Registration number:
Runways Limited
for the Year Ended 31 October 2024
Runways Limited
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Runways Limited
Company Information
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Directors |
Mrs V S Groucutt Mrs E S Matthews Mr R G Matthews Mr B Evans |
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Company secretary |
Mr R G Matthews |
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Registered office |
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Accountants |
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Runways Limited
(Registration number: 02276586)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Runways Limited
(Registration number: 02276586)
Balance Sheet as at 31 October 2024 (continued)
Approved and authorised by the
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Runways Limited
Statement of Changes in Equity for the Year Ended 31 October 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 November 2023 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
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Transfers |
- |
- |
(63,526) |
(63,526) |
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At 31 October 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 November 2022 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
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Transfers |
- |
- |
(32,020) |
(32,020) |
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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
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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)
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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)
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2 |
Accounting policies (continued) |
Investment property
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2024 |
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At 1 November |
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Revaluation |
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At 31 October |
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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.
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Runways Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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5 |
Investments (continued) |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 November 2023 |
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Provision |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Prepayments |
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Runways Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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16,000 |
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16,000 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Runways Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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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.
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
244,153 |
245,700 |
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