 27,640 | 27,640 |
"B" Ordinary | 10p | 50,000 | 50,000 |
"C" Ordinary | 10p | 5,000 | 5,000 |
"D" Ordinary | 10p | 2,000 | 2,000 |
NIL | "E" Ordinary | 10p | - | 1,000 |
50,000 | "F" Ordinary | 10p | 5,000 | 5,000 |
89,640 | 90,640 |
On 11 August 2023, the company purchased and cancelled 10,000 E Ordinary Shares with a nominal value of £0.10 for a total consideration of £689,541. |
The "A" Ordinary shares, "B" Ordinary shares, "C" Ordinary shares, "D" Ordinary shares, "E" Ordinary shares and "F" Ordinary shares each constitute separate classes of shares for the purpose of the Companies Act 2006 but rank pari passu in all respects as Ordinary shares in the capital of the company, except as detailed below. |
1. Each "A" Ordinary share shall entitle the holder thereof to the number of votes calculated as being the total number of "A" Ordinary shares in issue plus the total number of "C" Ordinary shares in issue plus the total number of "F" Ordinary shares in issue divided by the total number of "A" Ordinary shares in issue. |
2. Each "B" Ordinary share shall entitle the holder to one vote. |
3. Neither the holders of "C" Ordinary shares, "D" Ordinary shares "E" Ordinary shares nor the holders of "F" Ordinary shares are entitled to receive notice of, to attend or to vote at any general meeting of the company, except where that meeting includes proposals to vary the class rights of the shareholders. |
4. All of the share classes detailed above constitute separate classes of shares for the purposes of the declaration of special dividends. |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
19. | RELATED PARTY DISCLOSURES |
During the period dividends of £2,400,416 (2023: £1,391,340) were paid to Directors of the company. |
During the period dividends of £160,666 (2023: £160,232) were paid to close family members of one of the directors. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party in the current and preceding period is P Nesbitt by virtue of her shareholding. |
21. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
26/6/23 | 27/6/22 |
to | to |
30/6/24 | 25/6/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 33,375 | - |
Finance income | (506,653 | ) | (219,439 | ) |
7,223,365 | 4,747,541 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
22. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 30 June 2024 |
30/6/24 | 26/6/23 |
£ | £ |
Cash and cash equivalents | 3,849,053 | 4,169,907 |
Period ended 25 June 2023 |
25/6/23 | 27/6/22 |
£ | £ |
Cash and cash equivalents | 4,169,907 | 11,634,028 |
RAGDALE HALL (1990) LIMITED (REGISTERED NUMBER: 02184384) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 26 June 2023 to 30 June 2024 |
23. | ANALYSIS OF CHANGES IN NET FUNDS |
At 26/6/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,169,907 | (320,854 | ) | 3,849,053 |
4,169,907 | ( |
) | 3,849,053 |
Liquid resources |
Current asset investments | 8,707,640 | 456,794 | 9,164,434 |
8,707,640 | 456,794 | 9,164,434 |
Total | 12,877,547 | 135,940 | 13,013,487 |