The directors present the strategic report for the year ended 31 July 2024.
The results for the year and the financial position were considered satisfactory by the directors who expected continued growth for the foreseeable future.
The group is solvent at the year end with reserves increasing by £3,170,390.
As at the year end, the directors are aware and continue to monitor the UK's economic position and the rising international tensions which could have an indirect impact on the company. Given the level of rental income received from its various properties within the portfolio, any risk arising from these issues is considered low.
The directors believe that there are no further principal risks and uncertainties facing the group apart from general business risks such as inflation affecting interest rates and the impact Brexit and COVID-19 may have upon these factors.
The directors consider that the group is in a stable position at the year end, which will enable them to continue the results shown to date.
The business review is consistent with the Key Performance Indicators the group adopts. The gross profit % for the year has increased from 46.4% to 49.0%. This illustrates that the group's margin achieved has increased mainly due to an decrease in development sales compared to rental income. Rental income during the year, represents 56.7% (2023 - 41.6%) of total sales income whilst sales of developments account for 32.9% (2023 - 52.2%) of sales income.
Overall, income has decreased in the year due to an decrease in development sales, with turnover overall decreasing by 22.1% (2023 28.8%). The net profit after tax margin has decreased from 32.7% in 2023 to 23.2% in 2024. This is due to a smaller increase in the fair value of investment properties in the current year.
The group still feels the ratios adopted are improving and are dependent on the split of the activities. They are all still within manageable levels.
Further detail is shown in the group profit and loss account and explanations are provided within the notes to these financial statements.
On behalf of the board
The directors present their group annual report and financial statements for the year ended 31 July 2024 for the company and it's subsidiary undertakings.
All operations are UK based.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £427,583. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In October 2024, a shareholder exit was completed which required additional debt to be taken on by the group to finance this. The group remains in compliance with the existing loan covenants applied by the bank.
The auditor, Alliott Wingham Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Ankers and Rawlings Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, 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 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed at Company and significant component levels to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involved deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of board meeting minutes, enquiries with management, enquiries of external legal advisors and review of correspondence with external legal advisors.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in their significant accounting estimates.
In relation to the audit of the group as a whole, our responsibilities are to obtain sufficient appropriate audit evidence regarding the financial information of the entities within the group, in order to express an opinion on the group financial statements. As group auditors we are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for the opinion formed on the group financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,237,735 (2023 - £5,990,984 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Ankers and Rawlings Developments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22 Ringwood Road, Longham, Ferndown, Dorset, BH22 9AN.
The group consists of Ankers and Rawlings Developments Limited and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the group. 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 the revaluation of freehold properties and to include investment properties and certain financial instruments 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated financial statements incorporate those of Ankers and Rawlings Developments Limited (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 July 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.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents amounts receivable for sales of developments, rental income and general related services, the ordinary activities of the group, net of VAT and trade discounts.
Sales of developments are recognised as turnover on completion of sale when the significant risks and rewards of ownership of the goods have passed to the buyer. Rental income and other services are recognised on an accruals basis, with an adjustment for any rental income relating to future years.
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 profit and loss account.
Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
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.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
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 profit and loss account, 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Work in progress is valued at costs to date less net costs of units / residential property sold. Calculation of these figures rely upon judgement of when profit will be realised and that of an external consultant.
Work in progress at the year end was £8,644,154 (2023: £6,641,399).
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The net book value of property, plant & equipment is £1,069,893 (2023: £1,220,940) at the reporting date,
The Group carries its investment properties at fair value, with changes in fair value being recognised in the Statement of Income and Retained Earnings. A third party valuation has been carried out by Lambert Smith Hampton Chartered Surveyors. The valuation conforms to International Valuation Standards and has specifically been assessed in accordance with the Current Royal Institute of Chartered Surveyors (“RICS”) Valuation – Professional Standards.
The total valuation of the properties is £122,636,000 (2023 - £115,066,000).
