Ruddington Homes Limited

	Page
Strategic Report	1—2
Director's Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10—15

The director presents his strategic report for the year ended 31 December 2024.

Principal Activity

The principal activity of the company is Care Home Provider.

Review of the Business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The company continues to operate three separate care homes for the elderly:

- Orchard House - Ruddington, Nottingham

- Balmore Country House - Ruddington, Nottingham

- St Peters - Ruddington, Nottingham

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being occupancy levels, turnover and direct wage costs of the business.

The company's key financial and other performance indicators during the year were as follows:

	Unit	2024	2023
Turnover	£	5,978,424	5,729,453
Average number of residents		117	121
Average weekly fee	£	982	910
Direct wages and national insurance	£	3,872,852	3,178,163
Wages as a percentage of turnover	%	65	55

The above indicators show a 4.3% increase in turnover for the year to 31 December 2024, there was an 8% increase in average weekly fees and a 3.3% decrease in average number of residents.

The decrease in average number of residents has not had a major impact on the financial stability of the company, and all 3 homes have maintained a steady flow of residents throughout the year, and operation at an average of 86% occupancy, a decrease of 1% from the previous year.

The company was charged a management fee of £537,084 (2023 - £1,200,000) during the year, which had a large impact on the results for the year. See note 22 exceptional items for more details.

A provision of £101,203 was included for potential bad debts.

When analysing the profitability of the company we use the earnings before interest, taxation, depreciation and amortisation (EBITDA) as the key indicator and also ignoring any management charges. Using this method, the profitability of the company was as follows:

	2024	2023
	£	£
(Loss)/Profit before tax	(203,473)	(243,619)
Depreciation	370,561	386,475
EBITDA	167,088	142,856
Management fees - exceptional items	537,084	1,200,000
	704,172	1,342,856

The rising costs for wages and gas have put significant pressure on EBITDA, as they directly impact operating expenses.

The balance sheet on page 8 of the financial statements shows that the net assets of the company have decreased slightly to £8,591,269 from £8,789,822.

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Ruddington Homes Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

Financial risk includes credit risk and cashflow management. The company closely monitors its debtors to ensure credit risk is mitigated; in addition, the company monitors its cash reserves closely to ensure it is able to meet its commitments.

The government announced the introduction of the National Living Wage in 2016, aiming to raise it to £9.00 per hour for anyone over the age of 25. In 2019, it was recommended that workers become entitled to the National Living Wage at the age of 21 instead of 25. As of April 2021, this age of entitlement was lowered to 23.

The rate has gradually increased over the years, and by the end of the year, employees over the age of 21 were earning £11.44 per hour. Starting from 1 April 2025, the National Living Wage will rise to £12.21 for employees over 21 years of age.

In October 2024, the government announced plans to introduce a single adult wage rate applied to all workers over 18 years of age. This change will be phased in gradually to minimize its impact. At the end of the year, 18-20 year olds were paid £8.60 per hour under the National Minimum Wage, which will increase to £10 in April 2025, and then potentially to a single rate for everyone over 18 starting in April 2026.To minimise the impact of this increase a full review of staffing is continuously carried out with the aim of removing duplication of duties whilst ensuring the efficient operation of the homes. It is believed that by implementing the recommendations of this review there will be little overall impact on the key performance indicators.

Following the UK's Exit from the EU, there were changes to immigration rules, with a points-based system being introduced. The company does not employ any EU resident care workers and, whilst some nursing staff are recruited from the EU, these are all qualified to the required level and their pay is above the general salary threshold.

During 2022 the cost of gas rose by over 50%. Ofgem set a price cap for domestic customers but for businesses, particularly those with high energy consumption, there were no direct price caps, which meant they faced escalating costs without any ceiling or protection. This disproportionately affected industries such as care, manufacturing, hospitality, and retail, which rely heavily on energy to operate. Many businesses have been forced to either absorb the higher costs or pass them on to customers.

Looking forward, the continued rise in energy prices will be a lingering factor for many businesses, particularly those that did not have long-term energy contracts or hedging strategies in place. Energy efficiency and alternative energy sources might become more important for business sustainability moving forward. Some businesses may also be looking into government support schemes or funding programs to help with energy costs, but these may not be enough to fully offset the impact.

