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Registration number: 11730354

RPM Chislehurst Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

RPM Chislehurst Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

RPM Chislehurst Limited

Company Information

Directors

M G Clark

F A Clark

Company secretary

F A Clark

Registered office

Royal Parade Mews
Chislehurst
Kent
BR7 6TN

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

RPM Chislehurst Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,441

1,973

Current assets

 

Stocks

5

1,068,676

1,061,726

Debtors

6

3,655

1,570

Cash at bank and in hand

 

3,344

3,585

 

1,075,675

1,066,881

Creditors: Amounts falling due within one year

7

(1,105,288)

(1,083,770)

Net current liabilities

 

(29,613)

(16,889)

Net liabilities

 

(28,172)

(14,916)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(29,172)

(15,916)

Shareholders' deficit

 

(28,172)

(14,916)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................

M G Clark

Director

Company registration number: 11730354

 

RPM Chislehurst Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Royal Parade Mews
Chislehurst
Kent
BR7 6TN

The principal activity of the company is that of property development

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 December 2023 and had net liabilities of £28,172 including cash at bank of £3,344 at that date.

The company purchased a property during the prior year, and developments to bring the property to commercial viability remain in progress. The directors and shareholders confirmed that they are willing to continue supporting the company for the foreseeable future. Whilst initial architectural and planning works were being undertaken the company rented elements of the property on a short term basis to third parties.

The Directors and shareholders remain optimistic that the company and ongoing development, will generate profitable returns in the future.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has access to adequate resources and sufficient working capital to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover will represent the ultimate disposal proceeds generated by the sale of the development property. During the year however, sundry turnover relating to the short term rental of the property was generated. Such rentals will cease with the commencement of the development works on site.

 

RPM Chislehurst Limited

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

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

Office equipment

4 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories and property development to their present location and condition. At each reporting date, work in progress is assessed for impairment. If indicators of impairment are identified, the carrying amount is reduced to its selling price less costs to complete and sell. The associated impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

RPM Chislehurst Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

2,127

2,127

At 31 December 2023

2,127

2,127

Depreciation

At 1 January 2023

154

154

Charge for the year

532

532

At 31 December 2023

686

686

Carrying amount

At 31 December 2023

1,441

1,441

At 31 December 2022

1,973

1,973

5

Stocks

2023
£

2022
£

Work in progress

1,068,676

1,061,726

6

Debtors

2023
£

2022
£

Other debtors

3,655

1,570

3,655

1,570

 

RPM Chislehurst Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

2,803

452

Taxation and social security

752

-

Accruals and deferred income

1,950

3,900

Other creditors

1,099,783

1,079,418

1,105,288

1,083,770

Included within other creditors are amounts due to directors and shareholders totalling £1,093,450 (2022: £1,073,085). No interest was charged on these balances, and no set repayment terms are in place.