Company registration number 12191466 (England and Wales)
RNB Rural Developments Limited
Unaudited Financial Statements
For the year ended 28 February 2023
PAGES FOR FILING WITH REGISTRAR
RNB Rural Developments Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RNB Rural Developments Limited
Balance Sheet
As at 28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
227,136
364,413
Debtors
3
8,566
10,020
Cash at bank and in hand
181
13,763
235,883
388,196
Creditors: amounts falling due within one year
4
(313,681)
(413,736)
Net current liabilities
(77,798)
(25,540)
Creditors: amounts falling due after more than one year
5
-
0
(37,625)
Net liabilities
(77,798)
(63,165)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(77,808)
(63,175)
Total equity
(77,798)
(63,165)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
T Claridge
Director
Company Registration No. 12191466
RNB Rural Developments Limited
Notes to the Financial Statements
For the year ended 28 February 2023
- 2 -
1
Accounting policies
Company information

RNB Rural Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Fanshaws Lane, Brickendon Fanshaws Lane, Brickendon, Hertford, SG13 8PF.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, despite net negative liabilities at the balance sheet date, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RNB Rural Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial liabilities

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,566
10,020

Included in Other Debtors are amounts owed by connected companies totalling £6,861 (2022 - £1,620)

 

RNB Rural Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
257,445
220,000
Amounts owed to connected companies
50,236
38,247
Other creditors
6,000
155,489
313,681
413,736

Included in Other Creditors are amounts owed to connected companies totalling £50,236 (2022 - £38,247).

 

Included in Other Creditors are loans from directors totalling £nil (2022 - £151,490).

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
37,625
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