REGISTERED NUMBER: 04296929 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RFX PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S E Nicholas

R A Owen

SECRETARY:

R A Owen

REGISTERED OFFICE:

Unit 2 Pinfold Road

Thurmaston

Leicester

LE4 8AS

REGISTERED NUMBER:

04296929 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Tangible assets

4

108,927

103,941

Investment property

5

8,173,220

6,803,962

8,282,147

6,907,903

CURRENT ASSETS

Debtors

6

565,019

491,378

Cash at bank

96,180

75,637

661,199

567,015

CREDITORS

Amounts falling due within one year

7

(311,056

)

(411,244

)

NET CURRENT ASSETS

350,143

155,771

TOTAL ASSETS LESS CURRENT LIABILITIES

8,632,290

7,063,674

CREDITORS

Amounts falling due after more than one year

8

(2,763,073

)

(2,841,587

)

PROVISIONS FOR LIABILITIES

(670,622

)

(328,308

)

NET ASSETS

5,198,595

3,893,779

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Other reserves

1,290,154

1,290,154

Fair value reserve

1,026,944

-

Retained earnings

2,880,497

2,602,625

5,198,595

3,893,779

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

S E Nicholas - Director

1.	STATUTORY INFORMATION

RFX Properties Ltd is a limited company, registered in England and Wales. Its registered office address is Unit 2 Pinfold Road, Thurmaston, Leicester, England, LE4 8AS and the registered number is 04296929.

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.

The presentational currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest £1.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Rendering of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant & equipment

-

10 % on reducing balance

Fixtures & fittings

-

25% on reducing balance and 4 % on cost

Computer equipment

-

25% on reducing balance and 25 % on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property

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.

The methods and significant assumptions used to ascertain the fair value of £6,803,962 included in the profit for the year are as follows:

The property is valued at the directors' open market valuation with reference to rental income, commercial property returns and the local property market.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

168,941

24,868

31,500

225,309

Additions

23,875

-

-

23,875

At 31 December 2024

192,816

24,868

31,500

249,184

DEPRECIATION

At 1 January 2024

101,332

9,864

10,172

121,368

Charge for year

8,507

3,350

7,032

18,889

At 31 December 2024

109,839

13,214

17,204

140,257

NET BOOK VALUE

At 31 December 2024

82,977

11,654

14,296

108,927

At 31 December 2023

67,609

15,004

21,328

103,941

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

6,803,962

Revaluations

1,369,258

At 31 December 2024

8,173,220

NET BOOK VALUE

At 31 December 2024

8,173,220

At 31 December 2023

6,803,962

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

1,369,258

Cost

6,803,962

8,173,220

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

3,127

Other debtors

565,019

488,251

565,019

491,378

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

70,572

60,366

Hire purchase contracts (see note 9)

7,277

7,277

Trade creditors

6,112

9,947

Amounts owed to group undertakings

42,649

42,649

Taxation and social security

108,503

89,166

Other creditors

75,943

201,839

311,056

411,244

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

210,532

265,553

Hire purchase contracts (see note 9)

7,650

14,927

Other creditors

2,544,891

2,561,107

2,763,073

2,841,587

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

7,277

7,277

Between one and five years

7,650

14,927

14,927

22,204

Non-cancellable

operating leases

2024

2023

£

£

Within one year

55,000

55,000

Between one and five years

220,000

220,000

In more than five years

488,822

543,822

763,822

818,822

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

281,104

-

Bank loans totalling £281,104 (2023: £325,919) are secured by a first legal charge and fixed charge on investment properties and a fixed and floating charge on assets and undertakings of the company.