| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| RUFTON PROPERTY SERVICES LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| RUFTON PROPERTY SERVICES LTD |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| RUFTON PROPERTY SERVICES LTD |
| COMPANY INFORMATION |
| For The Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountant and Business Advisers |
| St Mary's Court |
| The Broadway |
| Old Amersham |
| Buckinghamshire |
| HP7 OUT |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| BALANCE SHEET |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| BALANCE SHEET - continued |
| 30 September 2024 |
| The financial statements were approved by the director and authorised for issue on |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Rufton Property Services Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| 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. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| 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. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| The valuation of the investment properties is considered every year by the directors and a formal valuation carried out when requested. |
| Stocks |
| Work in progress on land and buildings owned by the company, whether included in stock or investment properties, is valued at the lower of cost and net realisable value. Once a project on an investment property is complete, the costs are transfered to fixed assets. Any cost associated with the development of a property are held as work in progress and transferred to the profit and loss account on sale of the property. |
| Land stock is valued at the lower of cost and net realisable value. |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| 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. |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
| Turnover |
| Turnover comprises rental income received with respect to investment properties owned by the company and the development and construction of other properties. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 October 2023 |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Additions |
| Revaluations | 610,000 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 September 2024 |
| 6. | INVESTMENT PROPERTY - continued |
| Investment properties comprise the following investment properties:- |
| 72-80 Stocklake, Aylesbury, Buckinghamshire which was valued on 23 December 2020 by Mr Peter Memmott FRICS of Fairweathers Chartered Surveyors Commercial Property Consultants at a valuation of £1,300,000. This valuation was updated to £2,000,000 by the directors as of 30 September 2024. The directors valuation of £2,000,000 has been used in the financial statements as at 30 September 2024. |
| The Vale, Chalfont St Peter, Buckinghamshire which was valued on an open market basis on 30 September 2024 by the directors at £270,000. This is the value used in the financial statements as at 30 September 2024. |
| 55A High Street, Prestwood, Gt Missenden, Buckinghamshire which was valued on an open market basis on 30 September 2020 by the directors at £160,000. This is the value used in the financial statements as at 30 September 2024 and is also the considered value by the directors. |
| 51 High Street, Prestwood, Gt Missenden, Buckinghamshire was valued on 4 January 2021 by Mr Peter Memmott FRICS of Fairweathers Chartered Surveyors Commercial Property Consultants at a valuation of £170,000. This is the value used in the financial statements as at 30 September 2024 and is also the considered value by the directors. |
| 53 High Street, Prestwood, Gt Missenden, Buckinghamshire has been valued on an open market basis on 30 September 2024 by the directors at £200,000. This is the considered fair value at the balance sheet date and also represents the initial purchase cost and refurbishment costs to date. The property is now held as an investment property after previously being held as a development property following a change in company policy with respect to this property. |
| 53A High Street, Prestwood, Gt Missenden, Buckinghamshire has been valued on an open market basis on 30 September 2024 by the directors at £180,000. This is the considered fair value at the balance sheet date and also represents the initial purchase cost and refurbishment costs to date. The property is now held as an investment property after previously being held as a development property following a change in company policy with respect to this property. |
| 7. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| RUFTON PROPERTY SERVICES LTD (REGISTERED NUMBER: 08225552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 September 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| The other creditors balance of £3,464,632 (2023 £2,563,607) relates to the Mr A Grants directors current account. |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company's bankers have granted the company the following facilities:- |
| A first legal charge is held by LloydsTSB, the company's bankers, over the following properties: |
| Date of security | Description of security |
| 17/03/2021 & 26/03/2021 |
Floating charge covers all the property or undertaking of the company. |
| 17/03/2021 & 26/03/2021 |
A first legal charge over the freehold land and buildings at Unit 72-80 Stocklake, Aylesbury, Bucks HP20 1DA. |
| 17/03/2021 & 26/03/2021 |
A first legal charge over the freehold land and buildings at 51 High Street, Prestwood, Bucks, HP16 9EJ. |
| 7/03/2021 & 26/03/2021 |
An unlimited Debenture from Rufton Property Services Limited. |