R. & J. Ince Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01089356 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

R. & J. Ince Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Ince

R E Ince

M M R Ince

SECRETARIES:

M R Ince

M M R Ince

REGISTERED OFFICE:

Unit 6 Swales Industrial Estate

Howdon Lane

Howdon

Tyne and Wear

NE28 1AL

REGISTERED NUMBER:

01089356 (England and Wales)

ACCOUNTANTS:

Robson Laidler Accountants Limited t/a Tindles

Medway House

Fudan Way

Teesdale Business Park

Stockton on Tees

TS17 6EN

FIXED ASSETS

Tangible assets

4

2,066,593

2,080,349

Investment property

5

3,277,850

5,344,443

5,358,199

CURRENT ASSETS

Debtors

6

94,270

85,119

Cash at bank and in hand

35,084

12,335

129,354

97,454

CREDITORS

Amounts falling due within one year

7

125,678

148,086

NET CURRENT ASSETS/(LIABILITIES)

3,676

(50,632

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,348,119

5,307,567

CREDITORS

Amounts falling due after more than one year

8

(1,200,000

)

(1,200,000

)

PROVISIONS FOR LIABILITIES

10

(818,813

)

(815,919

)

NET ASSETS

3,329,306

3,291,648

CAPITAL AND RESERVES

Called up share capital

11

100

Revaluation reserve

12

799,410

813,849

Non-distributable reserve

1,967,850

Retained earnings

561,946

509,849

SHAREHOLDERS' FUNDS

3,329,306

3,291,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

M R Ince - Director

1.	STATUTORY INFORMATION

R. & J. Ince Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

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

RENTAL INCOME

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight line basis over the lease term.

Lessee overhead contributions are recognised on an accruals basis.

Both of the above items of income are recognised under 'other operating income' in the Income Statement.

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

Plant and machinery

-

Straight line over 33 years

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

INVESTMENT PROPERTY

Investment properties are measured at fair value at each reporting date with changes in fair value being recognised in the Income Statement. Changes in fair value (net of applicable deferred tax) are then transferred from retained earnings to a non-distributable reserve.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

1,532,150

919,646

2,451,796

Additions

-

31,191

Disposals

-

(4,055

)

(4,055

)

At 31 December 2024

1,532,150

946,782

2,478,932

DEPRECIATION

At 1 January 2024

-

371,447

Charge for year

25,543

18,341

43,884

Eliminated on disposal

-

(2,992

)

(2,992

)

At 31 December 2024

25,543

386,796

412,339

NET BOOK VALUE

At 31 December 2024

1,506,607

559,986

2,066,593

At 31 December 2023

1,532,150

548,199

2,080,349

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2021

537,076

-

537,076

Valuation in 2023

373,981

-

373,981

Cost

621,093

946,782

1,567,875

1,532,150

946,782

2,478,932

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

621,093

Aggregate depreciation

105,427

104,288

Freehold land and buildings were valued on an open market basis on 23 August 2023 by Eddisons Commercial Ltd .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,277,850

NET BOOK VALUE

At 31 December 2024

3,277,850

At 31 December 2023

3,277,850

The methods and significant assumptions used to ascertain the fair value of £3,277,850 (2023: £3,277,850) are as follows:

The fair value of investment properties is derived with reference to the current and expected future rental income from relevant properties and illustrative rental yields for properties that are considered to be comparable in terms of location, nature and so forth.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

64,960

38,577

Other debtors

29,310

46,542

94,270

85,119

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

28,728

56,492

Taxation and social security

58,248

58,593

Other creditors

38,702

33,001

125,678

148,086

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

1,200,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

1,200,000

The bank loan is secured by way of fixed and floating charges over the company's assets, registered on 11 December 2023.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

142,651

139,757

Other timing differences

676,162

818,813

815,919

Deferred

tax

£

Balance at 1 January 2024

815,919

Accelerated capital allowances

2,894

Other timing differences

Balance at 31 December 2024

818,813

Accelerated capital allowances above relate to temporary timing differences between the carrying value and tax value of all fixed assets less non-qualifying property assets.

Other timing differences above relate to the revaluation of both freehold property and investment property.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

2,000

Ordinary

5p

100

12.

RESERVES

The non-distributable reserve is used to record fair value gains and losses on investment properties and is maintained to assist with the identification of profits available for distribution.

13.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet as at 31 December 2024 are £4,765 (2023: £10,107).

14.	RELATED PARTY DISCLOSURES

During the years ended 31 December 2024 and 31 December 2023 the director advanced funds to the company which were fully repaid as at 31 December 2024. The amount outstanding in other creditors at the balance sheet date was £nil (2023: £12,000). There were no finance costs incurred or fixed repayment terms.