Richford Property Limited - Accounts to registrar (filleted) - small 18.2

RICHFORD PROPERTY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

2,661,724

2,673,405

Investment property

5

103,228

103,228

2,764,952

2,776,633

CURRENT ASSETS

Debtors

6

68,761

44,372

Cash at bank

16,410

22,657

85,171

67,029

CREDITORS

Amounts falling due within one year

7

942,001

955,082

NET CURRENT LIABILITIES

(856,830

)

(888,053

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,908,122

1,888,580

CREDITORS

Amounts falling due after more than one year

8

(1,729,351

)

(1,834,041

)

PROVISIONS FOR LIABILITIES

11

(2,200

)

-

NET ASSETS

176,571

54,539

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

176,471

54,439

SHAREHOLDERS' FUNDS

176,571

54,539

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 27 June 2022 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

-

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 October 2020

2,689,161

-

2,689,161

Additions

-

12,450

12,450

At 30 September 2021

2,689,161

12,450

2,701,611

DEPRECIATION

At 1 October 2020

15,756

-

15,756

Charge for year

23,483

648

24,131

At 30 September 2021

39,239

648

39,887

NET BOOK VALUE

At 30 September 2021

2,649,922

11,802

2,661,724

At 30 September 2020

2,673,405

-

2,673,405

Included in cost of land and buildings is freehold land of £ 1,515,000 (2020 - £ 1,515,000 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

and 30 September 2021

103,228

NET BOOK VALUE

At 30 September 2021

103,228

At 30 September 2020

103,228

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

54,715

44,272

Amounts owed by group undertakings

100

100

Other debtors

13,946

-

68,761

44,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 9)

88,818

91,188

Trade creditors

6,175

3,121

Amounts owed to group undertakings

825,495

825,495

Taxation and social security

18,013

32,778

Other creditors

3,500

2,500

942,001

955,082

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 9)

1,729,351

1,834,041

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,299,394

1,424,187

9.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

88,818

91,188

Amounts falling due between one and two years:

Bank loans - 1-2 years

102,545

97,324

Amounts falling due between two and five years:

Bank loans - 2-5 years

327,412

312,530

Amounts falling due in more than five years:

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,299,394

1,424,187

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,818,169

1,925,229

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 is repayable in monthly instalments and will be fully repaid in June 2039. Interest is charged at 2.4% above base rate.

The second bank loan is repayable in monthly instalments and will be fully repaid in January 2035. Interest is charged at 3.12% above base rate.

The third bank loan is repayable in monthly instalments and will be fully repaid in April 2035. Interest is charged at 2.98% above base rate.

11.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

2,200

-

Deferred

tax

£

Provided during year

2,200

Balance at 30 September 2021

2,200

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

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 30 September 2021 was £494,101 (2020 - £1,475,817).

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.