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Company Registration No. 12186443 (England and Wales)
Rustic Villa Developments Limited Unaudited accounts for the period from 1 September 2021 to 30 August 2022
Rustic Villa Developments Limited Unaudited accounts Contents
Page
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Rustic Villa Developments Limited Company Information for the period from 1 September 2021 to 30 August 2022
Director
C Mitchell
Company Number
12186443 (England and Wales)
Registered Office
43 SMAWTHORNE LANE CASTLEFORD WF10 4EL UNITED KINGDOM
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Rustic Villa Developments Limited Statement of financial position as at 30 August 2022
2022 
2021 
Notes
£ 
£ 
Current assets
Inventories
1,346,686 
659,182 
Debtors
- 
6,581 
Cash at bank and in hand
12 
90 
1,346,698 
665,853 
Creditors: amounts falling due within one year
(52,373)
(67,811)
Net current assets
1,294,325 
598,042 
Total assets less current liabilities
1,294,325 
598,042 
Creditors: amounts falling due after more than one year
(1,329,217)
(627,725)
Net liabilities
(34,892)
(29,683)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(34,992)
(29,783)
Shareholders' funds
(34,892)
(29,683)
For the period ending 30 August 2022 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 15 November 2023 and were signed on its behalf by
C Mitchell Director Company Registration No. 12186443
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Rustic Villa Developments Limited Notes to the Accounts for the period from 1 September 2021 to 30 August 2022
1
Statutory information
Rustic Villa Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 12186443. The registered office is 43 SMAWTHORNE LANE, CASTLEFORD, WF10 4EL, UNITED KINGDOM.
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 period, 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. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Going concern
Although the Company has a deficit in the current year, the director remains confident that the Company will show profits in the future. Funding remains secured with Heritage Finance Limited which will enable the project to complete resulting in property completions and sales. The overall project will result in 10 residential dwellings being constructed and sold of which 2 have been completed and sold during the year leaving 8 to be completed and sold.
4
Inventories
2022 
2021 
£ 
£ 
Work in progress
1,346,686 
659,182 
1,346,686 
659,182 
Work In Progress relate to the cost of building works so far incurred together with a proportion of relevant overheads.
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Rustic Villa Developments Limited Notes to the Accounts for the period from 1 September 2021 to 30 August 2022
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
6,581 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
10,648 
- 
Loans from directors
39,095 
66,496 
Accruals
2,630 
1,315 
52,373 
67,811 
Directors loan balances are repayable on demand, the director does not foresee any substantial repayments for the next 12 months.
7
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
869,217 
167,725 
Other creditors
460,000 
460,000 
1,329,217 
627,725 
Contained within creditors over one year is a loan with Heritage Commercial Finance Limited secured on the land and property of Rustic Villa, Leeds Road, Cutsyke, Castleford, WF10 5ET. The value of the finance at 30 August 2022 is £834,857 (2021: £167,725). Interest on the finance is applied at 1.25% per month and is repayable on the completion of the agreement. Interest is accrued on a monthly basis and applied to the capital amount due for repayment on completion. Other loans are repayable on completion of the Rustic Villa project which consists of 10 dwellings that are to be constructed and sold. Interest is being paid monthly on the other loans stipulated by the loan agreements.
8
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary A shares of £1 each
50 
50 
50 Ordinary B shares of £1 each
50 
50 
100 
100 
9
Transactions with related parties
During the year and included in cost of sales are amounts totalling £956,772 (2021: £111,681) being materials and services provided by Carter & Co Property Solutions Limited a Company owed by Mr C Mitchell.
10
Average number of employees
During the period the average number of employees was 1 (2021: 1).
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