Company Registration No. 09276161 (England and Wales)
R & R EDWARDS AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
R & R EDWARDS AND SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
R & R EDWARDS AND SONS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,017
8,520
Investment properties
5
2,560,000
1,823,829
2,579,017
1,832,349
Current assets
Debtors
6
2,815
2,111
Cash at bank and in hand
6,880
22,176
9,695
24,287
Creditors: amounts falling due within one year
7
(988,949)
(778,836)
Net current liabilities
(979,254)
(754,549)
Total assets less current liabilities
1,599,763
1,077,800
Creditors: amounts falling due after more than one year
8
(756,141)
(325,466)
Provisions for liabilities
9
(106,563)
(108,714)
Net assets
737,059
643,620
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
11
484,243
388,719
Distributable profit and loss reserves
252,814
254,899
Total equity
737,059
643,620
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R & R EDWARDS AND SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2025 and are signed on its behalf by:
Dr RJ Edwards
Dr RA Lunt
Director
Director
Company Registration No. 09276161
R & R EDWARDS AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
R & R Edwards and Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, United Kingdom, NE12 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income received from property rental. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment, fixtures and fittings
15% reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
R & R EDWARDS AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
2
2
R & R EDWARDS AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,861
Deferred tax
Origination and reversal of timing differences
23,941
14,685
Adjustment in respect of prior periods
(26,092)
Total deferred tax
(2,151)
14,685
Total tax (credit)/charge
(2,151)
21,546
4
Tangible fixed assets
Equipment, fixtures and fittings
£
Cost
At 1 November 2023
13,989
Additions
12,587
At 31 October 2024
26,576
Depreciation
At 1 November 2023
5,469
Depreciation charged in the year
2,090
At 31 October 2024
7,559
Carrying amount
At 31 October 2024
19,017
At 31 October 2023
8,520
5
Investment property
2024
£
Fair value
At 1 November 2023
1,823,829
Additions
608,806
Revaluations
127,365
At 31 October 2024
2,560,000
Although no formal valuation has been undertaken at the year end, the directors are of the opinion that the fair value as measured at the reporting date appropriately reflects prevailing market conditions.
R & R EDWARDS AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,815
2,111
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
(2)
6,860
Other creditors
988,951
771,976
988,949
778,836
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
756,141
325,466
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
106,563
108,714
R & R EDWARDS AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
388,719
343,719
Non distributable profits in the year
95,524
45,000
At the end of the year
484,243
388,719
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Directors
986,551
769,936
There are no set terms as to repayment of this balance and no interest accruing thereon.