Richard James (Old Town) Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 08230038 (England and Wales)
Richard James (Old Town) Limited
Company Information
Director
R James
Company number
08230038
Registered office
Gemini House
Hargreaves Road
Groundwell Industrial Estate
Swindon
Wiltshire
United Kingdom
SN25 5AZ
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
Gemini House
Hargreaves Road
Groundwell Industrial Estate
Swindon
Wiltshire
United Kingdom
SN25 5AZ
Richard James (Old Town) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Richard James (Old Town) Limited
Balance Sheet
As at 31 December 2024
31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
-
0
-
0
Intangible assets
3
28,924
-
0
Tangible assets
4
120,498
55,685
Investment properties
5
933,866
886,682
Investments
6
89,727
88,727
1,173,015
1,031,094
Current assets
Debtors falling due after more than one year
8
291,558
276,558
Debtors falling due within one year
8
470,656
31,721
Cash at bank and in hand
34,989
40,199
797,203
348,478
Creditors: amounts falling due within one year
9
(857,904)
(360,072)
Net current liabilities
(60,701)
(11,594)
Total assets less current liabilities
1,112,314
1,019,500
Creditors: amounts falling due after more than one year
10
(369,295)
(437,496)
Provisions for liabilities
(20,530)
(2,613)
Net assets
722,489
579,391
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
722,389
579,291
Total equity
722,489
579,391
Richard James (Old Town) Limited
Balance Sheet (Continued)
As at 31 December 2024
31 December 2024
Page 2

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 7 November 2025
R James
Director
Company Registration No. 08230038
Richard James (Old Town) Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information

Richard James (Old Town) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gemini House, Hargreaves Road, Groundwell Industrial Estate, Swindon, Wiltshire, United Kingdom, SN25 5AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1 A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover, which excludes VAT, comprises commissions and fees receivable. Commissions earned on sales of property is recognised on exchange of contracts.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Domain
10 Years staright line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line method
Fixtures and fittings
25% straight line method
Computers
25% straight line method
Motor vehicles
25% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment properties

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and 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 reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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.

Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
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 paymen ts 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. A m ounts 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.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 7
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
14
Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
3
Intangible fixed assets
Goodwill
Domain
Total
£
£
£
Cost
At 1 January 2024
250,000
-
0
250,000
Additions
-
0
29,167
29,167
At 31 December 2024
250,000
29,167
279,167
Amortisation and impairment
At 1 January 2024
250,000
-
0
250,000
Amortisation charged for the year
-
0
243
243
At 31 December 2024
250,000
243
250,243
Carrying amount
At 31 December 2024
-
0
28,924
28,924
At 31 December 2023
-
0
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
46,100
156,236
202,336
Additions
-
0
88,410
88,410
Disposals
-
0
(2,500)
(2,500)
At 31 December 2024
46,100
242,146
288,246
Depreciation and impairment
At 1 January 2024
44,335
102,316
146,651
Depreciation charged in the year
573
23,024
23,597
Eliminated in respect of disposals
-
0
(2,500)
(2,500)
At 31 December 2024
44,908
122,840
167,748
Carrying amount
At 31 December 2024
1,192
119,306
120,498
At 31 December 2023
1,765
53,920
55,685
Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
5
Investment property
2024
£
Fair value
At 1 January 2024
886,682
Additions
47,184
At 31 December 2024
933,866

The fair value of the investment property has been arrived at on the basis of the director's valuation as at 31 December 202 4.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
89,727
88,727
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
88,727
Additions
1,000
At 31 December 2024
89,727
Carrying amount
At 31 December 2024
89,727
At 31 December 2023
88,727
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Richard James (Highworth) Ltd
Ordinary
51.00
Mishon Welton Ltd
Ordinary
90.00
Richard James (East Swindon) Ltd
Ordinary
61.00
Richard James (North Swindon) Ltd
Ordinary
80.00
Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 10
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,445
26,334
Other debtors
435,868
-
0
Prepayments and accrued income
4,343
5,387
470,656
31,721
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
291,558
276,558
Total debtors
762,214
308,279

Other debtor balance due within one year of £435,868 (2023: £Nil) represents the amount owed by the director R James at year end. Interest is charged at 2.25% per annum on this balance which was fully repaid within 9 months of the year end.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
74,047
75,077
Trade creditors
16,014
7,539
Taxation and social security
51,239
79,767
Other creditors
648,857
189,939
Accruals and deferred income
67,747
7,750
857,904
360,072
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
369,295
437,496
Richard James (Old Town) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 11
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
10,383
9,439

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 administered fund.

The amount due at the year end in respect of defined contribution schemes was £1,9 32 (20 2 3: £1,9 18).

12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
90
90
90
90
B Ordinary shares of £1 each
10
10
10
10
100
100
100
100
13
Parent company

The company is under the control of RJ Property Group Holding Limited by virtue of 100% shareholding.

The ultimate controlling member is Richard James.

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