Registered number: 02698931
RIALTO HOMES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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RIALTO HOMES LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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1st Floor, Sackville House
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RIALTO HOMES LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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RIALTO HOMES LIMITED
REGISTERED NUMBER: 02698931
BALANCE SHEET
AS AT 31 OCTOBER 2023
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Current asset investments
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Creditors: amounts falling due within one year
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Allotted, called up and fully paid share capital
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EQUITY SHAREHOLDERS' FUNDS
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2024.
The notes on pages 3 to 8 form part of these financial statements.
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Page 1
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RIALTO HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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COMPREHENSIVE INCOME FOR THE YEAR
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Shares issued during the year
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COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 3 to 8 form part of these financial statements.
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Page 2
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Rialto Homes Limited (company number: 02698931) having its registered office and principal place of business at Bayley Hall, Queens Road, Hertford, Hertfordshire, SG14 1EN, is a private limited company incorporated in England and Wales.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has taken advantage of the exemptions in Financial Reporting Standard section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 3
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Land and development work in progress is valued at the lower of cost and net realisable value in the normal course of business.
Interest charges on loans to finance developments are charged to the Statement of Comprehensive Income as incurred.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 4
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset,s carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Balance Sheet date.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Page 5
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the company operates and generates income.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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The average monthly number of employees, including directors, during the year was 7 (2022 - 8).
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At 1 November 2022 and 31 October 2023
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Page 6
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Prepayments and accrued income
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CURRENT ASSET INVESTMENTS
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Included within unlisted investments is an interest in a limited partnership.
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The loan from C. M. Barham included within other creditors of £91,597 (2022: £172,372) is secured against the property developments to which it relates.
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RELATED PARTY TRANSACTIONS
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Included within other creditors due within one year are amounts due to key management personnel of the company of £91,597 (2022: £172,372).
Included within other debtors are amounts due from related parties of £550,000 (2022: £Nil).
Included within other operating income are profit share amounts receivable totalling £3,308 (2022: £235,440) in relation to joint venture agreements with related parties.
Included within cost of sales are profit share amounts payable totalling £688,102 (2022: £Nil) in relation to joint venture agreements with related parties. Of this amount £398,102 (2022: £Nil) was outstanding at the year end and included within accruals and deferred income.
Page 7
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RIALTO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The company was subject to an audit for the year ended 31 October 2023. The audit report was issued with an unqualified opinion and signed on 07 February 2024 by Robert Bradman BA CA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 8
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