Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 4 |
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| Investments | 5 |
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| 8,447,583 | 8,727,583 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 1,515,038 | 840,061 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 348,980 | 233,161 | ||
| Total assets less current liabilities | 8,796,563 | 8,960,744 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Romfield Holdings Limited (registered number:
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L W Fairlie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Romfield Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Grays, West Tytherley, Salisbury, Wiltshire, SP5 1LD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
Defined contribution schemes
The company operates a defined contribution plan for its directors. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
The tax expense represents the sum of the tax currently payable and any deferred tax.
The current tax charge is based on the 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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet dale.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Office equipment |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are slated at historic cost less impairment.
Financial assets and financial liabilities are recognised in the Balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and are measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are recorded at the present value of cash payable to the bank.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Office equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Investment property | |
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| Valuation | |
| As at 01 January 2024 |
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| Disposals | (280,000) |
| As at 31 December 2024 |
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Valuation
The freehold properties were professionally valued on 30 September 2022 on an open market value for existing use basis by Trinity Rose chartered surveyors. The directors have considered the value as at 31 December 2024 and confirm there has been no material movement in the valuation from 30 September 2022 to the current year end.
Investments in subsidiaries
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| Cost | |
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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Investments in shares
The following was a subsidiary undertaking of the Company:
| Name of entity | Registered office | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
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The statutory accounts for Kents Oak Limited for the year ended 31 December 2024 have not yet been filed at Companies House.
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| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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Included within creditors is £95,600 (2023: £60,000) due to L W Fairlie and £121,372 (2023: £98,572) due to Mrs M A Fairlie. Also included is £167,544 (2023: £63,872) due to the J&G Fairlie Trust, a trust of which one of the directors is the settlor and another director is a trustee.
During the year office recharges of £82,000 (2023: £69,000) were charged from Stonesdown Farm, a sole trade business of L W Fairlie.