IRIS Accounts Production v25.1.3.33 02040250 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities the operation of petrol filling stations, including related convenience stores and car valeting services. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 02040250 (England and Wales)





STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

RUSDENE SERVICES LIMITED

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


RUSDENE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: P S Lodge
O R Lodge
D R Lodge





REGISTERED OFFICE: Units Hamble IV and V
Old Hambledon Racecourse
Wallops Wood, Sheardley Lane
Droxford
Hampshire
SO32 3QY





REGISTERED NUMBER: 02040250 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The directors present their strategic report for the year ended 30th September 2024.

REVIEW OF BUSINESS
The profit and loss account is set out on page 7 and shows turnover for the year of £32,520,028 (2023: £37,393,938) and profit before taxation for the year of £1,511,333 (2023: £2,565,430).

Fuel sales decreased from £26,704,365 in 2022/23 to £22,035,098, this is mainly due to a 11% decrease in the volume of litres sold.

Shop sales have decreased by 2.5%, which is only a small variance from the prior year.

The company's focus in the current financial period continues to be the development of both its staff and business with several projects underway to expand and improve a number of its sites.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a market that is highly competitive, and profitability is determined both by fuel costs and the prices charged by the large retail organisations. However, the company has a very stable balance sheet and its forecasts and projections, taking account of reasonable possible changes in trading performance, show that it will have sufficient cash resources to meet its financial commitments as they fall due. The company also closely monitors the prices charged by its competitors so that it can retain its market share.

ON BEHALF OF THE BOARD:





O R Lodge - Director


9th June 2025

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30th September 2024.

DIVIDENDS
Dividends of £496,000 were paid throughout the year on the Ordinary £1 shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report.

P S Lodge
O R Lodge
D R Lodge

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





O R Lodge - Director


9th June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUSDENE SERVICES LIMITED


Opinion
We have audited the financial statements of Rusdene Services Limited (the 'company') for the year ended 30th September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30th September 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUSDENE SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the directors. This identified that the most significant laws and regulations relate to the compliance with various laws regulating the sale of petrol and health and safety as well as the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements and undertake regular health and safety reviews of each site.

As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Rusdene Services Limited are revenue recognition and the impact of performance targets on influencing management override. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing revenue recognition policies and sales cut off and reviewing those areas susceptible to management override including testing manual journals and making enquiries of management.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUSDENE SERVICES LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Harriet Sergeant BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

16th June 2025

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 32,520,028 37,393,938

Cost of sales 26,762,697 31,393,954
GROSS PROFIT 5,757,331 5,999,984

Administrative expenses 4,419,965 3,564,186
1,337,366 2,435,798

Other operating income 203,118 243,579
OPERATING PROFIT 1,540,484 2,679,377

Interest receivable and similar income 32,808 -
1,573,292 2,679,377

Interest payable and similar expenses 5 61,959 113,947
PROFIT BEFORE TAXATION 6 1,511,333 2,565,430

Tax on profit 8 413,219 623,941
PROFIT FOR THE FINANCIAL YEAR 1,098,114 1,941,489

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,098,114 1,941,489


OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation (185,591 ) 5,962
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(185,591

)

5,962
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

912,523

1,947,451

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

BALANCE SHEET
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 6,218,721 6,262,461

CURRENT ASSETS
Stocks 11 632,372 703,160
Debtors 12 4,453,620 4,890,266
Cash at bank and in hand 2,635,463 2,347,448
7,721,455 7,940,874
CREDITORS
Amounts falling due within one year 13 2,820,135 3,225,785
NET CURRENT ASSETS 4,901,320 4,715,089
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,120,041

10,977,550

CREDITORS
Amounts falling due after more than one
year

14

(319,336

)

(794,957

)

PROVISIONS FOR LIABILITIES 18 (1,002,693 ) (801,104 )
NET ASSETS 9,798,012 9,381,489

CAPITAL AND RESERVES
Called up share capital 19 100 100
Revaluation reserve 20 2,599,421 2,868,419
Retained earnings 20 7,198,491 6,512,970
SHAREHOLDERS' FUNDS 9,798,012 9,381,489

