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COMPANY REGISTRATION NUMBER: 03629775
Richmond House Estates Limited
Filleted Unaudited Abridged Financial Statements
31 August 2023
Richmond House Estates Limited
Abridged Financial Statements
Year ended 31 August 2023
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Richmond House Estates Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Richmond House Estates Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Richmond House Estates Limited for the year ended 31 August 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
20 December 2023
Richmond House Estates Limited
Abridged Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
265,000
265,000
Current assets
Debtors
1,427
1,296
Cash at bank and in hand
4,471
4,260
-------
-------
5,898
5,556
Creditors: amounts falling due within one year
98,884
106,981
--------
---------
Net current liabilities
92,986
101,425
---------
---------
Total assets less current liabilities
172,014
163,575
---------
---------
Net assets
172,014
163,575
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
172,012
163,573
---------
---------
Shareholders funds
172,014
163,575
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Richmond House Estates Limited
Abridged Statement of Financial Position (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:
Mr A. Cashman
Mr P. Cashman
Director
Director
Company registration number: 03629775
Richmond House Estates Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Richmond House, Avonmouth Way, Bristol, BS11 8DE.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover shown in the income statement represents rental income derived from letting the company's investment property.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Depreciation is not charged on the property as required by the Companies Act and FRS 102.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
£
Cost
At 1 September 2022 and 31 August 2023
265,000
---------
Depreciation
At 1 September 2022 and 31 August 2023
---------
Carrying amount
At 31 August 2023
265,000
---------
At 31 August 2022
265,000
---------
Included within the above is investment property as follows:
£
---------
At 1 September 2022 and 31 August 2023
265,000
---------
In April 2022 the investment property was valued at £265,000 by Andrew Forbes Chartered Surveyors. The basis of the valuation is fair value taking into account market conditions, with an effective date of valuation of 19 January 2022. The directors consider the value of the investment property to remain at £265,000 on 31 August 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 August 2023
Aggregate cost
191,630
Aggregate depreciation
---------
Carrying value
191,630
---------
At 31 August 2022
Aggregate cost
191,630
Aggregate depreciation
---------
Carrying value
191,630
---------
5. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,664
7,664
Later than 1 year and not later than 5 years
30,656
30,656
Later than 5 years
362,124
331,468
---------
---------
400,444
369,788
---------
---------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R. B. Matthews
Mr A. Cashman
( 312)
( 6,560)
( 6,872)
Mrs L. Cashman
( 69)
69
Mr P. Cashman
( 6,873)
( 6,873)
----
--------
----
--------
( 381)
( 13,433)
69
( 13,745)
----
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R. B. Matthews
( 4,057)
4,057
Mr A. Cashman
( 312)
( 312)
Mrs L. Cashman
( 57)
( 12)
( 69)
Mr P. Cashman
-------
----
-------
----
( 4,114)
( 324)
4,057
( 381)
-------
----
-------
----
The above loans are interest free and repayable on demand.