The Directors are of the opinion that there are no other critical accounting judgements or key sources of estimation uncertainty during the current or preceding year.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
The UK's main rate of corporation tax changed on 1 April 2023 from 19% to 25%. The comparative period straddled this date and so a hybrid rate of 21% applied. For this accounting period, 25% applies to the whole year.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Investment property comprises of commercial and residential property worth £122,636,000. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors at the year end, paying particular attention to valuations carried out by Lambert Smith Hamptons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are confident that they represent a true market value.
Details of the company's subsidiaries at 31 July 2024 are as follows:
The long-term loans are secured by fixed charges over the total assets of the group.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance leases are secured on the assets to which they relate.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The deferred tax asset and liabilities set out above are not expected to fully reverse within 12 months as they relate to capital allowances timing differences and provisions on fair value gains. These are only expected to partially reverse within the next 12 months.
The deferred tax in relation to investment property shall only reverse when the properties are sold.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Each share class have the same rights to vote and receive dividends and are ranked pari passu.
The share premium account represents the excess of issue price over the par value on shares issued, less transaction costs arising on issue.
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
The above represents the fair value increase in respect of investment properties held by the group.
The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
Services received
Mr S L Rawlings is a director of SLR Property Solutions Limited, a related undertaking. During the year the company provided services to Ankers and Rawlings Developments Limited of £42,656 (2023: £99,556). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr B W Rawlings is a director of BWR Plant and Commercials Limited, a related undertaking. During the year the company provided services to Ankers and Rawlings Developments Limited of £42,813 (2023: £121,551). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. During the year the company provided goods and services to Ankers and Rawlings Developments Limited of £642,385 (2023: £234,453), of which £16,562 (2023: £103,480) were outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.
Mr S L Rawlings is also a director of Parley Green Limited. During the year the company provided services to Ankers and Rawlings Limited of £36,729 (2023: £Nil) of which £44,075 (2023: £Nil) were outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.
The directors are also members of Longham Property Investments LLP. During the year services were provided equal to £80,000 (2023: £80,000), of which £24,000 (2023: £Nil) was outstanding at the year end. The transactions were in the normal course of business and at values equivalent to arms length.
Mr T Ankers is a director of Lilliput Investments Ltd. During the year, the company has provided consultancy services to Ankers & Rawlings Developments Ltd to the value of £51,902 (2023: £108,802). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr K Rawlings, a member of the key management personnel, provided consultancy services of £239,710 (2023: £336,860) during the year. No balance was owed at the year end. The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr B Ward, a member of the key management personnel, provided consultancy services of £22,700 (2023: £Nil) during the year. No balance was owed at the year end. The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Balances outstanding at year end include any VAT charged whereas the amount shown for services received is net of VAT.
Sales of goods and services
Mr B W Rawlings is a director of BWR Plant and Commercials Limited, a related undertaking. During the year the company received goods from Ankers and Rawlings Developments Limited of £13,445 (2023: £Nil). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. During the year the company received services from Ankers and Rawlings Limited of £141,449 (2023: £125,231). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
Mr T Ankers, Mr S L Rawlings and Mr B W Rawlings are directors of A&R Properties (Longham) Limited, a related undertaking. During the year sales were made to the company totaling £733,111 (2023: £4,200,000). The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
The directors are also directors of companies who are members of Woolsbridge Estates LLP. During the year sales were made to the LLP totalling £3,272,866 (2023: £6,028,709). The balance owing to the group at the year end was £4,238,906 (2023: £966,041). The transactions were in the normal course of business and at values equivalent to arms length.
Mr S L Rawlings is also a director of Parley Green Limited. During the year the company received services from Ankers and Rawlings Limited of £40,000 (2023: £Nil) The transactions were in the normal course of business and at values equivalent to arms length and fully paid within the year.
