Company Registration Number 08732991 (England and Wales)
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,820
9,285
Current assets
Stocks
428,074
456,126
Debtors
5
55,606
75,216
Cash at bank and in hand
41,158
90,498
524,838
621,840
Creditors: amounts falling due within one year
6
(154,205)
(198,927)
Net current assets
370,633
422,913
Total assets less current liabilities
383,453
432,198
Creditors: amounts falling due after more than one year
7
(236,580)
(253,622)
Provisions for liabilities
(2,436)
Net assets
144,437
178,576
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
144,427
178,566
Total equity
144,437
178,576
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 October 2022 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.
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2023 and are signed on its behalf by:
Mr DJ Longrigg
Mrs LJ Longrigg
Director
Director
Company Registration No. 08732991
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
RM Property Developments (Rugby) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chestnut Field House, Chestnut Field, Rugby, Warwickshire, United Kingdom, CV21 2PD.
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:
Plant and equipment
25% Reducing balance
Computers
15% Reducing balance
Motor vehicles
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021
21,418
Additions
5,897
At 31 October 2022
27,315
Depreciation and impairment
At 1 November 2021
12,133
Depreciation charged in the year
2,362
At 31 October 2022
14,495
Carrying amount
At 31 October 2022
12,820
At 31 October 2021
9,285
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
34,734
69,049
Amounts owed by group undertakings
8,939
Other debtors
11,933
6,167
55,606
75,216
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
14,800
14,800
Trade creditors
54,975
60,528
Corporation tax
2,754
12,233
Other taxation and social security
2,338
4,194
Other creditors
79,338
107,172
154,205
198,927
RM PROPERTY DEVELOPMENTS (RUGBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
236,580
253,622