Registered number
09784663
Rich Property Maintenance Limited
Filleted Accounts
31 March 2023
Rich Property Maintenance Limited
Registered number: 09784663
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 570,000 570,000
Current assets
Debtors 4 357,279 5,308
Cash at bank and in hand 17,708 7,362
374,987 12,670
Creditors: amounts falling due within one year 5 (307,440) (396,366)
Net current assets/(liabilities) 67,547 (383,696)
Total assets less current liabilities 637,547 186,304
Creditors: amounts falling due after more than one year 6 (432,000) -
Provisions for liabilities (21,949) (21,949)
Net assets 183,598 164,355
Capital and reserves
Called up share capital 204 204
Fair value reserve 93,574 93,574
Profit and loss account 89,820 70,577
Shareholders' funds 183,598 164,355
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Rich
Director
Approved by the board on 26 May 2023
Rich Property Maintenance Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 April 2022 570,000
At 31 March 2023 570,000
At 31 March 2023 the valuation of the investment properties was reviewed by Mr A Rich and Mrs N Rich the directors of the company following a valuation of the investment properties for potentially raising external finance. Following the review they are satisfied that the current valuation represents the fair value of the investment properties.
4 Debtors 2023 2022
£ £
Trade debtors 20,000 -
Directors' loan account 331,971 -
Other debtors 5,308 5,308
357,279 5,308
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 4,561 3,510
Directors' loan account - 86,843
Other creditors 302,879 306,013
307,440 396,366
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 432,000 -
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 432,000 432,000
Secured bank loans 432,000 432,000
The bank loans are secured on the investment properties owned by the company.
8 Loans to directors
During the year the company made loans totalling £331,971 to Mr A Rich and Mrs N Rich the directors of the company. The loans are repayable on demand. At 31 March 2023 the company was owed £331,971 by Mr A Rich and Mrs N Rich. The loans have been repaid in full after the year-end.
9 Controlling party
In the opinion of the directors Mr A Rich is the company's controlling party by virtue of his shareholding in the company.
10 Other information
Rich Property Maintenance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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