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Registration number: 02276586

Runways Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Runways Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Runways Limited

Company Information

Directors

Mrs V S Groucutt

Mrs E S Matthews

Mr R G Matthews

Mr B Evans

Company secretary

Mr R G Matthews

Registered office

The Forge
Manor Farm Court
Lower Pennington Lane
Lymington
Hampshire
SO418AN

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Runways Limited

(Registration number: 02276586)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

7,048,628

6,963,926

Investments

5

6,100

6,100

 

7,054,728

6,970,026

Current assets

 

Debtors

6

11,120

21,914

Cash at bank and in hand

 

15,996

15,514

 

27,116

37,428

Creditors: Amounts falling due within one year

7

(112,321)

(118,022)

Net current liabilities

 

(85,205)

(80,594)

Total assets less current liabilities

 

6,969,523

6,889,432

Provisions for liabilities

(1,020,670)

(999,495)

Net assets

 

5,948,853

5,889,937

Capital and reserves

 

Called up share capital

8

16,000

16,000

Revaluation reserve

4,152,676

4,089,150

Retained earnings

1,780,177

1,784,787

Shareholders' funds

 

5,948,853

5,889,937

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Runways Limited

(Registration number: 02276586)
Balance Sheet as at 31 October 2024 (continued)

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
Mr R G Matthews
Company secretary and director

 

Runways Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 November 2023

16,000

4,089,150

1,784,787

5,889,937

Profit for the year

-

-

303,069

303,069

Other comprehensive income

-

63,526

-

63,526

Total comprehensive income

-

63,526

303,069

366,595

Dividends

-

-

(244,153)

(244,153)

Transfers

-

-

(63,526)

(63,526)

At 31 October 2024

16,000

4,152,676

1,780,177

5,948,853

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 November 2022

16,000

4,057,130

1,804,826

5,877,956

Profit for the year

-

-

257,681

257,681

Other comprehensive income

-

32,020

-

32,020

Total comprehensive income

-

32,020

257,681

289,701

Dividends

-

-

(245,700)

(245,700)

Transfers

-

-

(32,020)

(32,020)

At 31 October 2023

16,000

4,089,150

1,784,787

5,889,937

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Forge
Manor Farm Court
Lower Pennington Lane
Lymington
Hampshire
SO418AN

These financial statements were authorised for issue by the Board on 19 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Prior period errors

Deferred Income

There were errors in the prior periods relating to deferred income which had not been accounted for. The net effect was to reduce the 2023 retained earnings brought forward by £12,769, from £1,817,595 to £1,804,826.

This error also resulted in an increase in 2023 reported total comprehensive income of £898, increasing the 2023 reported total comprehensive income from £256,784 to £257,681 .

The net effect of these errors is to reduce the reported 2023 retained earnings by £11,871 from £1,796,659 to £1,784,788

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 November

6,963,926

Revaluation

84,702

At 31 October

7,048,628

There has been no valuation of investment property by an independent valuer.


Investment properties

Other investments represents the companys investment properties recorded at fair value as assessed by the directors at the balance sheet date. The historical cost of the properties is £1,875,281.

5

Investments

2024
£

2023
£

Investments in subsidiaries

6,100

6,100

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 November 2023

6,100

Provision

Carrying amount

At 31 October 2024

6,100

At 31 October 2023

6,100

6

Debtors

Current

2024
£

2023
£

Prepayments

11,120

21,914

 

11,120

21,914

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6,100

6,100

Taxation and social security

 

75,890

77,728

Accruals and deferred income

 

29,009

27,489

Other creditors

 

1,322

6,705

 

112,321

118,022

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

16,000

16,000

16,000

16,000

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

63,526

63,526

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

32,020

32,020

 

Runways Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Reserves (continued)


Non-distributable reserves

The profit and loss account includes £562,740 non distributable reserves arising on dividends received which were paid out of unrealised gains on revalued properties transferred to Runways Limited from subsidiary companies at market value.

10

Dividends

2024

2023

£

£

Interim dividend of £15.26 (2023 - £15.36) per ordinary share

244,153

245,700