Fluctuating price inflation is a risk. The annual rate of inflation peaked at 11.1% in October 2022 and this had a knock-on effect on prices in 2023 and 2024, however, the annual rate of inflation has since decreased to around 3.4% by the end of 2024.

The company has a normal level of exposure to price, credit and liquidity risk arising from its trading activities which are only conducted in sterling.

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

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Ruddington Homes Limited

Company No. 01903864

Director's Report For The Year Ended 31 December 2024

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2024.

Directors

The director who held office during the year was as follows:

Mr Paul Hearn

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless he is 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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 of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
the 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.

Independent Auditors

The auditors, Just Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the next General Meeting.

Disclosure of information in the strategic report

The company has chosen, in accordance with Section 414C (11) of the Companies Act 2006 to include certain matters in its strategic report that would otherwise be required to be disclosed in this Director's Report. The Strategic Report can be found on page 1 of these accounts.

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

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Independent Auditor's Report

to the Members of

Ruddington Homes Limited

Independent Auditor's Report

Qualified opinion

We have audited the financial statements of Ruddington Homes Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the accompanying financial statements:

give a true and fair view of the state of affairs of the company as at 31 December 2024, and of its loss 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 Qualified Opinion

The audit evidence available to us in respect of the fixed assets was limited because when we were first appointed as auditors to the company for the year ended 30 June 2011 the corresponding figures for that year had been unaudited and the records relating to the historical cost of the land and buildings maintained by previous management of the company in the years preceding that date were not sufficiently detailed.

On transition to FRS 102, the company opted to carry the revalued fixed assets at deemed cost. As explained in the previous paragraph, the audit evidence with respect to fixed assets held at the transition date of 1 January 2014, before any transitional adjustments for the implementation of FRS 102, with a cost of £1,864,367 and a net book value of £1,254,702 was limited; as a consequence, on the transition to FRS 102, the audit evidence available in respect of the historic cost used to determine the revaluation reserve as at 1 January 2014 of £1,254,702 was also limited. We were unable to satisfy ourselves by alternative means by using other audit procedures. Consequently, we were unable to determine whether any adjustment to the revaluation reserve was necessary. The fact that we were unable to obtain sufficient appropriate audit evidence regarding the cost of these fixed assets for the year ended 30 June 2011 and subsequent years and also regarding the revaluation reserve created when the company opted to carry fixed assets at deemed cost on transition to FRS 102 caused us to qualify our audit opinion on the financial statements relating to the year ended 30 June 2011 and subsequent years.

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 Auditor's 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 qualified opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's 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 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the Director's Report and the Strategic Report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the Director's Report and the Strategic Report. 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.

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Independent Auditor's Report (continued)

to the Members of

Ruddington Homes Limited

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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 Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Care Quality Commission regulation, recognising the regulated nature of the Company's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Ruddington Homes 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 that we are required to state to them in an auditor's report 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.

David Fletcher BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited , Statutory Auditor

30/09/2025

Just Audit Limited

Strelley Hall

Main Street

Strelley

Nottinghamshire

NG8 6PE

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Ruddington Homes Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	5,978,424	5,729,453
Cost of sales		(228,790 )	(182,436 )

GROSS PROFIT		5,749,634	5,547,017

Administrative expenses		(5,416,017 )	(4,590,770 )

OPERATING PROFIT	4	333,617	956,247
Exceptional items		(537,084)	(1,200,000)
Other interest receivable and similar income		14	134
Interest payable and similar charges		(20 )	-

LOSS BEFORE TAXATION		(203,473 )	(243,619 )
Tax on Loss	9	4,920	2,369

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR		(198,553 )	(241,250 )

The notes on pages 10 to 15 form part of these financial statements.

