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COMPANY REGISTRATION NUMBER: 04368484
RJS Property Management Limited
Filleted Unaudited Financial Statements
31 December 2021
RJS Property Management Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,095,202
1,060,403
Current assets
Debtors
6
419
3,215
Cash at bank and in hand
59,022
4,131
--------
-------
59,441
7,346
Creditors: amounts falling due within one year
7
55,805
24,492
--------
--------
Net current assets/(liabilities)
3,636
( 17,146)
------------
------------
Total assets less current liabilities
1,098,838
1,043,257
Creditors: amounts falling due after more than one year
8
123,545
132,272
Provisions
Taxation including deferred tax
71,366
64,754
------------
------------
Net assets
903,927
846,231
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
9
903,925
846,229
---------
---------
Shareholder funds
903,927
846,231
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RJS Property Management Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 8 September 2022 , and are signed on behalf of the board by:
Robert John Sage
Director
Company registration number: 04368484
RJS Property Management Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tallford House, 38 Walliscote Road, Weston-super-Mare, North Somerset, BS23 1LP. The principal activity of the company during the period was that of property management.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: A bad debt provision is provided where the directors believe a debt to be irrecoverable. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation and amortisation is based on the estimated useful life of the relevant asset.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of properties or services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
3 years straight line on cost
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 January 2021
1,060,000
1,517
1,061,517
Revaluations
35,000
35,000
------------
-------
------------
At 31 December 2021
1,095,000
1,517
1,096,517
------------
-------
------------
Depreciation
At 1 January 2021
1,114
1,114
Charge for the year
201
201
------------
-------
------------
At 31 December 2021
1,315
1,315
------------
-------
------------
Carrying amount
At 31 December 2021
1,095,000
202
1,095,202
------------
-------
------------
At 31 December 2020
1,060,000
403
1,060,403
------------
-------
------------
The investment properties have been valued by the Director based on an open market value.
6. Debtors
2021
2020
£
£
Trade debtors
1,250
Other debtors
419
1,965
----
-------
419
3,215
----
-------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
3,660
3,600
Trade creditors
67
Social security and other taxes
850
607
Other creditors
51,228
20,285
--------
--------
55,805
24,492
--------
--------
The bank loan of £3,660 (2020 £3,600) included in creditors due in less than one year is secured on Flat 6, 6 Beaufort Road, Bristol, BS8 2JZ.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
123,545
132,272
---------
---------
The bank loan of £123,545 (2020 £132,272) included in creditors due in more than one year is secured on Flat 6, 6 Beaufort Road, Bristol, BS8 2JZ.
Included within creditors: amounts falling due after more than one year is an amount of £108,905 (2020: £117,872) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due in more than 5 years relate to a 10 year mortgage due for repayment by 2028. Interest is fixed for the first 5 years of 4.08%, moving to variable rate after this.
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Within this reserve is an element of undistributable reserves relating to the revaluation of the investment property totalling £465,989.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Director's loan
( 9,429)
( 41,530)
10,647
( 40,312)
-------
--------
--------
--------
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Director's loan
( 26,491)
( 310)
17,372
( 9,429)
--------
----
--------
-------
11. Controlling party
The company's ultimate parent company is RSL Newco 2 Limited, a company incorporated in England and Wales.