RH (Norwich) Limited 13598604 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is a property company. Digita Accounts Production Advanced 6.30.9574.0 true true 13598604 2022-11-01 2023-10-31 13598604 2023-10-31 13598604 bus:OrdinaryShareClass1 2023-10-31 13598604 core:CurrentFinancialInstruments 2023-10-31 13598604 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 13598604 core:Non-currentFinancialInstruments 2023-10-31 13598604 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 13598604 core:FurnitureFittingsToolsEquipment 2023-10-31 13598604 core:LandBuildings 2023-10-31 13598604 bus:SmallEntities 2022-11-01 2023-10-31 13598604 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 13598604 bus:FullAccounts 2022-11-01 2023-10-31 13598604 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 13598604 bus:RegisteredOffice 2022-11-01 2023-10-31 13598604 bus:Director1 2022-11-01 2023-10-31 13598604 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 13598604 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13598604 core:Buildings 2022-11-01 2023-10-31 13598604 core:FurnitureFittings 2022-11-01 2023-10-31 13598604 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 13598604 core:LandBuildings 2022-11-01 2023-10-31 13598604 core:OtherRelatedParties 2022-11-01 2023-10-31 13598604 countries:EnglandWales 2022-11-01 2023-10-31 13598604 2022-10-31 13598604 core:FurnitureFittingsToolsEquipment 2022-10-31 13598604 core:LandBuildings 2022-10-31 13598604 2021-09-02 2022-10-31 13598604 2022-10-31 13598604 bus:OrdinaryShareClass1 2022-10-31 13598604 core:CurrentFinancialInstruments 2022-10-31 13598604 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 13598604 core:Non-currentFinancialInstruments 2022-10-31 13598604 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 13598604 core:FurnitureFittingsToolsEquipment 2022-10-31 13598604 core:LandBuildings 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13598604

Prepared for the registrar

RH (Norwich) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

RH (Norwich) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

RH (Norwich) Limited

Company Information

Director

Annalisa Birchenall

Registered office

28 Queens Road
Hethersett
Norwich
Norfolk
NR9 3DB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

RH (Norwich) Limited

(Registration number: 13598604)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

125,385

124,716

Investment property

5

744,821

744,821

 

870,206

869,537

Current assets

 

Debtors

6

914

535

Cash at bank and in hand

 

948

1,521

 

1,862

2,056

Creditors: Amounts falling due within one year

7

(415,654)

(378,492)

Net current liabilities

 

(413,792)

(376,436)

Total assets less current liabilities

 

456,414

493,101

Creditors: Amounts falling due after more than one year

7

(505,204)

(517,935)

Net liabilities

 

(48,790)

(24,834)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(48,791)

(24,835)

Shareholders' deficit

 

(48,790)

(24,834)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 July 2024
 


Annalisa Birchenall
Director

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Queens Road
Hethersett
Norwich
Norfolk
NR9 3DB
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

If the forecasts are not met the shareholders have indicated that they will support any shortfall in funding, although there is no written agreement in place.The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment / Freehold property

0%

Equipment

15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 November 2022

111,295

14,868

126,163

Additions

-

2,969

2,969

At 31 October 2023

111,295

17,837

129,132

Depreciation

At 1 November 2022

-

1,447

1,447

Charge for the period

-

2,300

2,300

At 31 October 2023

-

3,747

3,747

Carrying amount

At 31 October 2023

111,295

14,090

125,385

At 31 October 2022

111,295

13,421

124,716

Included within the net book value of land and buildings above is £111,295 (2022 - £111,295) in respect of freehold land and buildings.
 

 

5

Investment properties

£

At 1 November 2022

744,821

There has been no valuation of investment property by an independent valuer.

 

6

Debtors

31 October 2023
 £

31 October 2022
 £

Trade debtors

913

534

Other debtors

1

1

 

914

535

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

7

Creditors

Note

31 October 2023
 £

31 October 2022
 £

Due within one year

 

Loans and borrowings

8

29,267

26,715

Trade creditors

 

4,544

-

Amounts due to related parties

10

377,462

349,050

Social security and other taxes

 

960

197

Outstanding defined contribution pension costs

 

241

30

Accrued expenses

 

3,180

2,500

 

415,654

378,492

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

505,204

517,935

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,267

26,715

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

505,204

517,935

 

RH (Norwich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

9

Share capital

Allotted, called up and fully paid shares

 

31 October 2023

31 October 2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

10

Related party transactions

Transactions with the director

Key management personnel is considered to be the director of the company.

As at 31 October 2023 the company owed A Birchenall £1,247 (2022 - £1 was owed by A Birchenall). This amount is included in other borrowings (2022 - other debtors). There are no fixed repayment terms and no interest is charged

Summary of transactions with other related parties

Rowan House Vets Limited
(of which the director is director and shareholder)


 As at 31 October 2023 RH (Norwich) Limited owed £377,462 to Rowan House Vets Limited (2022 -£349,050). During the year £48,000 (2022 - £24,000) rent was received from Rowan House Vets Limited. This amount is included in amounts due to related parties. There are no fixed repayment terms and no interest is charged.