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COMPANY REGISTRATION NUMBER: 00400771
R.V. Rugg Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
R.V. Rugg Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
814,173
824,058
Investments
7
35,171
35,171
----------
----------
849,344
859,229
Current assets
Stocks
152,683
145,754
Debtors
8
282,279
257,095
Cash at bank and in hand
416,246
332,355
----------
----------
851,208
735,204
Creditors: amounts falling due within one year
9
288,030
233,639
----------
----------
Net current assets
563,178
501,565
-------------
-------------
Total assets less current liabilities
1,412,522
1,360,794
Creditors: amounts falling due after more than one year
10
7,287
34,031
Provisions
Taxation including deferred tax
115,822
112,963
-------------
-------------
Net assets
1,289,413
1,213,800
-------------
-------------
R.V. Rugg Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
38,000
38,000
Reval'n reserve
131,930
134,087
Capital redemption reserve
6,000
6,000
Profit and loss account
1,113,483
1,035,713
-------------
-------------
Shareholders funds
1,289,413
1,213,800
-------------
-------------
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 income statement has not been delivered.
For the year ending 31 December 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 1 May 2025 , and are signed on behalf of the board by:
Ms A C Hirst
Director
Company registration number: 00400771
R.V. Rugg Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Station Lane, Featherstone, Pontefract, West Yorkshire, WF7 5BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) 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. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. (d) Current & deferred 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. (e) Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
(f) 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:
Intangible Assets
-
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.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.
(h) 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:
Freehold Property
-
4% straight line
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
(i) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(j) Stock & work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(k) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the sum of digits method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(l) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(m) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(n) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 21 ).
5. Intangible assets
Intangibles
£
Cost
At 1 January 2024 and 31 December 2024
8,000
-------
Amortisation
At 1 January 2024 and 31 December 2024
8,000
-------
Carrying amount
At 31 December 2024
-------
At 31 December 2023
-------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
601,351
1,160,391
65,409
120,045
1,947,196
Additions
49,179
49,179
Revaluations
15,000
15,000
----------
-------------
--------
----------
-------------
At 31 December 2024
616,351
1,209,570
65,409
120,045
2,011,375
----------
-------------
--------
----------
-------------
Depreciation
At 1 January 2024
222,331
830,788
59,205
10,814
1,123,138
Charge for the year
20,654
30,572
992
21,846
74,064
----------
-------------
--------
----------
-------------
At 31 December 2024
242,985
861,360
60,197
32,660
1,197,202
----------
-------------
--------
----------
-------------
Carrying amount
At 31 December 2024
373,366
348,210
5,212
87,385
814,173
----------
-------------
--------
----------
-------------
At 31 December 2023
379,020
329,603
6,204
109,231
824,058
----------
-------------
--------
----------
-------------
Included within the above is investment property as follows:
£
At 1 January 2024
185,000
Fair value adjustments
15,000
----------
At 31 December 2024
200,000
----------
Investment property has been valued at market value by the directors based on their experience in the location and category of the investment property concerned.
Tangible assets held at valuation
The freehold land and buildings were valued in June 2012 on an open market value basis at £400,000. The valuation was undertaken by Stephen PR Abson MRICS (Chartered Surveyor), of Abson Blaza Property.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2024
Aggregate cost
423,252
Aggregate depreciation
(200,193)
----------
Carrying value
223,059
----------
At 31 December 2023
Aggregate cost
423,252
Aggregate depreciation
(193,789)
----------
Carrying value
229,463
----------
7. Investments
Trade Investments
£
Cost
At 1 January 2024 and 31 December 2024
35,171
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 31 December 2024
35,171
--------
At 31 December 2023
35,171
--------
This relates to an unlisted investment and is included at market value based as advised by the director.
8. Debtors
2024
2023
£
£
Trade debtors
209,398
230,782
Other debtors
72,881
26,313
----------
----------
282,279
257,095
----------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
136,760
90,772
Accruals
39,552
24,984
Corporation tax
28,283
7,717
Social security and other taxes
56,008
56,778
Obligations under finance leases and hire purchase contracts
26,744
52,875
Other creditors
683
513
----------
----------
288,030
233,639
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
7,287
34,031
-------
--------
11. 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
£
£
£
£
Ms A C Hirst
2,000
( 2,000)
----
-------
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms A C Hirst
300
1,700
( 2,000)
----
-------
-------
----