IRIS Accounts Production v23.3.1.45 10575875 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105758752022-08-31105758752023-08-31105758752022-09-012023-08-31105758752021-08-31105758752021-09-012022-08-31105758752022-08-3110575875ns10:Originalns15:EnglandWales2022-09-012023-08-3110575875ns14:PoundSterlingns10:Original2022-09-012023-08-3110575875ns10:Originalns10:Director12022-09-012023-08-3110575875ns10:Original2022-09-012023-08-3110575875ns10:Original2023-08-3110575875ns10:Originalns10:PrivateLimitedCompanyLtd2022-09-012023-08-3110575875ns10:Originalns10:SmallEntities2022-09-012023-08-3110575875ns10:Originalns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3110575875ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3110575875ns10:SmallCompaniesRegimeForAccountsns10:Original2022-09-012023-08-3110575875ns10:Originalns10:FullAccounts2022-09-012023-08-3110575875ns10:Originalns10:Director22022-09-012023-08-3110575875ns10:Originalns10:RegisteredOffice2022-09-012023-08-3110575875ns10:Original2022-08-3110575875ns10:Originalns5:CurrentFinancialInstruments2023-08-3110575875ns10:Originalns5:CurrentFinancialInstruments2022-08-3110575875ns10:Originalns5:Non-currentFinancialInstruments2023-08-3110575875ns10:Originalns5:Non-currentFinancialInstruments2022-08-3110575875ns5:ShareCapitalns10:Original2023-08-3110575875ns5:ShareCapitalns10:Original2022-08-3110575875ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-08-3110575875ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-08-3110575875ns10:Originalns5:FurnitureFittings2022-09-012023-08-3110575875ns10:Original2021-09-012022-08-3110575875ns10:Originalns5:FurnitureFittings2022-08-3110575875ns10:Originalns5:FurnitureFittings2023-08-3110575875ns10:Originalns5:FurnitureFittings2022-08-3110575875ns10:Original2022-08-3110575875ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3110575875ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3110575875ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-3110575875ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-08-3110575875ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-08-3110575875ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-08-3110575875ns5:Securedns10:Original2023-08-3110575875ns5:Securedns10:Original2022-08-31
REGISTERED NUMBER: 10575875 (England and Wales)













Financial Statements

for the Year Ended 31 August 2023

for

RH Property Lincoln Ltd

RH Property Lincoln Ltd (Registered number: 10575875)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RH Property Lincoln Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: R Porter
Mrs H Porter





REGISTERED OFFICE: 55 High Street
Skellingthorpe
LINCOLN
Lincolnshire
LN6 5TS





REGISTERED NUMBER: 10575875 (England and Wales)





ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

RH Property Lincoln Ltd (Registered number: 10575875)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 183
Investment property 5 265,000 265,000
265,000 265,183

CURRENT ASSETS
Debtors 6 2,572 1,047
Cash at bank and in hand 454 1,864
3,026 2,911
CREDITORS
Amounts falling due within one year 7 11,729 50,413
NET CURRENT LIABILITIES (8,703 ) (47,502 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,297

217,681

CREDITORS
Amounts falling due after more than
one year

8

(202,800

)

(168,640

)

PROVISIONS FOR LIABILITIES (8,920 ) (11,736 )
NET ASSETS 44,577 37,305

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 44,575 37,303
44,577 37,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RH Property Lincoln Ltd (Registered number: 10575875)

Balance Sheet - continued
31 August 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





Mrs H Porter - Director


RH Property Lincoln Ltd (Registered number: 10575875)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

RH Property Lincoln Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents invoiced rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RH Property Lincoln Ltd (Registered number: 10575875)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank is classified as a basic financial instrument and is measured at transaction price.
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2022
and 31 August 2023 3,093
DEPRECIATION
At 1 September 2022 2,910
Charge for year 183
At 31 August 2023 3,093
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 183

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 265,000
NET BOOK VALUE
At 31 August 2023 265,000
At 31 August 2022 265,000

RH Property Lincoln Ltd (Registered number: 10575875)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2022 265,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 218,055 218,055

Investment property was valued on an open market value basis on 7 September 2022 by an independent valuer .

In the opinion of the directors the value of the property is not materially different to the valuation in the financial statements.

No depreciation would have been charged due to high maintenance levels and the residual value at the end of the intended life is expected to be more than cost.

If the investment property was sold at the revalued amount additional corporation of approximately £8,920 would be payable.

Income received from the investment property for the year totalled £26,010 (2022 £26,010).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,650 -
Prepayments 922 1,047
2,572 1,047

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 1,088 1,337
Directors' loan accounts 9,291 47,888
Accrued expenses 1,350 1,188
11,729 50,413

RH Property Lincoln Ltd (Registered number: 10575875)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years - 168,640
Bank loans more 5 yrs non-inst 202,800 -
202,800 168,640

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 202,800 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 202,800 -

The loan is secured on the property by way of mortgage.