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Ruddington Homes Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 01903864

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		7,714,172		8,021,186

			7,714,172		8,021,186
CURRENT ASSETS
Stocks	12	600		600
Debtors	13	7,126,480		7,411,010
Cash at bank and in hand		134,338		147,278

		7,261,418		7,558,888
Creditors: Amounts Falling Due Within One Year	14	(6,142,621 )		(6,509,227 )

NET CURRENT ASSETS (LIABILITIES)			1,118,797		1,049,661

TOTAL ASSETS LESS CURRENT LIABILITIES			8,832,969		9,070,847

PROVISIONS FOR LIABILITIES
Deferred Taxation	15		(241,700 )		(281,025 )

NET ASSETS			8,591,269		8,789,822

CAPITAL AND RESERVES
Called up share capital	17		25,000		25,000
Share premium reserve			1,980,000		1,980,000
Revaluation reserve			4,602,880		4,602,880
Profit and Loss Account			1,983,389		2,181,942

SHAREHOLDERS' FUNDS			8,591,269		8,789,822

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

The notes on pages 10 to 15 form part of these financial statements.

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Ruddington Homes Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2023	25,000	1,980,000	4,589,465	2,436,607	9,031,072
Loss for the year and total comprehensive income	-	-	-	(241,250 )	(241,250)

Transfer from revaluation reserve	-	-	-	(13,415)	(13,415)
Transfer to/from Profit & Loss Account	-	-	13,415	-	13,415

As at 31 December 2023 and 1 January 2024	25,000	1,980,000	4,602,880	2,181,942	8,789,822


Loss for the year and total comprehensive income	-	-	-	(198,553 )	(198,553)

As at 31 December 2024	25,000	1,980,000	4,602,880	1,983,389	8,591,269

The revaluation reserve, which is non distributable, represents the cumulative effect of the revaluation of the freehold land and buildings up to the date of transition to FRS 102, after which the company has adopted a deemed cost accounting policy.

The share premium reserve represents the amount above the nominal value received for shares sold, less transactions costs.

The profit and loss account records retained earnings and accumulated losses.

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Ruddington Homes Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Ruddington Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01903864 . The registered office is 2 Cheapside, Derby, DE1 1BR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets and 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 presentation currency of the financial statements is the Pound Sterling.

2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions 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 and Section 3 Financial Statement Presentation paragraph 3.17 (d) and (e).

2.3. Going Concern Disclosure

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has continued to trade well. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

2.4. Significant judgements and estimations

In preparing these financial statements, the director has made the following judgements:

Determined whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic conditions and estimated market values of the assets.

Key sources of estimation uncertainty

Freehold properties, included at deemed cost and other tangible fixed assets included at cost, are depreciated over their useful lives taking into account residual values, where appropriate. The land value, the estimated lives of the assets and their residual values are assessed annually and may vary depending on a number of factors. In addition, deferred tax is provided on the difference between the deemed cost and the indexed cost of the properties.

2.5. Turnover

Turnover represents the amount chargeable during the period in respect of the provision of care services. The company recognises revenue when it can be reliably measured and it is probable that future economic benefit will flow to the entity.

2.6. Tangible Fixed Assets and Depreciation

Freehold properties are measured at deemed cost less accumulated depreciation and any accumulated impairment losses. Other assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Land is not depreciated. Depreciation on other assets is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4% on deemed cost
Plant & Machinery	25% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	25% on reducing balance
Computer Equipment	25% on reducing balance

2.7. Stocks and Work in Progress

Stock is valued at the lower of cost and net realisable value.

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Ruddington Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Taxation

The tax credit for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income or directly in equity respectively.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except,

- the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of the deferred tax liabilities or other future taxable profits;

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

3. Turnover

Analysis of turnover by class of business is as follows:

All of which arose in the United Kingdom

	2024	2023
	£	£
Rendering of services	5,978,424	5,729,453

4. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	41,197	60,005
Depreciation of tangible fixed assets	370,561	386,475

5. Auditor's Remuneration

Remuneration received by the company's auditors during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	23,760	22,800

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	3,601,631	2,994,444
Social security costs	271,221	183,719
Other pension costs	56,077	38,285

	3,928,929	3,216,448

7. Average Number of Employees

Average number of employees, including the director, during the year was: 140 (2023: 121)

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Ruddington Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Director's remuneration

The director's remuneration for the year was as follows:

	2024	2023
	£	£
Director's Remuneration	-	-
Director's pension contributions	-	-
	-	-

9. Tax on Profit

	Tax Rate		2024	2023
The tax credit on the loss for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	34,405	26,975
Deferred Tax
Deferred taxation movement			(39,325 )	(29,344 )


Total tax charge for the period			(4,920 )	(2,369 )


The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(203,473)	(243,619)

