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Registration number: 04597146

Prepared for the registrar
Head Ruddy Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Head Ruddy Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 10

Head Ruddy Limited

Company Information

Directors | R J Head J M Ruddy G R J Ruddy

Company secretary | J M Ruddy

Registered office | 10 Old Cheltenham Road Longlevens Gloucester Gloucestershire GL2 0AW

Accountants | Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

Head Ruddy Limited

(Registration number: 04597146)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 159,412 | 208,787
Tangible assets | 5 | 166,892 | 185,772
Investment property | 6 | 26,720,030 | 26,350,000
Investments | 7 | 10,000 | 10,000
|  | 27,056,334 | 26,754,559
Current assets |  |  |
Debtors | 8 | 260,177 | 330,332
Cash at bank and in hand |  | 132,604 | 119,854
|  | 392,781 | 450,186
Creditors: Amounts falling due within one year | 9 | (8,218,152) | (7,475,209)
Net current liabilities |  | (7,825,371) | (7,025,023)
Total assets less current liabilities |  | 19,230,963 | 19,729,536
Creditors: Amounts falling due after more than one year | 9 | (2,300,169) | (4,003,944)
Deferred tax liabilities | 13 | (2,854,383) | (2,756,896)
Net assets |  | 14,076,411 | 12,968,696
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Revaluation reserve |  | 8,489,474 | 8,489,474
Retained earnings |  | 5,586,837 | 4,479,122
Shareholders' funds |  | 14,076,411 | 12,968,696

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2025 and signed on its behalf by:

J M Ruddy
Company secretary and director

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Old Cheltenham Road
Longlevens
Gloucester
Gloucestershire
GL2 0AW

The principal place of business is:
10 Old Cheltenham Road
Longlevens
Gloucester
Gloucestershire
GL2 0AW

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises rental income received or receivable in respect of the investment properties held in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates, and discounts, and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company’s activities.

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 10% of cost
Fixtures, fittings and equipment | 15% reducing balance
Fishing huts | 10% of cost
Motor vehicles | 15% of cost

Investment property

Investment property is carried at fair value, based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line
Other intangible assets | 2% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

| 4 | Intangible assets

| Goodwill £ | Other intangible assets £ | Total £
Cost
At 1 April 2024 | 486,412 | 36,707 | 523,119
At 31 March 2025 | 486,412 | 36,707 | 523,119
Amortisation
At 1 April 2024 | 291,846 | 22,486 | 314,332
Amortisation charge | 48,641 | 734 | 49,375
At 31 March 2025 | 340,487 | 23,220 | 363,707
Carrying amount
At 31 March 2025 | 145,925 | 13,487 | 159,412
At 31 March 2024 | 194,566 | 14,221 | 208,787

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 5 | Tangible assets

| Plant and machinery £ | Fixtures, fittings and equipment £ | Fishing huts £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 1,003,960 | 14,393 | 26,623 | 17,245 | 1,062,221
At 31 March 2025 | 1,003,960 | 14,393 | 26,623 | 17,245 | 1,062,221
Depreciation
At 1 April 2024 | 831,775 | 14,393 | 18,496 | 11,785 | 876,449
Charge for the year | 14,668 | - | 1,625 | 2,587 | 18,880
At 31 March 2025 | 846,443 | 14,393 | 20,121 | 14,372 | 895,329
Carrying amount
At 31 March 2025 | 157,517 | - | 6,502 | 2,873 | 166,892
At 31 March 2024 | 172,185 | - | 8,127 | 5,460 | 185,772

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 6 | Investment properties

| £
At 1 April 2024 | 26,350,000
Additions | 370,030
At 31 March 2025 | 26,720,030

The carrying value of the investment properties is based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation. The carrying amount at historical cost is £15,888,789 (2024 - £15,518,759).

| 7 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 10,000 | 10,000

Subsidiaries | £
Cost
At 1 April 2024 | 10,000
At 31 March 2025 | 10,000
Carrying amount
At 31 March 2025 | 10,000
At 31 March 2024 | 10,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Subsidiary undertakings
Trouthouse Fishery Limited |  | Ordinary | 100% | 100%
| England and Wales |  |  |

Subsidiary undertakings
Trouthouse Fishery Limited The principal activity of Trouthouse Fishery Limited is that of the operation of a sports facility. Since 6 April 2018 the company was dormant.

At the year ended 31 March 2025, the company had net assets of £10,000 (2024 - £10,000).

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 8 | Debtors

| 2025 £ | 2024 £
Trade debtors | 244,690 | 318,170
Other debtors | 15,487 | 12,162
| 260,177 | 330,332

| 9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 6,812,322 | 6,305,921
Trade creditors |  | 12,498 | 116,113
Amounts due to related parties |  | 10,000 | 10,000
Taxation and social security |  | 434,072 | 251,648
Accruals and deferred income |  | 588,288 | 447,542
Other creditors |  | 360,972 | 343,985
|  | 8,218,152 | 7,475,209

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 2,300,169 | 4,003,944

| 10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 1,046,667 | 844,750
Bank overdrafts | 142,982 | 369,738
Redeemable preference shares | 4,262,077 | 4,262,077
Other borrowings | 1,360,596 | 829,356
| 6,812,322 | 6,305,921

Redeemable preference shares

The preference shares are entitled to dividends and are redeemable at the absolute discretion of the directors. They are redeemable at £1 per share and carry no entitlement to receive notice of, attend or vote at general meetings.

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,300,169 | 4,003,944

Bank borrowings and bank overdrafts totalling £3,489,818 (2024 - £5,218,432) are secured by a first legal charge against certain investment properties. Bank overdrafts are repayable on demand of the lender.

Head Ruddy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 11 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 1 | 1 | 1 | 1
Ordinary B shares of £1 each | 1 | 1 | 1 | 1
Ordinary C shares of £1 each | 49 | 49 | 49 | 49
Ordinary D shares of £1 each | 49 | 49 | 49 | 49
| 100 | 100 | 100 | 100

Ordinary shares
The Ordinary A and Ordinary B shares have full voting rights and rights to capital and dividends. The Ordinary C and Ordinary D shares have rights to capital and dividends but no voting rights. Dividends may be paid at different rates on the respective classes of shares.

| 12 | Related party transactions

At the balance sheet date the amount due to directors of the company was £1,360,596 (2024 - £829,356). This amount is interest free and has no fixed repayment terms.

| 13 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Fixed asset timing differences | 512,659
Gain on revaluation of property | 2,341,765
Short term timing differences | (41)
| 2,854,383

2024 | Liability £
Fixed asset timing differences | 415,159
Gain on revaluation of property | 2,341,765
Short term timing differences | (28)
| 2,756,896