Richford Property Limited - Accounts to registrar (filleted) - small 23.2.5

RICHFORD PROPERTY LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

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

5,995,614

2,661,724

Investment property

5

254,976

103,228

6,250,590

2,764,952

CURRENT ASSETS

Debtors

6

205,473

68,761

Cash at bank

365,528

16,410

571,001

85,171

CREDITORS

Amounts falling due within one year

7

1,956,186

942,001

NET CURRENT LIABILITIES

(1,385,185

)

(856,830

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,865,405

1,908,122

CREDITORS

Amounts falling due after more than one year

8

(4,563,364

)

(1,729,351

)

PROVISIONS FOR LIABILITIES

11

(3,300

)

(2,200

)

NET ASSETS

298,741

176,571

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

298,641

176,471

SHAREHOLDERS' FUNDS

298,741

176,571

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 20 December 2023 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.

The company has changed its financial year end from 30 September to 31 March and this is the first financial reporting period adopting the new year end date, hence the extended 18 month period. For this reason, the comparative information is not entirely comparable.

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 period 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 period 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 period was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 October 2021

2,689,161

12,450

2,701,611

Additions

3,363,421

14,259

3,377,680

Disposals

(450

)

-

(450

)

At 31 March 2023

6,052,132

26,709

6,078,841

DEPRECIATION

At 1 October 2021

39,239

648

39,887

Charge for period

35,224

8,139

43,363

Eliminated on disposal

(23

)

-

(23

)

At 31 March 2023

74,440

8,787

83,227

NET BOOK VALUE

At 31 March 2023

5,977,692

17,922

5,995,614

At 30 September 2021

2,649,922

11,802

2,661,724

Included in cost of land and buildings is freehold land of £ 4,060,292 (2021 - £ 1,515,000 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2021

103,228

Additions

151,748

At 31 March 2023

254,976

NET BOOK VALUE

At 31 March 2023

254,976

At 30 September 2021

103,228

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

2023

2021

£

£

Trade debtors

107,586

54,715

Amounts owed by group undertakings

100

100

Other debtors

97,787

13,946

205,473

68,761

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2021

£

£

Bank loans and overdrafts (see note 9)

64,405

88,818

Hire purchase contracts

4,200

-

Trade creditors

1,253

6,175

Amounts owed to group undertakings

1,784,281

825,495

Taxation and social security

53,297

18,013

Other creditors

48,750

3,500

1,956,186

942,001

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2021

£

£

Bank loans (see note 9)

4,558,890

1,729,351

Hire purchase contracts

4,474

-

4,563,364

1,729,351

2023

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,359,824

1,299,394

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

64,405

88,818

Amounts falling due between one and two years:

Bank loans - 1-2 years

44,128

102,545

Amounts falling due between two and five years:

Bank loans - 2-5 years

154,938

327,412

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,359,824

1,299,394

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2021

£

£

Bank loans

4,623,295

1,818,169

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 £708,882 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 £382,048 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 £560,915 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 £2,969,979 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.

11.	PROVISIONS FOR LIABILITIES

2023

2021

£

£

Deferred tax

3,300

2,200

Deferred

tax

£

Balance at 1 October 2021

2,200

Provided during period

1,100

Balance at 31 March 2023

3,300

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2021

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 2023 was £1,422,508 (2021 - £494,101).

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.