Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31false112024-01-01No description of principal activityfalsefalsefalse 13117698 2024-01-01 2024-12-31 13117698 2023-01-01 2023-12-31 13117698 2024-12-31 13117698 2023-12-31 13117698 2023-01-01 13117698 c:Director1 2024-01-01 2024-12-31 13117698 c:RegisteredOffice 2024-01-01 2024-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2024-12-31 13117698 d:Buildings d:LongLeaseholdAssets 2023-12-31 13117698 d:PlantMachinery 2024-01-01 2024-12-31 13117698 d:MotorVehicles 2024-01-01 2024-12-31 13117698 d:FurnitureFittings 2024-01-01 2024-12-31 13117698 d:ComputerEquipment 2024-01-01 2024-12-31 13117698 d:Goodwill 2024-01-01 2024-12-31 13117698 d:CurrentFinancialInstruments 2024-12-31 13117698 d:CurrentFinancialInstruments 2023-12-31 13117698 d:Non-currentFinancialInstruments 2024-12-31 13117698 d:Non-currentFinancialInstruments 2023-12-31 13117698 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13117698 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13117698 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 13117698 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13117698 d:ShareCapital 2024-01-01 2024-12-31 13117698 d:ShareCapital 2024-12-31 13117698 d:ShareCapital 2023-01-01 2023-12-31 13117698 d:ShareCapital 2023-12-31 13117698 d:ShareCapital 2023-01-01 13117698 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2024-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2023-12-31 13117698 d:RetainedEarningsAccumulatedLosses 2023-01-01 13117698 c:OrdinaryShareClass1 2024-01-01 2024-12-31 13117698 c:OrdinaryShareClass1 2024-12-31 13117698 c:OrdinaryShareClass1 2023-12-31 13117698 c:FRS102 2024-01-01 2024-12-31 13117698 c:Audited 2024-01-01 2024-12-31 13117698 c:FullAccounts 2024-01-01 2024-12-31 13117698 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13117698 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 13117698 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 13117698 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 13117698 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 13117698 c:Consolidated 2024-12-31 13117698 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 13117698 4 2024-01-01 2024-12-31 13117698 6 2024-01-01 2024-12-31 13117698 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 13117698







CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


RJF PROPERTY INVESTMENTS LTD






































img2311.png                        

 


RJF PROPERTY INVESTMENTS LTD
 


 
COMPANY INFORMATION


Director
R J Froomberg 




Registered number
13117698



Registered office
Avenue One

Letchworth Garden City

North Hertfordshire

SG6 2WW




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP





 


RJF PROPERTY INVESTMENTS LTD
 



CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 34


 


RJF PROPERTY INVESTMENTS LTD
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents his strategic report of the company and the group for the year ended 31st December 2024.

Business review
 
The principal activity of the Group is the manufacture and distribution of first aid kits and supplies, as well as the provision of first aid training courses and other safety training services.  
The Group primarily serves the wholesale and distributor first aid supply market.
Results
In the year ended 31st December 2024 the Group made a profit before tax of £201k, compared with a loss of -£178k in 2023. This represents an 213% improvement year-on-year.
Throughout 2024 the business has built on the improvements it started to see the benefit of in the second half of 2023. 
In 2024, gross margin has improved by a further 3.4% points vs the prior year (47.4% vs 44.0%). This is despite some further volatility on freight rates, towards the end of 2024. 
Overall sales in 2024 were 1.4% up vs prior year, in part impacted by the closure of the Occupational Health Recruitment channel of the business in July 2024. Excluding the OHR channel, sales growth year-on-year was +7.6%.   
Distribution costs were -23.3% higher than prior year, as a result of significant growth of other key sales channels. 
Administrative expenses (excluding exceptional items) were below last year by 4.0%, further building on cost control measures put in place towards the end of 2023. 
The balance sheet remains strong and with a return to profit in 2024, the Group is in a good place to build on this in the coming year.  

