Company Registration No. 03410156 (England and Wales)
RENISHAW ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
RENISHAW ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RENISHAW ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,207,508
2,247,942
Current assets
Stocks
15,000
15,000
Debtors
4
25,638
51,187
Cash at bank and in hand
101,498
75,365
142,136
141,552
Creditors: amounts falling due within one year
5
(55,059)
(75,525)
Net current assets
87,077
66,027
Total assets less current liabilities
2,294,585
2,313,969
Creditors: amounts falling due after more than one year
6
(285,933)
(301,388)
Net assets
2,008,652
2,012,581
Capital and reserves
Called up share capital
1,873,025
1,873,025
Share premium account
391,210
391,210
Profit and loss reserves
(255,583)
(251,654)
Total equity
2,008,652
2,012,581
RENISHAW ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
Mrs A I S E Hayward
Director
Company Registration No. 03410156
RENISHAW ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Renishaw Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Renishaw Hall, Renishaw, Sheffield, South Yorkshire, S21 3WB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Heating and lighting
Over 20 years
Plant and equipment
25% straight line
Biomass boilers
10% straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
RENISHAW ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
RENISHAW ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Heating and lighting
Plant and equipment
Biomass boilers
Total
£
£
£
£
£
Cost
At 1 April 2022
1,890,770
321,001
3,180
322,010
2,536,961
Additions
8,231
-
8,231
At 31 March 2023
1,890,770
329,232
3,180
322,010
2,545,192
Depreciation and impairment
At 1 April 2022
28,391
3,180
257,448
289,019
Depreciation charged in the year
16,464
32,201
48,665
At 31 March 2023
44,855
3,180
289,649
337,684
Carrying amount
At 31 March 2023
1,890,770
284,377
32,361
2,207,508
At 31 March 2022
1,890,770
292,610
64,562
2,247,942
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,313
49,138
Other debtors
1,935
Prepayments and accrued income
5,390
2,049
25,638
51,187
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,334
23,334
Trade creditors
1,998
26,685
Taxation and social security
3,675
Other creditors
4,250
4,250
Accruals and deferred income
25,477
17,581
55,059
75,525
RENISHAW ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
285,933
301,388
7
Related party transactions
Trustees of Sir Reresby Sitwell Will Trust
Mutual Director/Trustee
During the year, rent of £6,733 (2022: £17,189) was paid to the Trustees of Sir Reresby Sitwell Will Trust.
Lady P Sitwell
Director
At the balance sheet date the amount due to Lady P Sitwell was £4,250 (2022: £4,250).
Mrs A Hayward
Director
During the year rent of £9,000 (2022: £9,000) was paid to Mrs A Hayward. Other expenses recharged from Mrs A Hayward amounted to £1,775 (2022: £689). Biomass sales to Mrs A Hayward amounted to £Nil (2022 - £4,239) during the year.