Company Registration No. 3367511 (England and Wales)
RAI DEVELOPMENTS LIMITED
Unaudited accounts
for the year ended 31 March 2023
RAI DEVELOPMENTS LIMITED
Unaudited accounts
Contents
RAI DEVELOPMENTS LIMITED
Company Information
for the year ended 31 March 2023
Director
Mr Richard Ilendo
Company Number
3367511 (England and Wales)
Registered Office
48 Beechcroft Road
Bushey
Watford
Herts
WD23 2JU
Accountants
Fielding Accountancy Services Ltd
48 Beechcroft Road
Bushey
Herts
WD23 2JU
RAI DEVELOPMENTS LIMITED
Statement of financial position
as at 31 March 2023
Tangible assets
1,207,882
822,739
Inventories
1,120,824
978,086
Cash at bank and in hand
261,306
90,740
Creditors: amounts falling due within one year
(1,822,009)
(1,530,100)
Net current assets
25,793
108,806
Total assets less current liabilities
1,233,675
931,545
Creditors: amounts falling due after more than one year
(239,953)
(299,901)
Provisions for liabilities
Deferred tax
(32,848)
(27,120)
Net assets
960,874
604,524
Called up share capital
100
100
Revaluation reserve
355,000
-
Profit and loss account
605,774
604,424
Shareholders' funds
960,874
604,524
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 September 2023 and were signed on its behalf by
Mr Richard Ilendo
Director
Company Registration No. 3367511
RAI DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
RAI DEVELOPMENTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 3367511. The registered office is 48 Beechcroft Road, Bushey, Watford, Herts, WD23 2JU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2022: £5583883
2023: £6600650
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
20% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
RAI DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Pension Contributions include contributions under the Workplace Pension Auto Enrolment Scheme.
These Financial Statements have been prepared on a going concern basis.
RAI DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At valuation
At cost
At cost
At 1 April 2022
680,000
364,578
86,331
1,130,909
Additions
-
33,218
30,335
63,553
Revaluations
355,000
-
-
355,000
Disposals
-
-
(22,500)
(22,500)
At 31 March 2023
1,035,000
397,796
94,166
1,526,962
At 1 April 2022
-
274,654
33,516
308,170
Charge for the year
-
19,828
10,437
30,265
On disposals
-
-
(19,355)
(19,355)
At 31 March 2023
-
294,482
24,598
319,080
At 31 March 2023
1,035,000
103,314
69,568
1,207,882
At 31 March 2022
680,000
89,924
52,815
822,739
Freehold Property Note
No depreciation or amortisation is provided in respect of freehold land and buildings. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However,the freehold land and buildings are not held for consumption but for investment in the long term, and the director considers that systematic annual depreciation would be inappropriate. The accounting policy is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
During the year, the Freehold Property was revalued by Kempton Carr Croft, Property Consultants at a total Market Value of £1035000, as now reflected at note 6 to the accounts.
No other significant change in this value has arisen during this financial year, and the Director considers that the property has been shown at Fair Value.
Raw materials
30,000
25,000
Work in progress
1,090,824
953,086
Stock of materials and fixings etc £30000 (2022 £25000)
Work in Progress and Retentions £1090824 (2022 £953086)
RAI DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Trade debtors
412,172
566,580
Other debtors
53,500
3,500
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
70,359
67,210
Obligations under finance leases and hire purchase contracts
-
8,333
Trade creditors
610,722
275,083
Amounts owed to group undertakings and other participating interests
677,864
682,989
Taxes and social security
347,081
222,758
Other creditors
111,581
269,031
Loans from directors
4,402
4,696
Bank loans and overdrafts are secured
Long Term Creditors include £22313 ( 2022 £40000) Bounce Back Loan
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
217,640
259,901
Other creditors
22,313
40,000
Bank loans and overdrafts are secured
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
The company was under the control of Mr R Ilendo throughout the current and previous year.
Mr R Ilendo is also the sole Director of the ultimate holding company, Rai Holdings Ltd.
Rai Developments Ltd paid a dividend of £40000 ( 2022 = NIL) to Rai Holdings Ltd.
Rai Holdings Ltd is the controlling Ultimate Holding Company. The Registered Office is 48 Beechcroft Road Bushey, Herts. WD23 2JU and place of business address is Unit 2, 12 Greenock Road, Acton, London. W3 8DU.
12
Average number of employees
During the year the average number of employees was 8 (2022: 8).