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REGISTERED NUMBER: 05944687 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for


Rural City Properties Limited



Rural City Properties Limited (Registered number: 05944687)








Contents of the Financial Statements

for the Year Ended 31 March 2024





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





Rural City Properties Limited



Company Information

for the Year Ended 31 March 2024









DIRECTORS:

G Robinson


T P Robinson


P.A. Robinson







SECRETARY:

P.A. Robinson







REGISTERED OFFICE:

The Old Bank


470, London Road


Westcliff-on-Sea


Essex


SS0 9LD







REGISTERED NUMBER:

05944687 (England and Wales)







ACCOUNTANTS:

Anser Solutions!


Chartered Accountants


Suite 1


19 Aviation Way


Southend Airport


Southend on Sea


Essex


SS2 6UN



Rural City Properties Limited (Registered number: 05944687)



Balance Sheet

31 March 2024



31.3.24

31.3.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

3

51,966


61,137



Investments

4

13,066


8,401



Investment property

5

5,109,795


4,908,081



5,174,827


4,977,619




CURRENT ASSETS

Debtors

6

11,726


1,933



Cash at bank

12,815


39,103



24,541


41,036



CREDITORS

Amounts falling due within one year

7

1,412,803


1,518,986



NET CURRENT LIABILITIES

(1,388,262

)

(1,477,950

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

3,786,565


3,499,669




CREDITORS

Amounts falling due after more than one year

8

(1,011,735

)

(1,066,809

)



PROVISIONS FOR LIABILITIES

(168,670

)

(91,116

)


NET ASSETS

2,606,160


2,341,744




CAPITAL AND RESERVES

Called up share capital

1,000


1,000



Non distributable reserve

10

732,694


611,092



Retained earnings

10

1,872,466


1,729,652



SHAREHOLDERS' FUNDS

2,606,160


2,341,744




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.



Rural City Properties Limited (Registered number: 05944687)



Balance Sheet - continued

31 March 2024



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 20 June 2024 and were signed on its behalf by:





G Robinson - Director




P.A. Robinson - Director




Rural City Properties Limited (Registered number: 05944687)



Notes to the Financial Statements

for the Year Ended 31 March 2024


1.

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.    



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery etc

-

15% on reducing balance



Investments


Investment property is initially recognised at cost. The cost of a purchased investment property comprises it's purchase price and any directly attributable expenditure. Subsequently, investment property whose value can be measured without undue cost or effort is measured at fair value at each reporting date with changes in fair value being recognised in the income statement.



Deferred tax is provided on these fair value changes at the rate expected to apply when the property is sold.



Fair value is determined by the directors based on their knowledge of the properties taking into account location, condition and prevailing market values at the reporting date.



Investments in shares are included at fair value.



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.

2.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 3 (2023 - 3 ) .



Rural City Properties Limited (Registered number: 05944687)



Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


3.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 April 2023


and 31 March 2024

102,283




DEPRECIATION


At 1 April 2023

41,146




Charge for year

9,171




At 31 March 2024

50,317




NET BOOK VALUE


At 31 March 2024

51,966




At 31 March 2023

61,137




4.

FIXED ASSET INVESTMENTS


Other


investments

£   



COST OR VALUATION


At 1 April 2023

8,401




Revaluations

4,665




At 31 March 2024

13,066




NET BOOK VALUE


At 31 March 2024

13,066




At 31 March 2023

8,401





Cost or valuation at 31 March 2024 is represented by:



Other


investments

£   



Valuation in 2022

(2,348

)



Valuation in 2023

(4,087

)



Valuation in 0

4,665




Cost

14,836



13,066





Rural City Properties Limited (Registered number: 05944687)



Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


5.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 April 2023

4,908,081




Additions

2,558




Net gains from fair value adjustments

199,156




At 31 March 2024

5,109,795




NET BOOK VALUE


At 31 March 2024

5,109,795




At 31 March 2023

4,908,081





Fair value at 31 March 2024 is represented by:

£   



Valuation in 2010

4,790




Valuation in 2012

30,000




Valuation in 2015

87,739




Valuation in 2016

26,250




Valuation in 2017

55,055




Valuation in 2018

59,674




Valuation in 2019

307,751




Valuation in 2022

130,949




Valuation in 2024

199,156




Cost

4,208,431



5,109,795




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



Trade debtors

226


1,933




Other debtors

11,500


-



11,726


1,933




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



Bank loans and overdrafts

76,238


95,590




Taxation and social security

48,925


43,455




Other creditors

1,287,640


1,379,941



1,412,803


1,518,986




8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.3.24


31.3.23

£   

£   



Bank loans

1,011,735


1,066,809





Rural City Properties Limited (Registered number: 05944687)



Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued


31.3.24


31.3.23

£   

£   



Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

653,416


684,449




9.

SECURED DEBTS



The following secured debts are included within creditors:



31.3.24


31.3.23

£   

£   



Bank loans

1,087,973


1,162,399





The bank loans are secured by way of fixed and floating charges over the company's assets.


10.

RESERVES


Non



Retained


distributable



earnings


reserve


Totals

£   

£   

£   




At 1 April 2023

1,729,652


611,092


2,340,744




Profit for the year

267,416


267,416




Dividends

(3,000

)

(3,000

)



Movement for year

(121,602

)

121,602


-




At 31 March 2024

1,872,466


732,694


2,605,160