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Registered number: 02698931












RIALTO HOMES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
RIALTO HOMES LIMITED
 

COMPANY INFORMATION


DIRECTORS
C. M. Barham 
A. J. Barham 
J. Nordigian 
P. D. Barham 




COMPANY SECRETARY
J. Nordigian



REGISTERED NUMBER
02698931



REGISTERED OFFICE
Bayley Hall
Queens Road

Hertford

Hertfordshire

SG14 1EN




INDEPENDENT AUDITORS
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
RIALTO HOMES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 8


 
RIALTO HOMES LIMITED
REGISTERED NUMBER: 02698931

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
-
107

CURRENT ASSETS
  

Stocks
 5 
4,423,779
4,500,680

Debtors
 6 
650,787
3,220

Current asset investments
 7 
7,432,769
8,708,670

Cash at bank and in hand
  
1,990,477
1,072,994

  
14,497,812
14,285,564

Creditors: amounts falling due within one year
 8 
(711,481)
(555,336)

NET CURRENT ASSETS
  
 
 
13,786,331
 
 
13,730,228

NET ASSETS
  
13,786,331
13,730,335


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
14,498
14,498

Share premium account
  
12,986,522
12,986,522

Profit and loss account
  
785,311
729,315

EQUITY SHAREHOLDERS' FUNDS
  
13,786,331
13,730,335


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.





J. Nordigian
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
RIALTO HOMES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


AT 1 NOVEMBER 2021
8,758
7,592,242
456,155
8,057,155


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
273,160
273,160

Shares issued during the year
5,740
5,394,280
-
5,400,020



AT 1 NOVEMBER 2022
14,498
12,986,522
729,315
13,730,335


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
55,996
55,996


AT 31 OCTOBER 2023
14,498
12,986,522
785,311
13,786,331


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


GENERAL INFORMATION

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Statement of Cash Flows

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.

 
2.3

Turnover

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

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Tangible fixed assets

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:

Office equipment
-
20%
straight-line

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.

 
2.5

Stocks

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

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

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

Financial instruments

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.

 
2.9

Creditors

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.

 
2.10

Finance costs

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.

 
2.11

Pensions

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.

 
2.12

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 5

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

Taxation

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.

 
2.14

Valuation of investments

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 7 (2022 - 8).


4.


TANGIBLE FIXED ASSETS





Office equipment

£



COST


At 1 November 2022 and 31 October 2023
1,600



DEPRECIATION


At 1 November 2022
1,493


Charge for the year
107



At 31 October 2023

1,600



NET BOOK VALUE



At 31 October 2023
-



At 31 October 2022
107


5.


STOCKS

2023
2022
£
£

Work in progress
4,423,779
4,500,680


Page 6

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


DEBTORS

2023
2022
£
£

Due within one year

Trade debtors
99
-

Other debtors
647,359
3,220

Prepayments and accrued income
3,329
-

650,787
3,220



7.


CURRENT ASSET INVESTMENTS

2023
2022
£
£

Unlisted investments
7,432,769
8,708,670


Included within unlisted investments is an interest in a limited partnership.


8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
949

Corporation tax
-
30,989

Other taxation and social security
1,000
2,129

Other creditors
93,194
172,372

Accruals and deferred income
617,287
348,897

711,481
555,336


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.


9.


RELATED PARTY TRANSACTIONS

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

 
RIALTO HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


AUDITORS' INFORMATION

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