Tax on profit at 25% (UK standard rate)			(50,869 )	(57,299 )
Goodwill/depreciation not allowed for tax			74,974	70,161
Expenses not deductible for tax purposes			10,300	14,113
Deferred tax relating to changes in tax rates or laws			(39,325 )	(29,344 )

Total tax charge for the period			(4,920)	(2,369)

10. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	502,000

As at 31 December 2024	502,000

Amortisation
As at 1 January 2024	502,000

As at 31 December 2024	502,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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Ruddington Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost or Valuation
As at 1 January 2024	9,497,946	421,053	35,984	1,078,550
Additions	-	38,114	-	25,094

As at 31 December 2024	9,497,946	459,167	35,984	1,103,644

Depreciation
As at 1 January 2024	1,865,886	338,363	27,358	787,749
Provided during the period	257,318	30,201	2,232	78,973

As at 31 December 2024	2,123,204	368,564	29,590	866,722

Net Book Value
As at 31 December 2024	7,374,742	90,603	6,394	236,922

As at 1 January 2024	7,632,060	82,690	8,626	290,801


	Computer Equipment	Total
	£	£
Cost or Valuation
As at 1 January 2024	489,038	11,522,571
Additions	339	63,547

As at 31 December 2024	489,377	11,586,118

Depreciation
As at 1 January 2024	482,029	3,501,385
Provided during the period	1,837	370,561

As at 31 December 2024	483,866	3,871,946

Net Book Value
As at 31 December 2024	5,511	7,714,172

As at 1 January 2024	7,009	8,021,186

Included in deemed cost of the land and buildings is the estimated cost of freehold land of £1,332,500 (2023 - £1,332,500) which is not depreciated.

Due to a change in accounting software, computer equipment is now shown separately.

12. Stocks

	2024	2023
	£	£
Stock	600	600

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Ruddington Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	411,783	415,779
Amounts owed by participating interests	6,664,237	6,968,040
Other debtors	50,460	27,191

	7,126,480	7,411,010

14. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	173,392	235,412
Amounts owed to participating interests	5,208,332	5,874,037
Other creditors	183,122	24,913
Corporation tax	34,391	26,975
Taxation and social security	131,228	43,685
Accruals and deferred income	412,156	304,205

	6,142,621	6,509,227

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	241,700	281,025

Included in the above is a deferred tax liability of £38,412 (2023 - £74,012) in respect of freehold properties which the company is not currently intending to sell but for which provision has been made in compliance with FRS 102.

16. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	281,025	281,025
Deferred taxation movement	(39,325 )	(39,325 )

Balance at 31 December 2024	241,700	241,700

17. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
25,000 Ordinary Shares of £ 1.00 each	25,000	25,000

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Ruddington Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £56,077 (2023: £38,285).

At the balance sheet date contributions of £15,386 (2023: £10,826) were due to the fund and are included in creditors.

19. Directors Advances, Credits and Guarantees

Included within Creditors is the following loan from the director:

	2024	2023
	£	£
Mr Paul Hearn	158,072	1,249

The above loan is unsecured, interest free and repayable on demand.

20. Related Party Disclosures

Loans to related parties

Included in debtors are the following amounts owing from related companies under common control:

	2024	2023
	£	£
At start of year	6,968,040	6,569,546
Advanced	547,560	1,612,326
Repaid	(851,363)	(1,213,832)
At end of year	6,664,237	6,968,040

Loans from related parties

Included in creditors are the following amounts owing from related companies under common control:

	2024	2023
	£	£
At start of year	(5,874,037)	(5,389,867)
Advanced	(1,213,508)	(484,170)
Repaid	1,879,213	-
At end of year	(5,208,332)	(5,874,037)

Loan accounts between the company and other related companies are all interest free and repayable on demand.

21. Controlling Parties

The company's parent undertaking is Ruddington (Holdings) Limited .

Its registered office is 2 Cheapside, Derby, DE1 1BR and copies of the group accounts may be obtained from the company's registered office.

The company's ultimate controlling party is Mr Paul Hearn by virtue of his interest in the share capital of the parent company.

22. Exceptional Items

During the year, Ruddington Homes Limited was charged a management fee by a company under common control of £537,084 (2023 - £1,200,000).

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