1.
General Information
Furlong Ringwood Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
13642676
. The registered office is 2nd Floor, 45-47 High Street, Cobham, Surrey, KT11 3DP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
In the directors' opinion, and to the best of their knowledge, the company has financial resources available which the directors believe will enable the company to manage its business risks successfully.
The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
Investment properties are properties owned by the company that are held for long-term rental income or for capital appreciation or both.
Investment properties are initially recognised at cost, including transaction costs when ownership of the property is transferred. Where recognition criteria are met, the carrying value includes subsequent costs to add to or replace part of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date
2.4.
Financial Instruments
2.4.
Financial Instruments - continued
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Loans and borrowings
...CONTINUED
Furlong Ringwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
All loans made by the company are initially recorded at the amount of cash advanced plus transaction costs incurred, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently loans made by the company are stated at amortised cost using the effective interest rate method less impairment, where there is objective evidence of impairment.
All borrowings by the company are initially recorded at the amount of cash received less separately incurred transaction costs, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, borrowings are stated at amortised cost using the effective interest rate method.
The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6.
Impairments of assets, other than financial instruments
At the end of each reporting period, the company assesses whether there is any indication that the recoverable amount of an asset is less than its carrying amount. If any such indication exists, the carrying amount of the asset is reduced to its recoverable amount, resulting in
an impairment loss. Impairment losses are recognised immediately in the profit and loss account, with the exception of losses on previously revalued tangible fixed assets, which are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset.
Where the circumstances causing an impairment of an asset no longer apply, then the impairment is reversed through the profit and loss account, except for impairments on previously revalued tangible assets, which are treated as revaluation increases to the extent that the revaluation was recognised in equity.
The recoverable amount of tangible fixed assets,goodwill and other intangible fixed assets is the higher of the fair value less cost to sell of the asset and its value in use. The value in use of these assets is the present value of the cash flows expected to be derived from those assets.
This is determined by reference to the present value of the future cash flows of the cash generating unit to which the assets belong.
2.7.
Rental income
Rental income revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured.
Revenue comprising rental income is measured as the fair value of the consideration received and receivable, excluding discount rebates, value added tax and other sales taxes and is shown as 'Other operating income'.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
Furlong Ringwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
4.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 February 2024 |
|
| Additions |
|
| As at 31 January 2025 |
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 86,967 | 85,398 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to participating interests | - |
|
|
| Other creditors | 14,721 | - | |
| Taxation and social security |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
| Amounts owed to participating interests |
|
|
|
|
|
|
||
8.
Secured Creditors
Of the creditors the following amounts are secured.
Bank loans are secured by fixed and floating charges over teh assets of the company.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 5,000,000 | - |
Furlong Ringwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
10.
Reserves
| Profit and Loss Account | |
|---|---|
| £ | |
| As at 1 February 2024 |
|
| Profit for the year and total comprehensive income |
|
| As at 31 January 2025 |
|
11.
Related Party Transactions
|
Debtors (Creditors)
|
Opening balance
|
Advances/Interest
|
Repayments
|
Closing balance
|
|
£
|
£
|
£
|
£
|
|
|
Rocco Homes Limited
|
(8,227,530)
|
(971,163)
|
5,699,000
|
(3,499,693)
|
|
Rocco Homes (No.3) Limited
|
-
|
(30,000)
|
-
|
(30,000)
|
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</svg>){kind=small}
|
|
|
|
|
|
(8,227,530)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
(1,001,163)
|
5,699,000
|
(3,529,693)
|
|
Rocco Homes Limited and Rocco Homes (No.3) Limited are related as Rupert Clarke and Georgina Clarke are directors and shareholders in those companies.
During the year, the company purchased two investment properties from the shareholders/directors for consideration totalling £420,000. The consideration paid represented the arms length open market value of the properties and was arrived at based on independent professional valuations carried out prior to their purchase.
12.
Ultimate Controlling Party
The company's ultimate controlling parties are Rupert and Georgina Clarke by virtue of their ownership of 100% of the issued share capital in the company.