ACCOUNTS - Final Accounts

Registered number: 03173666

RURAL ECONOMIC PARTNERSHIP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

RURAL ECONOMIC PARTNERSHIP LIMITED

REGISTERED NUMBER:03173666

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	4		670,000		640,000
			670,000		640,000
Current assets
Debtors: amounts falling due within one year	5	69,176		67
Cash at bank and in hand		36,609		120,531
		105,785		120,598
Creditors: amounts falling due within one year	6	(16,466)		(13,226)
Net current assets			89,319		107,372
Total assets less current liabilities			759,319		747,372
Provisions for liabilities
Deferred tax	7	(157,039)		(149,474)
			(157,039)		(149,474)
Net assets			602,280		597,898

Capital and reserves
Called up share capital	8	2	2
Profit and loss account		602,278	597,896
		602,280	597,898

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with 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 by:

W M Pearce

Director

Date: 16 December 2025

The notes on pages 2 to 6 form part of these financial statements.

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RURAL ECONOMIC PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

The company (registered number 03173666) is a private company, limited by shares and incorporated in England and Wales. The registered office address is County Hall, Treyew Road, Truro, Cornwall, England, TR1 3AY.

2.ACCOUNTING POLICIES

2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The directors intend to liquidate the company within the next 12 months and therefore these financial statements have been prepared on a basis other than going concern. No adjustments to the financial statements have been required as a result of this change.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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RURAL ECONOMIC PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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RURAL ECONOMIC PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.11

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2024: 1).

4.	INVESTMENT PROPERTY

		Freehold investment property
		£
	VALUATION
	At 1 April 2024	640,000
	Surplus on revaluation	30,000
	AT 31 MARCH 2025	670,000

The 2025 valuations were made by Vickery Holman Property Consultants, on an open market value for existing use basis.

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RURAL ECONOMIC PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

DEBTORS

					2025	2024
					£	£


Other debtors	69,176	67
	69,176	67

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	480	831
Corporation tax	10,286	9,728
Accruals and deferred income	5,700	2,667
	16,466	13,226

7.	DEFERRED TAXATION

	2025	2024
	£	£

At beginning of year	(149,474)	(113,539)
Charged to profit or loss	(7,565)	(35,935)
AT END OF YEAR	(157,039)	(149,474)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Capital gains on revalued investment property	157,039	149,474
		157,039	149,474

8.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

2 (2024: 2) Ordinary shares of £1.00 each	2	2

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RURAL ECONOMIC PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

RELATED PARTY TRANSACTIONS

Cornwall Council is a member of this company's parent Cornwall Development Company Ltd. On 1 July 2023, Cornwall Council took occupation of the company's freehold investment property and have since carried out building works in bringing the property into use. During the year, Cornwall Council occupied the investment property free of charge. The market value for rental during this period was £46,000 (2024: £40,737).

10.	POST BALANCE SHEET EVENTS

After the year end, the company sold its investment property to Cornwall Council at market value.

11.	CONTROLLING PARTY

The company's immediate parent is Cornwall Development Company Limited incorporated in England and Wales. The company's results are consolidated in the financial statements of the ultimate parent, Cornwall Council.

12.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. No adjustments to the financial statements have been required as a result of this change. Our opinion is not modified in respect of this matter.

The audit report was signed on 16 December 2025 by Nathan Coughlin BSc FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

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