Principal risks and uncertainties
 
The business imports goods into the country for resale, meaning there is a risk associated with gains/losses on foreign exchange. This is mitigated by strategic planning of purchases, competitive rates with our suppliers and competitive rates with our foreign exchange partners using forward contracts.
Freight rates have significantly reduced post 2024 year end, however due to external global factors, this could change at any point. Additional pressure on all businesses as a result of government policies (e.g. changes to national insurance) represents an on-going risk when it comes to supplier costs. 
The Group continues to monitor both freight and supplier costs closely and has implemented processes and systems to react to cost volatility.
The business has further mitigated risk by ensuring it services multiple market sectors and has a wide customer portfolio.

Page 1

 


RJF PROPERTY INVESTMENTS LTD
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
A range of key performance indicators are used by the Group to monitor performance. These include sales performance, gross profit %, control of overheads, EBITDA performance, and cash flow forecasting. All KPIs are measured vs the detailed budget prepared, variances thoroughly investigated and relevant actions taken.


This report was approved by the board on 2 June 2025 and signed on its behalf.



................................................
R J Froomberg
Director

Page 2

 


RJF PROPERTY INVESTMENTS LTD
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £142,986 (2023 - loss £35,171).

The total distribution of dividends for the year ended 31 December 2024 was £188,000 (2023: £144,000).

Director

The director who served during the year was:

R J Froomberg 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

 


RJF PROPERTY INVESTMENTS LTD
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 June 2025 and signed on its behalf.
 





................................................
R J Froomberg
Director

Page 4

 


RJF PROPERTY INVESTMENTS LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD

Opinion


We have audited the financial statements of RJF Property Investments Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


RJF PROPERTY INVESTMENTS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


RJF PROPERTY INVESTMENTS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
 
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
 
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
 
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
The assessment did not identify any issues in these areas.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.


Page 7

 


RJF PROPERTY INVESTMENTS LTD


img6282.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RJF PROPERTY INVESTMENTS LTD (CONTINUED)




James Fox ACA FCCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

3 June 2025
Page 8

 


RJF PROPERTY INVESTMENTS LTD
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,892,109
8,769,999

Cost of sales
  
(4,675,005)
(4,913,627)

Gross profit
  
4,217,104
3,856,372

Distribution costs
  
(1,191,447)
(966,548)

Administrative expenses
  
(2,610,514)
(2,718,376)

Exceptional administrative expenses
 12 
-
(138,542)

Operating profit
 5 
415,143
32,906

Interest payable and similar expenses
 9 
(214,221)
(211,317)

Profit/(loss) before tax
  
200,922
(178,411)

Tax on profit/(loss)
 10 
(57,936)
143,240

Profit/(loss) for the financial year
  
142,986
(35,171)

Profit for the year attributable to:
  

Owners of the parent company
  
142,986
(35,171)

  
142,986
(35,171)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 


RJF PROPERTY INVESTMENTS LTD
REGISTERED NUMBER:13117698



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,468,698
4,493,038

  
4,468,698
4,493,038

Current assets
  

Stocks
 16 
1,251,595
1,382,651

Debtors: amounts falling due within one year
 17 
1,596,090
1,777,224

Cash at bank and in hand
  
116,936
483,696

  
2,964,621
3,643,571

Creditors: amounts falling due within one year
 18 
(2,113,704)
(2,633,906)

Net current assets
  
 
 
850,917
 
 
1,009,665

Total assets less current liabilities
  
5,319,615
5,502,703

Creditors: amounts falling due after more than one year
 19 
(2,494,769)
(2,632,843)

  

Net assets
  
2,824,846
2,869,860


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
2,824,746
2,869,760

  
2,824,846
2,869,860


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.




