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Company No: 12905916 (England and Wales)

RHEDX PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

RHEDX PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

RHEDX PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
RHEDX PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS H K Gledhill
E J L Taylor
D Moore
R C Moore
REGISTERED OFFICE 21 Station Road
Little Houghton
Northampton
NN7 1AJ
England
United Kingdom
COMPANY NUMBER 12905916 (England and Wales)
CHARTERED ACCOUNTANTS MHA
Century House
1, The Lakes
Northampton
NN4 7HD
RHEDX PROPERTY MANAGEMENT LIMITED

BALANCE SHEET

As at 30 September 2023
RHEDX PROPERTY MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,453,176 2,450,000
2,453,176 2,450,000
Current assets
Debtors 4 41,285 15,843
Cash at bank and in hand 5 53,894 69,713
95,179 85,556
Creditors: amounts falling due within one year 6 ( 2,171,439) ( 2,299,706)
Net current liabilities (2,076,260) (2,214,150)
Total assets less current liabilities 376,916 235,850
Net assets 376,916 235,850
Capital and reserves
Called-up share capital 100 100
Profit and loss account 376,816 235,750
Total shareholders' funds 376,916 235,850

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rhedx Property Management Limited (registered number: 12905916) were approved and authorised for issue by the Board of Directors on 19 February 2024. They were signed on its behalf by:

R C Moore
Director
RHEDX PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
RHEDX PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

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.

General information and basis of accounting

Rhedx Property Management Limited (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 21 Station Road, Little Houghton, Northampton, NN7 1AJ, England, 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Investment property Computer equipment Total
£ £ £
Cost
At 01 October 2022 2,450,000 0 2,450,000
Additions 0 3,665 3,665
At 30 September 2023 2,450,000 3,665 2,453,665
Accumulated depreciation
At 01 October 2022 0 0 0
Charge for the financial year 0 489 489
At 30 September 2023 0 489 489
Net book value
At 30 September 2023 2,450,000 3,176 2,453,176
At 30 September 2022 2,450,000 0 2,450,000

4. Debtors

2023 2022
£ £
Trade debtors 40,500 0
Amounts owed by Group undertakings 0 15,058
Other debtors 785 785
41,285 15,843

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 53,894 69,713

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 1,611,061 2,236,945
Accruals 53,444 19,693
Corporation tax 38,043 35,870
Other taxation and social security 18,891 7,198
Other creditors 450,000 0
2,171,439 2,299,706