Registration number:
R A Duckett & Company Limited
for the Year Ended 31 December 2024
R A Duckett & Company Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
R A Duckett & Company Limited
(Registration number: 00596604)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
541,842 |
577,754 |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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 |
430 |
430 |
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Share premium reserve |
12,995 |
12,995 |
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Profit and loss account |
1,602,689 |
1,769,105 |
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Shareholders' funds |
1,616,114 |
1,782,530 |
For the financial 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:
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• |
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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. |
Approved and authorised by the
R A Duckett & Company Limited
(Registration number: 00596604)
Statement of Financial Position as at 31 December 2024 (continued)
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R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England and Wales
Principal activity
The principal activity of the company is the rental of property, land and grass keep.
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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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Summary of disclosure exemptions
No cash flow statement has been presented for the company..
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable.
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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.
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.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Asset class |
Depreciation method and rate |
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Equipment |
-15% reducing balance |
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Motor vehicles |
-25% reducing balance |
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Tractors |
-25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Investment property
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Tangible assets |
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Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
- |
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Charge for the year |
- |
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- |
- |
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At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
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- |
- |
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At 31 December 2023 |
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- |
- |
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Investment properties |
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2024 |
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At 1 January |
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At 31 December |
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Investment properties |
Fair value |
Cost |
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Westerleigh Heath House |
400,000 |
29,384 |
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Knoll View |
200,000 |
7,968 |
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Farm Cottage |
240,000 |
5,600 |
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Abbots Lodge |
188,750 |
113,381 |
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1,028,750 |
156,333 |
The properties in England were revalued at their market value, with vacant possession, by the directors.
The directors have reviewed the presentation and believe that including the properties as investment properties presents the company's activities more fairly.
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Other financial assets (current and non-current) |
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Investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
577,754 |
577,754 |
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Fair value adjustments |
(8,083) |
(8,083) |
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Additions |
9,808 |
9,808 |
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Disposals |
(37,637) |
(37,637) |
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At 31 December 2024 |
541,842 |
541,842 |
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Impairment |
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Carrying amount |
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At 31 December 2024 |
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541,842 |
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Debtors |
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2024 |
2023 |
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Other debtors |
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Prepayments |
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Accrued income |
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R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses. The Profit and Loss account reserves included distributable reserves of £422,661 (2023: £505,792) and non-distributable reserves of £1,217,956 (2023: £1,263,313).
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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Directors' loan |
( |
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( |
( |
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2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
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Directors' loan |
( |
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( |
( |
R A Duckett & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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10 |
Related party transactions (continued) |
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Other transactions with directors |
The company rents land from Mrs S E Duckett and Mr P E M Duckett at an annual rent of £400 (2023 - £400).