The financial statements were approved by the Board of Directors and authorised for issue on 9th June 2025 and were signed on its behalf by:





O R Lodge - Director


RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st October 2022 100 5,425,338 2,945,864 8,371,302

Changes in equity
Dividends - (937,264 ) - (937,264 )
Total comprehensive income - 1,941,489 5,962 1,947,451
Amount released - 83,407 (83,407 ) -
Balance at 30th September 2023 100 6,512,970 2,868,419 9,381,489

Changes in equity
Dividends - (496,000 ) - (496,000 )
Total comprehensive income - 1,098,114 (185,591 ) 912,523
Amount released - 83,407 (83,407 ) -
Balance at 30th September 2024 100 7,198,491 2,599,421 9,798,012

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1. STATEMENT OF COMPLIANCE

Rusdene Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Unit IV and V, The Old Hambledon Racecourse Centre, Wallops Wood, Sheardley Lane, Droxford, England, SO32 3QY. The registration number is 02040250.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost or revalued amount
Plant and machinery - 25% on cost, 10% on cost and 5% on cost
Motor Vehicles- 25% reducing balance

Land and Building
The company took advantage of the transitional provisions in section 35.10(c) of FRS 102 to use the revalued amount for freehold property as deemed cost. The freehold property is then depreciated over its revised useful life of 50 years. The valuation was carried out by Derek Lodge, a qualified quantity surveyor. the effective date of the revaluation was 1st October 2014, the transitional date to FRS 102.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leasing commitments
Operating leases are recognised in the profit and loss on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Shop sales 10,403,384 10,664,892
Fuel sales 22,035,098 26,704,365
Rental income 81,546 24,681
32,520,028 37,393,938

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,790,139 2,269,334
Social security costs 311,642 171,614
Other pension costs 45,370 43,144
3,147,151 2,484,092

The average number of employees during the year was as follows:
2024 2023

Office and administration 5 5
Sales and management 67 65
72 70

2024 2023
£    £   
Directors' remuneration 962,790 468,437

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 509,091 251,707

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 11,882 18,028
Directors' loan account
interest 45,161 95,919
Hire purchase 4,916 -
61,959 113,947

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 86,787 73,888
Depreciation - owned assets 223,012 216,566
Depreciation - assets on hire purchase contracts 20,230 -
Loss on disposal of fixed assets - 25,712
Stock provision (8,320 ) 8,320

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

20,000

21,500
Other non- audit services 16,240 2,300

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 397,221 591,461

Deferred tax 15,998 32,480
Tax on profit 413,219 623,941

UK corporation tax has been charged at 25% (2023 - 22%).

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,511,333 2,565,430
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

377,833

564,600

Effects of:
Expenses not deductible for tax purposes 10,207 9,846
Depreciation in excess of capital allowances 12,844 17,015
Deferred tax movement 15,998 32,480
Group relief (3,663 ) -
Total tax charge 413,219 623,941

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Deferred tax on revaluation (185,591 ) - (185,591 )

2023
Gross Tax Net
£    £    £   
Deferred tax on revaluation 5,962 - 5,962

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 496,000 937,264

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


10. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st October 2023 6,850,325 1,629,354 - 8,479,679
Additions - 94,092 105,410 199,502
At 30th September 2024 6,850,325 1,723,446 105,410 8,679,181
DEPRECIATION
At 1st October 2023 968,731 1,248,487 - 2,217,218
Charge for year 116,229 104,742 22,271 243,242
At 30th September 2024 1,084,960 1,353,229 22,271 2,460,460
NET BOOK VALUE
At 30th September 2024 5,765,365 370,217 83,139 6,218,721
At 30th September 2023 5,881,594 380,867 - 6,262,461

Included in cost of land and buildings is freehold land of £ 1,038,112 (2023 - £ 1,038,112 ) which is not depreciated.

The freehold property was valued on 1st October 2014 by Derek Lodge, a qualified quantity surveyor, who is also a director of the company.

The company elected to apply the transitional provisions in section 35.10(c) of FRS 102 to use this valuation as the deemed cost of the freehold property at the transition date.

