|
Company Registration No. 03450320 (England and Wales)
PATRICK RUDDY HOMES LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Simmons Gainsford
Chartered Accountants
14th Floor
33 Cavendish Square, London
W1G 0PW
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons Gainsford Professional Services Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 29 September 2025 and signed on its behalf.
___________________________
Lee Myles Ruddy
Director
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PATRICK RUDDY HOMES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Patrick Ruddy Homes Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Patrick Ruddy Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Patrick Ruddy Homes Limited and state those matters that we have agreed to state to the Board of Directors of Patrick Ruddy Homes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Patrick Ruddy Homes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Patrick Ruddy Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Patrick Ruddy Homes Limited. You consider that Patrick Ruddy Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Patrick Ruddy Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Simmons Gainsford Professional Services Limited
Chartered Accountants
14 Floor
33 Cavendish Square
London
W1G 0PW
29 September 2025
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the financial year
|
|
|
|
The notes on pages 6 to 10 form part of these financial statements.
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
REGISTERED NUMBER:03450320
|
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.
___________________________
Lee Myles Ruddy
|
|
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Patrick Ruddy Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Way, Flitwick, Bedfordshire, MK45 5BS.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
The directors are confident that the company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised at legal completion in respect of the total proceeds of residential development. Turnover is measured at the fair value of consideration received or receivable, net of discounts and VAT.
Turnover from the sale of residential properties is recognised when the contract for the sale is exchanged.
Turnover from joint venture of contracting activities is recognised at the fair value of the consideration received or receivable after taking into account for trade discounts, settlement discounts and volume rebates.
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in profit and loss account.
Developments in progress are stated at the lower of cost and estimated selling price less incidental costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the developments to their present condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
The company operates a defined contribution plan for its employees.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
The tax expense represents the sum of the tax currently payable.
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.
Interest income is recognised in profit or loss using the effective interest method.
|
|
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of residential properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
Investment in joint venture
|
|
|
|
|
|
|
|
|
Investment in joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in joint venture represents a 50% operating joint venture with Bulbourne Yard Developments LLP, which was incorporated in England and Wales.
|
|
|
Development land and properties
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
Amounts owed by joint venture
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debtors represents VAT recoverable of £32,945 (2023: £34,549) and corporation tax repayable of £Nil (2023: £581)
The amounts owed by joint ventures are interest-free, unsecured and repayable on demand.
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to related undertakings
|
|
|
|
|
Other creditors and accruals
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
The amounts owed to related undertakings are interest-free, unsecured and payable on demand.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
8,000,100 Ordinary shares of £1 each
|
|
|
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently adminisstered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,749 (2023: £7,837). Contributions totalling £627 (2023: £729) were payable to the fund at the balance sheet date and are included in other creditors.
|
|
|
|
|
PATRICK RUDDY HOMES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Post balance sheet events
|
There were no events since the year end which materially affected the company.
At the balance sheet date, P J Ruddy, E C Ruddy, A J Ruddy and S A Ruddy, in their capacity as trustees of the Ruddy Family trusts which owns the entire shareholdings of the company, are the ultimate controllers.
|