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Registered number: 12294857
RGF INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2025
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RGF INVESTMENTS LIMITED
REGISTERED NUMBER: 12294857
BALANCE SHEET
AS AT 30 NOVEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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RGF INVESTMENTS LIMITED
REGISTERED NUMBER: 12294857
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2025
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
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 comprehensive income 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 on 28 August 2026.
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Richard G Flint
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The notes on pages 5 to 8 form part of these financial statements.
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RGF INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Total transactions with owners
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The notes on pages 5 to 8 form part of these financial statements.
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RGF INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 8 form part of these financial statements.
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RGF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
RGF Investments Limited is a private company limited by shares, incorporated in England and Wales. The registered office is First Floor Radius House, 51 Clarendon Road, Watford, Hertfordshire, United Kingdom, WD17 1HP.
2.Accounting policies
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Basis of preparation of financial statements
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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:
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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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 balance sheet 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 balance sheet 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 balance sheet date.
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RGF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Investments in unlisted investments where the company cannot exert significant influence are held at latest revalued amount less impairment.
Potential gains and losses on illiquid investments are taken to the profit and loss account. In accordance with applicable accounting standards, the resultant revalued amount is transferred to the revaluation reserve. This amount is classified under non-distributable reserves, reflecting the unrealized nature of the revaluation surplus.
Where market value cannot be reliably determined, such investments are stated at historic amount less impairment.
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Cash and cash equivalents
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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.
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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Provisions for liabilities
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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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
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RGF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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The company owns 1,232,500 A shares and 1,232,500 C shares in Swish Management Ltd. Swish Management Limited carried out a revaluation of its assets as of 22 March 2023 and paid a dividend to the company following the merger of its underlying investment in Swish Trading Limited (now renamed Fern Fibre Trading Limited). The carrying value of the company's investment has historically been based on this revaluation.
No independent valuation of Swish Management Limited has been performed since 22 March 2023 and, accordingly, there is no current observable market value available for the company's approximate 5.7% shareholding.
It should be noted however that the underlying investment in Fern Fibre Trading Limited, continues to operate in very difficult market conditions following both the major restructuring and a change in strategy in the previous financial year. The director consider these factors to be indicators of impairment and has concluded that the carrying value of the investment at the balance sheet date is not fully recoverable.
In the absence of a contemporaneous independent valuation, the director has exercised their judgement based on the information available and have recognised a 50% impairment against the carrying value of the investment. The impairment estimate is subject to a degree of uncertainty and the actual recoverable amount may differ from that estimate.
Swish Management Limited is a private limited company limited by shares, registered in England and Wales under company number 12293354. Its registered office is situated at Bushbury House, 435 Wilmslow Road, Withington, Manchester, United Kingdom, M20 4AF.
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RGF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of fixed asset investment
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