If the freehold property had not been revalued it would have been included at the following historical cost:

20242023
£   £   
Cost2,679,9982,679,998
Accumulated depreciation(436,695)(403,873)
Historical cost net book value2,243,3032,276,125

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 80,920
At 30th September 2024 80,920
DEPRECIATION
Charge for year 20,230
At 30th September 2024 20,230
NET BOOK VALUE
At 30th September 2024 60,690

11. STOCKS
2024 2023
£    £   
Stocks 632,372 703,160

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 181,135 233,014
Amounts owed by group undertakings 4,147,640 4,553,203
Other debtors 27,077 29,017
Prepayments and accrued income 97,768 75,032
4,453,620 4,890,266

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 37,171 35,834
Hire purchase contracts (see note 16) 10,694 -
Trade creditors 1,550,995 1,470,014
Amounts owed to group undertakings 69,477 69,477
Tax 72,400 159,717
Social security and other taxes 129,850 21,580
VAT 287,280 249,931
Other creditors 10,339 4,294
Childrens dividends 218,432 -
Directors' loan accounts 135,931 446,562
Accruals and deferred income 297,566 768,376
2,820,135 3,225,785

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within other creditors is £5,786 (2023: -£1,459) which relates to pensions contributions overpaid at the year end.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 269,721 306,957
Hire purchase contracts (see note 16) 49,615 -
Directors' loan accounts - 488,000
319,336 794,957

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 37,171 35,834

Amounts falling due between two and five years:
Bank loans - 2-5 years 163,042 157,180

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 106,679 149,777

The bank loan is repayable in monthly instalments of £3,982 over 10 years. The interest rate applied is fixed at 3.66%

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 10,694 -
Between one and five years 49,615 -
60,309 -

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 92,000 128,300
Between one and five years 323,000 347,100
In more than five years 313,333 400,000
728,333 875,400

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 306,892 342,791
Trade creditors 935,600 1,637,076
1,242,492 1,979,867

The bank loans and overdraft is secured by a first legal charge over the freehold property at West Meon.

The trade creditor balance is secured over the freehold property at Lee-on-Solent and a fixed charge over all fixtures and fittings on the premises owned by Rusdene Service Limited.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,002,693 801,104

Deferred
tax
£   
Balance at 1st October 2023 801,104
Provided during year 15,998
Deferred tax on revaluation 185,591
Balance at 30th September 2024 1,002,693

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

The Ordinary shares rank pari passu in all respects.

RUSDENE SERVICES LIMITED (REGISTERED NUMBER: 02040250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st October 2023 6,512,970 2,868,419 9,381,389
Profit for the year 1,098,114 1,098,114
Dividends (496,000 ) (496,000 )
Deferred tax - (185,591 ) (185,591 )
Amount released 83,407 (83,407 ) -
At 30th September 2024 7,198,491 2,599,421 9,797,912

During the financial year, the company transferred £83,407 (2023: £83,407) from the revaluation reserve to the profit and loss reserve, being the excess depreciation based on the revalued amount.

21. RELATED PARTY DISCLOSURES

As at 30th September 2024, a balance of £21,902 was due from The Seagull Trading Company Limited, a connected company with a common director (2023: £20,252).

As at 30th September 2024, a loan balance of £2,160 was due from Hambleside Investments Limited, a connected company with a common director (2023: £nil).

Terms and conditions of directors loans:

Interest is charged on all directors loans at 6% per annum. As at 30th September 2024, the outstanding loan
balance was £nil (2023: £488,000). The directors loans have no fixed repayment date.

During the year the company paid £45,161 (2023: £76,931) to directors in respect of interest on directors loans.

A previous director of the company owed the company £290 as at 30th September 2024 (2023:£290).

22. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling parent company and controlling party is Rusdene Group Limited, a private company, limited by shares, incorporated in England and Wales. The address of the registered office is the same as that of Rusdene Services Limited. The registration number is 11276869.

The immediate parent company is Rusdene Holding Limited, a private company, limited by shares, incorporated in England and Wales. The address of the registered office is the same as that of Rusdene Services Limited. The registration number is 02055873.

The smallest and largest group which results are consolidated is that headed by Rusdene Group Limited. The consolidated financial statements are available to the public and can be obtained from Companies house.