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REGISTERED NUMBER: 13025079 (England and Wales)











RUMRAT RENOVATE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

ABRIDGED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,018 -
Investment property 5 1,214,482 1,155,456
1,232,500 1,155,456

CURRENT ASSETS
Stocks 1,187,531 960,380
Debtors 6 3,266,501 5,988,456
Prepayments and accrued income 20,803 124,211
Cash at bank 521,951 63,197
4,996,786 7,136,244
CREDITORS
Amounts falling due within one year 66,049 29,668
NET CURRENT ASSETS 4,930,737 7,106,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,163,237

8,262,032

CREDITORS
Amounts falling due after more than one year (5,745,888 ) (8,135,000 )

PROVISIONS FOR LIABILITIES (4,505 ) -

ACCRUALS AND DEFERRED INCOME (2,925 ) (2,560 )
NET ASSETS 409,919 124,472

RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 409,819 124,372
SHAREHOLDERS' FUNDS 409,919 124,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 28 September 2023 and were signed by:





J P Ratcliffe - Director


RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Rumrat Renovate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13025079

Registered office: 3 Weekley Wood Close
Kettering
Northamptonshire
NN14 1UQ

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.

Turnover
Turnover represents amounts (excluding value added tax) derived from the rent of commercial properties and the provision of services in relation to these during the year.

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 - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

Stocks
Stocks are valued at cost price and represent the purchase cost of properties to be developed and the following associated development costs to bring up to a standard for reselling.

Debtors and creditors
Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts.

Any losses arising from impairment are recognised in the profit and loss account.


RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 22,313
At 31 March 2023 22,313
DEPRECIATION
Charge for year 4,295
At 31 March 2023 4,295
NET BOOK VALUE
At 31 March 2023 18,018

5. INVESTMENT PROPERTY

The director believes the valuation of the property at current levels is still appropriate.

RUMRAT RENOVATE LIMITED (REGISTERED NUMBER: 13025079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 1,700,000 485,000

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

8. RELATED PARTY DISCLOSURES

The director and his wife had formally loaned the company £8,135,000 during 2022, this balance now stands at £5,745,888, this was used to fund the purchase of the Investment properties and provide loans to third parties.

At 31 March 2023 balances of £2,872,944 (2022 £4,067,500) were due to the director of the company and £2,872,944 (2022 £4,067,500) to his wife, which is included within other creditors. No Interest was charged on this balance in this period. (Interest rate 0.25% - 2022 £12,418)

There are no fixed repayment terms in place for this loan with the proposed settlement due on the eventual sale of the investment properties.

Within other debtors due after 1 year is a loan of £1,700,000 (2022 £485,000) to Gracecliffe Developments Limited, a company in which the director has a 50% shareholding. Interest is being charged at 4.20% on this balance, there are no fixed repayment terms but the amount is repayable when the property held by Gracecliffe Developments is sold.