RICHFORD PROPERTY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P C Richford

REGISTERED OFFICE:

c/o Richford Motor Services Limited

Dunsford Road

Meadow Lane Industrial Estate

Alfreton

Derbyshire

DE55 7RH

REGISTERED NUMBER:

11728695 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hari Vasdev MEng FCA

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Sixth Floor

Cavendish Building

1 Agard Street

Derby

Derbyshire

DE1 1DZ

FIXED ASSETS

Tangible assets

4

9,232,749

6,862,103

Investment property

5

254,976

254,976

9,487,725

7,117,079

CURRENT ASSETS

Debtors

6

167,444

252,287

Cash at bank

7,944

33,033

175,388

285,320

CREDITORS

Amounts falling due within one year

7

2,452,651

1,941,281

NET CURRENT LIABILITIES

(2,277,263

)

(1,655,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,210,462

5,461,118

CREDITORS

Amounts falling due after more than one year

8

(6,835,333

)

(5,114,001

)

PROVISIONS FOR LIABILITIES

11

(5,600

)

(3,300

)

NET ASSETS

369,529

343,817

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

369,429

343,717

SHAREHOLDERS' FUNDS

369,529

343,817

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

P C Richford - Director

1.	STATUTORY INFORMATION

Richford Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Significant judgements and estimates

The company has elected to measure the freehold land and buildings leased to another group company at cost (less accumulated depreciation and impairment) rather than at fair value. As such, the freehold land and buildings are shown within tangible fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the rental income derived from leasing the freehold land and buildings to another group company which is recognised over the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

20% on cost and 2% on cost

Plant and machinery

-

25% on reducing balance and 2% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

In the opinion of the directors, the company has the continued support of a group company for the foreseeable future and it is therefore appropriate to adopt the going concern policy.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2024

6,952,363

33,856

6,986,219

Additions

2,433,903

-

2,433,903

Reclassification/transfer

7,597

(7,597

)

-

At 31 March 2025

9,393,863

26,259

9,420,122

DEPRECIATION

At 1 April 2024

110,956

13,160

124,116

Charge for year

59,824

3,433

63,257

Reclassification/transfer

175

(175

)

-

At 31 March 2025

170,955

16,418

187,373

NET BOOK VALUE

At 31 March 2025

9,222,908

9,841

9,232,749

At 31 March 2024

6,841,407

20,696

6,862,103

Included in cost of land and buildings is freehold land of £ 6,249,823 (2024 - £ 4,909,823 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

254,976

NET BOOK VALUE

At 31 March 2025

254,976

At 31 March 2024

254,976

The director has assessed that there was no movement in the fair value of investment property during the period.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

100

100

Other debtors

167,344

252,187

167,444

252,287

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 9)

226,272

147,041

Hire purchase contracts

-

4,474

Trade creditors

1

2,401

Amounts owed to group undertakings

2,089,612

1,720,834

Taxation and social security

31,216

-

Other creditors

105,550

66,531

2,452,651

1,941,281

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 9)

6,835,333

5,114,001

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,807,911

4,473,092

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

226,272

147,041

Amounts falling due between one and two years:

Bank loans - 1-2 years

237,353

151,005

Amounts falling due between two and five years:

Bank loans - 2-5 years

790,069

489,904

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,807,911

4,473,092

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

7,061,605

5,261,042

The loans are secured against the assets to which they relate. Details of other securities are provided in the other financial commitments note.

The first bank loan has £640,844 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in June 2039. Interest is charged at 2.4% above base rate.

The second bank loan has £292,773 outstanding and this is repayable in monthly instalments and will be fully repaid in April 2035. Interest is charged at 3.12% above base rate.

The third bank loan has £494,847 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in January 2035. Interest is charged at 2.98% above base rate.

The fourth bank loan has £2,868,932 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in June 2047. Interest is charged at 2.92% above base rate.

The fifth bank loan has £779,211 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in June 2044. Interest is charged at 2.93% above base rate.

The sixth bank loan has £1,428,246 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in June 2034. Interest is charged at 2.97% above base rate.

The seventh bank loan has £556,753 outstanding and this is repayable in monthly instalments, with the remaining balance repayable in full in Oct 2034. Interest is charged at 2.97% above base rate.

During the year, the debt service covenant was not met. It is expected that the loan provider will continue to support the company on the basis that there are sufficient company assets and group cash reserves to repay the loan in full, if required.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

5,600

3,300

Deferred

tax

£

Balance at 1 April 2024

3,300

Provided during year

2,300

Balance at 31 March 2025

5,600

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)

for and on behalf of Sibbalds Limited

14.	OTHER FINANCIAL COMMITMENTS

The company has an undertaking to its bankers for full group security incorporating debentures and corporate guarantees for the group's borrowings. The net amount outstanding to the bank in respect of the undertaking as at 31 March 2025 was £3,783,802 (2024 - £1,053,842)

The bank borrowings are secured by a fixed and floating charge over the assets of the group.

15.	ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent company is Richford Holdings Limited whose registered office is the same as that listed on page 1. Copies of the consolidated financial statements of Richford Holdings Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.