................................................
R J Froomberg
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 


RJF PROPERTY INVESTMENTS LTD
REGISTERED NUMBER:13117698



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,023,030
4,050,585

Investments
 15 
100
100

  
4,023,130
4,050,685

Current assets
  

Debtors: amounts falling due within one year
 17 
18,414
22,018

Cash at bank and in hand
  
600
48

  
19,014
22,066

Creditors: amounts falling due within one year
 18 
(1,467,665)
(1,433,726)

Net current liabilities
  
 
 
(1,448,651)
 
 
(1,411,660)

Total assets less current liabilities
  
2,574,479
2,639,025

  

Creditors: amounts falling due after more than one year
 19 
(2,354,200)
(2,514,903)

  

Net assets
  
220,279
124,122


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
220,179
124,022

  
220,279
124,122


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.


................................................
R J Froomberg
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023 (as previously stated)
100
3,479,111
3,479,211

Prior year adjustment - correction of error
-
(430,180)
(430,180)


At 1 January 2023 (as restated)
100
3,048,931
3,049,031


Comprehensive income for the year

Loss for the year
-
(35,171)
(35,171)
Total comprehensive income for the year
-
(35,171)
(35,171)


Contributions by and distributions to owners

Dividends: Equity capital
-
(144,000)
(144,000)


Total transactions with owners
-
(144,000)
(144,000)



At 1 January 2024
100
2,869,760
2,869,860


Comprehensive income for the year

Profit for the year
-
142,986
142,986
Total comprehensive income for the year
-
142,986
142,986


Contributions by and distributions to owners

Dividends: Equity capital
-
(188,000)
(188,000)


Total transactions with owners
-
(188,000)
(188,000)


At 31 December 2024
100
2,824,746
2,824,846


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 


RJF PROPERTY INVESTMENTS LTD
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
53,721
53,821


Comprehensive income for the year

Profit for the year
-
214,301
214,301
Total comprehensive income for the year
-
214,301
214,301


Contributions by and distributions to owners

Dividends: Equity capital
-
(144,000)
(144,000)


Total transactions with owners
-
(144,000)
(144,000)



At 1 January 2024
100
124,022
124,122


Comprehensive income for the year

Profit for the year
-
284,157
284,157
Total comprehensive income for the year
-
284,157
284,157


Contributions by and distributions to owners

Dividends: Equity capital
-
(188,000)
(188,000)


Total transactions with owners
-
(188,000)
(188,000)


At 31 December 2024
100
220,179
220,279


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
142,986
(35,171)

Adjustments for:

Amortisation of intangible assets
-
29,753

Depreciation of tangible assets
134,146
130,284

Decrease in stocks
131,056
274,891

Decrease in debtors
181,134
307,515

Increase/(decrease) in creditors
45,812
(669,031)

Corporation tax received
-
32,622

Net cash generated from operating activities

635,134
70,863


Cash flows from investing activities

Purchase of tangible fixed assets
(109,806)
(31,579)

Sale of tangible fixed assets
-
3,950

Net cash from investing activities

(109,806)
(27,629)

Cash flows from financing activities

Repayment of loans
(126,833)
(68,645)

Repayment of other loans
(577,255)
503,386

Repayment of/new finance leases
-
(52,322)

Dividends paid
(188,000)
(144,000)

Net cash used in financing activities
(892,088)
238,419

Net (decrease)/increase in cash and cash equivalents
(366,760)
281,653

Cash and cash equivalents at beginning of year
483,696
202,043

Cash and cash equivalents at the end of year
116,936
483,696


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
116,936
483,696

116,936
483,696


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 


RJF PROPERTY INVESTMENTS LTD
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank

483,696

(366,760)

116,936

Debt due after 1 year

(2,514,903)

160,703

(2,354,200)

Debt due within 1 year

(1,494,735)

577,264

(917,471)

Finance leases

(158,833)

(33,880)

(192,713)


(3,684,775)
337,327
(3,347,448)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

RJF Property Investments Ltd 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 its registered office is disclosed on the Company information page.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, the
Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related part
transactions with wholly owned subsidiaries within the group.

 
2.4

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
The directors have reviewed forecasts and budgets and are confident of the Group's ability to continue trading as a going concern for the foreseeable future.

