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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
Page
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RAI DEVELOPMENTS LIMITED Company Information for the year ended 31 March 2023
Director
Mr Richard Ilendo
Secretary
Ms I. Rayapen
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
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RAI DEVELOPMENTS LIMITED Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,207,882 
822,739 
Current assets
Inventories
1,120,824 
978,086 
Debtors
465,672 
570,080 
Cash at bank and in hand
261,306 
90,740 
1,847,802 
1,638,906 
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 
Capital and reserves
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
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RAI DEVELOPMENTS LIMITED Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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RAI DEVELOPMENTS LIMITED Notes to the Accounts for the year ended 31 March 2023
Leased assets
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.
Pension costs
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.
Going concern
These Financial Statements have been prepared on a going concern basis.
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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 
Depreciation
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 
Net book value
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.
5
Inventories
2023 
2022 
£ 
£ 
Raw materials
30,000 
25,000 
Work in progress
1,090,824 
953,086 
1,120,824 
978,086 
Stock of materials and fixings etc £30000 (2022 £25000) Work in Progress and Retentions £1090824 (2022 £953086)
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RAI DEVELOPMENTS LIMITED Notes to the Accounts for the year ended 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
412,172 
566,580 
Other debtors
53,500 
3,500 
465,672 
570,080 
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 
1,822,009 
1,530,100 
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 
239,953 
299,901 
Bank loans and overdrafts are secured
9
Share capital
2023 
2022 
£ 
£ 
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.
11
Controlling party
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).
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