Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments |
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325,889 | 256,844 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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634,269 | 429,684 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets/(liabilities) | 277,943 | (130,303) | ||
Total assets less current liabilities | 603,832 | 126,541 | ||
Creditors: amounts falling due after more than one year | (
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Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of RSR (Holdings) LTD (registered number:
Paul Stunt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
RSR (Holdings) LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 189 Ringwood Road, Verwood, BH31 7AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings | not depreciated |
Plant and machinery etc. |
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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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The Company has adopted FRS 102 for the year ended 31 March 2023 and has restated the comparative year amounts.
Reconciliation of equity
01.04.2021 | 31.03.2022 | |||
£ | £ | |||
Capital and reserves (as previously stated) | 129,859 | 2,396 | ||
Property revaluation | 91,494 | 91,494 | ||
Deferred tax | 5,914 | 7,300 | ||
Depreciation previously charged on property | 0 | 2,959 | ||
Capital and reserves (as restated) | 227,267 | 104,149 |
Reconciliation of profit or loss
31.03.2022 | ||||
£ | ||||
Profit for the year (as previously stated) | 127,482 | |||
Depreciation previously charged on property | 2,959 | |||
Deferred tax | 1,386 | |||
Profit for the year (as restated) | 131,827 |
Reconciliations and descriptions of the effect of the transition to FRS 102 on (i) equity at the date of transition to FRS102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAPP are given below.
The recognition of a deferred tax asset of £5,914 and the movement in asset values after adopting the revaluation method for property as opposed to the cost less depreciation method of £91,494 for the year ended 31 March 2021 has increased the previously stated equity at 1 April 2021 by £97,408 from £129,859 to £227,267.
The recognition of a deferred tax asset of £1,386 and the removal of depreciation on property of £2,959 for the year ended 31 March 2022 have increased the previously stated profit by £4,345. These adjustments have in turn increased the closing equity at that date by £4,345 from £99,804 (after taking into account the effect of the transition to FRS102 on the equity at the date of transition) to £104,149.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost/Valuation | |||||
At 01 April 2022 |
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Additions |
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Disposals |
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At 31 March 2023 |
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Accumulated depreciation | |||||
At 01 April 2022 |
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Charge for the financial year |
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Disposals |
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At 31 March 2023 |
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Net book value | |||||
At 31 March 2023 |
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At 31 March 2022 |
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Revaluation of tangible assets
The fair value of land and buildings have been arrived at on the basis of valuation carried out by the Director on an open market value for existing use basis by reference to market evidence of transactions prices for similar properties.
2023 | 2022 | ||
£ | £ | ||
Deferred tax asset |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to own subsidiaries |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
During the period the company charged rent and management charges to its subsidiary totalling £612,000.