Page 16

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 18

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold properties
-
20%
and over the life of lease
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assesssed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

Page 19

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

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 at an annual general meeting.

Page 20

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 period.
The following judgements which also include estimates have been made in applying the above accounting policies:
(a) Debtors
The Company makes an estimate of the recoverable value of trade and other debtors/ When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors ad historical experience.
(b) Useful economic life of goodwill
The useful economic life of the goodwill arising on consolidation is subject to estimation. In line with FRS 102, the directors have determined that the goodwill should be amortised over a 10 or 20 year period, the maximum amount allowed, given that the business have strong financial performance. Should the performance of the businesses change in the future, the directors will amend their estimate of the useful economic life of the goodwill.
(c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(d) Stock provisioning
The Company's stock is subject to changing cost prices. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considered the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Medical units and equipment
8,409,522
7,889,061

Recruitment and training
482,587
880,938

8,892,109
8,769,999


All turnover arose within the United Kingdom.

Page 21

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation and amortisation
134,146
163,987

Profit/(loss) on disposals of tangible fixed assets
-
(2,500)

Other operating lease rentals
-
715

Equipment hire
18,565
18,989


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
13,500
13,500

Fees payable to the Company's auditors in respect of:

Preperation of financial statements
3,000
3,000

Taxation compliance services
1,000
1,000

Page 22

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,701,803
2,131,221

Social security costs
162,164
173,221

Cost of defined contribution scheme
41,542
42,853

1,905,509
2,347,295


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
1
1



Staff
49
56
-
-

51
58
1
1


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
28,144
28,144

28,144
28,144



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
206,145
201,091

Finance leases and hire purchase contracts
8,076
10,226

214,221
211,317

Page 23

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
57,936
(143,240)

Total deferred tax
57,936
(143,240)


Tax on profit/(loss)
57,936
(143,240)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
200,922
(178,411)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
50,231
(41,927)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
6,992

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
445
1,991

Capital allowances for year in excess of depreciation
4,875
24,117

Unrelieved tax losses carried forward
(55,551)
8,827

Other differences leading to an increase (decrease) in the tax charge
57,936
(143,240)

Total tax charge for the year
57,936
(143,240)


11.


Dividends

2024
2023
£
£


Dividends
188,000
144,000

188,000
144,000

Page 24

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Exceptional items

2024
2023
£
£


Employee settlement fee
-
138,542

-
138,542




13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
567,472



At 31 December 2024

567,472



Amortisation


At 1 January 2024
567,472



At 31 December 2024

567,472



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 25

RJF PROPERTY INVESTMENTS LTD
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024



14.


Tangible fixed assets


Group







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
4,428,370
72,218
152,010
265,355
227,795
5,145,748


Additions
22,441
-
70,653
238
16,474
109,806



At 31 December 2024

4,450,811
72,218
222,663
265,593
244,269
5,255,554



Depreciation


At 1 January 2024
142,615
24,903
98,304
197,665
189,223
652,710


Charge for the year on owned assets
52,188
14,444
19,080
24,932
23,502
134,146



At 31 December 2024

194,803
39,347
117,384
222,597
212,725
786,856



Net book value



At 31 December 2024
4,256,008
32,871
105,279
42,996
31,544
4,468,698



At 31 December 2023
4,285,755
47,315
53,706
67,690
38,572
4,493,038

Page 26
 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
18,180
27,665

Motor vehicles
105,280
53,706

Furniture, fittings and equipment
28,629
45,361

152,089
126,732

Page 27

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)


Company






Long-term leasehold property

£

Cost or valuation


At 1 January 2024
4,133,250



At 31 December 2024

4,133,250



Depreciation


At 1 January 2024
82,665


Charge for the year on owned assets
27,555



At 31 December 2024

110,220



Net book value



At 31 December 2024
4,023,030



At 31 December 2023
4,050,585






Page 28

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Shares in group undertakings

£





At 1 January 2024
100




Subsidiary undertakings
Name:
 Safety Firsty Aid Group Limited
Registered office: Avenue One, Letchworth Garden City, North Hertfordshire, England, SG6 2WW
Class of shares: Ordinary
Holding: 100%
The above subsidiary is included in the consolidation and is held directly by the Company.