The directors are also members of Longham Property Investments LLP. During the year the company received services from Ankers and Rawlings Limited of £194,269 (2023: £Nil,). The amount outstanding at the year end amounted to £233,123 (2023: £Nil). The transactions were in the normal course of business and at values equivalent to arms length.
Mr B W Rawlings and Mr S L Rawlings are directors of Woolsbridge Futures Limited. During the year management fees were charged to the company totaling £9,653 (2023: £45,047). The transactions were valued equivalent to arms length and were fully received at the year end.
The group provided £900 (2023: £900) of services towards the directors pension plan. The balance owing to the group at the year end was £1,080 (2023: £Nil). The transactions were in the normal course of business and at values equivalent to arms length.
Balances outstanding at year end include any VAT charged whereas the amount shown for goods and services provided is net of VAT.
The following amounts were outstanding at the reporting end date:
Mr T Ankers, Mr S L Rawlings and Mr B W Rawlings are directors of A&R Properties (Longham) Limited, a related undertaking. The balance owing to A&R Properties (Longham) Limited at the year end was £8,575,450 (2023: £2,345,596).
At the reporting date, £4,260 (2023: £72) was owed by the subsidiary company to Longham Property Investments LLP, a limited liability partnership, in which the directors are also members.
The group also owed £84,637 (2023: £103,480) at the reporting date to related parties in respect of goods and services received in the year. These have been disclosed above.
The following amounts were outstanding at the reporting end date:
Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are directors of The Waste Group Limited, a related undertaking. The balance owing to the group, excluding trade debtors and creditors, at the year end was £1,073,128 (2023: £832,980). No interest has been charged on this balance.
Mr T Ankers, Mr S L Rawlings, Mr J Ankers and Mr B W Rawlings are also directors of companies who are members of Hines Pitt LLP. The amount outstanding at the year end amounted to £31,571 (2023: £31,571). No interest has been charged on this balance.
Mr S L Rawlings is also a director of Parley Green Limited. An £800,000 loan was provided to Parley Green during the period on which £73,847 in interest was charged by Ankers and Rawlings Limited. The loan and interest were fully settled during the year.
The directors are also members of Longham Property Investments LLP. The amount outstanding at the year end, excluding trade debtors and creditors, amounted to £119,081 (2023: £126,643). Interest was charged during the year of £4,295 (2023: £4,595).
Mr B W Rawlings and Mr S L Rawlings are directors of Woolsbridge Futures Limited. The amount outstanding at the year end amounted to £600,000 (2023: £Nil). No interest has been charged on this balance.
The group was owed £33,748 (2023: £617) by the directors pension plan. No interest has been charged on this balance.
Mr J Ankers, Mr M E T Ankers and Mr T Ankers are directors of Ankers Investments (Poole) Ltd. At the reporting date, £2,204 (2023: £2,204) was owing to Ankers & Rawlings Developments Ltd. No interest has been charged on this balance.
Mr S L Rawlings, Mr B W Rawlings and Mr S S Rawlings are directors of Rawlings Investments (Poole) Ltd. At the reporting date, £1,704 (2023: £1,704) was owing to Ankers & Rawlings Developments Ltd. No interest has been charged on this balance.
The group was also owed £4,473,110 (2023: £966,041) at the reporting date by related parties in respect of goods and services provided in the year. These have been disclosed above.
The company has taken advantage of the exemptions under FRS 102 Section.33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
In October 2024, a shareholder exit was completed which required additional debt to be taken on by the company to finance this. The company remains in compliance with the existing loan covenants applied by the bank.
Loans have been granted to the group by its directors as follows:
Mr J Ankers is repaid his loan after the reporting date.
The group has agreed to provide a fixed charge over its Investment Properties and all other group assets and by a unlimited multilateral agreement which has been given by the parent company and other group companies over the debts of the parent company.
The operating leases represent leases of residential and commercial property to third parties. The leases are negotiated over various lease terms and rentals are fixed for several years, however there are rent reviews built into longer leases. Rent reviews are completed according to prevailing market conditions at the time.