Rutland Finance Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12238648 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 January 2024

for

Rutland Finance Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

H M Butler

R S Hunnisett

REGISTERED OFFICE:

17 Owston Road

Knossington

Oakham

Rutland

LE15 8LX

REGISTERED NUMBER:

12238648 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rutland Finance Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Rutland Finance Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rutland Finance Limited and state those matters that we have agreed to state to the Board of Directors of Rutland Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rutland Finance Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Rutland Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rutland Finance Limited. You consider that Rutland Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rutland Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

13 June 2024

FIXED ASSETS

Tangible assets

4

258

386

CURRENT ASSETS

Debtors

5

1,896,410

865,325

Cash at bank

3,057

406,863

1,899,467

1,272,188

CREDITORS

Amounts falling due within one year

6

1,684,760

1,201,340

NET CURRENT ASSETS

214,707

70,848

TOTAL ASSETS LESS CURRENT
LIABILITIES

214,965

71,234

PROVISIONS FOR LIABILITIES

70

102

NET ASSETS

214,895

71,132

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

214,795

71,032

SHAREHOLDERS' FUNDS

214,895

71,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2024 and were signed on its behalf by:

H M Butler - Director

1.	STATUTORY INFORMATION

Rutland Finance 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.

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.

Interest income

Interest income is recognised in the Income Statement at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimate future cash flows considering all contractual terms of the financial instruments, such as early settlement options, but does not include an exception for future credit losses. The calculation includes all material fees charged to customers such as acceptance or similar fees, and direct and incremental transaction costs.

Where there is objective evidence of impairment of interest income, an impairment loss recognised in the Income Statement.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2023

and 31 January 2024

642

DEPRECIATION

At 1 February 2023

256

Charge for year

128

At 31 January 2024

384

NET BOOK VALUE

At 31 January 2024

258

At 31 January 2023

386

5.

DEBTORS

31.1.24

31.1.23

£

Amounts falling due within one year:

Amounts recoverable under

loan agreements

1,277,223

435,700

Other debtors

45,956

23,045

1,323,179

458,745

Amounts falling due after more than one year:

Amounts recoverable under

loan agreement

573,231

406,580

573,231

406,580

Aggregate amounts

1,896,410

865,325

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

Taxation and social security

44,610

-

Other creditors

1,640,150

1,201,340

1,684,760

1,201,340

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.24

31.1.23

value:

£

100

Ordinary

£1

100

8.	RELATED PARTY DISCLOSURES

During the year a Director, Ms H M Butler, advanced a total of £630,000 to the company and repayments of £425,000. The balance at the year-end was £804,950 (2023: £559,950).

The above loan is interest-free and due on demand.

During the year a related party, by virtue of common ownership, Cranbrook (Jewellers) Limited advanced a total of £735,000 and repayments of £555,000. The balance at the year-end was £779,950 (2023: £599,950).

The loan to Cranbrook (Jewellers) Limited is charged interest on a commercial basis.

Rutland Finance Limited - Accounts to registrar (filleted) - small 23.2.5

Rutland Finance Limited - Accounts to registrar (filleted) - small 23.2.5