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods
1,251,595
1,382,651

1,251,595
1,382,651



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,300,927
1,413,900
-
-

Other debtors
1,759
44,751
100
100

Prepayments and accrued income
92,546
59,779
18,314
21,918

Deferred taxation
200,858
258,794
-
-

1,596,090
1,777,224
18,414
22,018


Page 29

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
156,546
122,676
156,546
122,676

Other loans
760,925
1,372,059
-
-

Trade creditors
299,538
503,784
-
-

Amounts owed to group undertakings
-
-
1,305,119
1,305,050

Other taxation and social security
146,219
213,383
-
-

Obligations under finance lease and hire purchase contracts
52,144
40,893
-
-

Other creditors
6,385
9,650
-
-

Accruals and deferred income
691,947
371,461
6,000
6,000

2,113,704
2,633,906
1,467,665
1,433,726



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
156,546
122,676
156,546
122,676

Other loans
760,925
1,220,518
-
-

Obligations under finance lease and hire purchase contracts
52,144
40,893
-
-

969,615
1,384,087
156,546
122,676

Details of security provided:

Bank and other loans are secured by way of a fixed and floating charge over the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 30

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,354,200
2,514,903
2,354,200
2,514,903

Net obligations under finance leases and hire purchase contracts
140,569
117,940
-
-

2,494,769
2,632,843
2,354,200
2,514,903



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
2,354,200
2,514,903
2,345,200
2,514,903

Obligations under finance lease and hire purchase contracts
140,569
117,940
-
-

2,494,769
2,632,843
2,345,200
2,514,903

Details of security provided:

Bank and other loans are secured by way of a fixed and floating charge over the assets of the company.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.



Page 31

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
(156,546)
(122,676)
(156,546)
(122,676)

Other loans
(760,925)
(1,372,059)
-
-


(917,471)
(1,494,735)
(156,546)
(122,676)

Amounts falling due 1-2 years

Bank loans
(168,804)
(132,397)
(168,804)
(132,397)


(168,804)
(132,397)
(168,804)
(132,397)

Amounts falling due 2-5 years

Bank loans
(582,037)
(463,530)
(582,037)
(463,530)


(582,037)
(463,530)
(582,037)
(463,530)

Amounts falling due after more than 5 years

Bank loans
(1,603,359)
(1,918,976)
(1,603,359)
(1,918,976)


(3,271,671)
(4,009,638)
(2,510,746)
(2,637,579)



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
52,144
40,893

Between 1-5 years
140,569
117,940

192,713
158,833

Page 32

 


RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation


Group





2024


£






At beginning of year
258,794


Charged to profit or loss
(57,936)



At end of year
200,858

Company




2024






At end of year
-
The deferred tax asset is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(98,211)
(95,770)

Tax losses carried forward
298,273
353,824

Pension surplus
796
740

200,858
258,794


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



24.


Contingent liabilities

The group has granted a fixed and floating charge over its assets in favor of HSBC Bank PLC as security. The charge covers all present and future assets of the group, including but not limited to fixed assets, inventory, and trade receivables. As of the reporting date, the exact amount secured under this arrangement is not determinable. Management continues to assess the impact of this charge on the group’s financial position.

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RJF PROPERTY INVESTMENTS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £41,542 (2023 - £42,853) . Contributions totalling £6,359 (2023 - £7,060) were payable to the fund at the reporting date and are included in creditors.


26.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
17,099
17,099

Later than 1 year and not later than 5 years
22,070
39,169

39,169
56,268

27.


Ultimate controlling party

The ultimate controlling party is R J Froomberg.

 
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