Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-09-01falseNo description of principal activity75truefalse 08718447 2022-09-01 2023-08-31 08718447 2021-09-01 2022-08-31 08718447 2023-08-31 08718447 2022-08-31 08718447 c:Director1 2022-09-01 2023-08-31 08718447 c:Director2 2022-09-01 2023-08-31 08718447 d:PlantMachinery 2022-09-01 2023-08-31 08718447 d:PlantMachinery 2023-08-31 08718447 d:PlantMachinery 2022-08-31 08718447 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08718447 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 08718447 d:MotorVehicles 2022-09-01 2023-08-31 08718447 d:MotorVehicles 2023-08-31 08718447 d:MotorVehicles 2022-08-31 08718447 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08718447 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 08718447 d:OfficeEquipment 2022-09-01 2023-08-31 08718447 d:OfficeEquipment 2023-08-31 08718447 d:OfficeEquipment 2022-08-31 08718447 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08718447 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 08718447 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08718447 d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 08718447 d:CurrentFinancialInstruments 2023-08-31 08718447 d:CurrentFinancialInstruments 2022-08-31 08718447 d:Non-currentFinancialInstruments 2023-08-31 08718447 d:Non-currentFinancialInstruments 2022-08-31 08718447 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08718447 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08718447 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08718447 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08718447 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 08718447 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 08718447 d:ShareCapital 2023-08-31 08718447 d:ShareCapital 2022-08-31 08718447 d:RetainedEarningsAccumulatedLosses 2023-08-31 08718447 d:RetainedEarningsAccumulatedLosses 2022-08-31 08718447 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-09-01 2023-08-31 08718447 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-08-31 08718447 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-08-31 08718447 c:FRS102 2022-09-01 2023-08-31 08718447 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08718447 c:FullAccounts 2022-09-01 2023-08-31 08718447 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08718447 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 08718447 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 08718447 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 08718447 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 08718447 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 08718447 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 08718447 2 2022-09-01 2023-08-31 08718447 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 08718447 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-31 08718447 d:LeasedAssetsHeldAsLessee 2023-08-31 08718447 d:LeasedAssetsHeldAsLessee 2022-08-31 08718447 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 08718447










RSLC DEVELOPMENTS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
RSLC DEVELOPMENTS LTD
REGISTERED NUMBER: 08718447

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
161,180
129,685

  
161,180
129,685

Current assets
  

Stocks
  
2,019,467
1,405,232

Debtors: amounts falling due within one year
 5 
328,437
323,809

Cash at bank and in hand
  
580,240
184,731

  
2,928,144
1,913,772

Creditors: amounts falling due within one year
 6 
(1,969,351)
(834,359)

Net current assets
  
 
 
958,793
 
 
1,079,413

Total assets less current liabilities
  
1,119,973
1,209,098

Creditors: amounts falling due after more than one year
 7 
(37,460)
(271,765)

Provisions for liabilities
  

Deferred tax
 10 
(40,234)
(32,321)

Other provisions
 11 
(77,500)
(145,000)

  
 
 
(117,734)
 
 
(177,321)

Net assets
  
964,779
760,012


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
964,679
759,912

  
964,779
760,012


Page 1

 
RSLC DEVELOPMENTS LTD
REGISTERED NUMBER: 08718447
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Lond-Caulk
................................................
S Lond-Caulk
Director
Director


Date: 27 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

RSLC Developments Ltd is a private company limited by shares and incorporated in England and Wales, registration number 08718447. The registered office and trading address is Woodland House, Norwich Road, Carbooke, Thetford, Norfolk, IP25 6TJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Page 3

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.2

Turnover

Turnover comprises the value of house sales and other invoiced work exclusive of Value Added Tax. An open market house sale is recognised on legal completion or where the build is complete and contacts have been exchanged at the year end and legal notice has been served. 

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & machinery
-
3 - 10 years
Motor vehicles
-
2 - 5 years
Office equipment
-
3 years

 
2.10

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. 


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 5).

Page 7

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
214,939
19,995
1,886
236,820


Additions
38,460
22,049
-
60,509


Disposals
-
(19,995)
(833)
(20,828)



At 31 August 2023

253,399
22,049
1,053
276,501



Depreciation


At 1 September 2022
87,582
17,995
1,558
107,135


Charge for the year on owned assets
16,631
-
239
16,870


Charge for the year on financed assets
8,308
1,837
-
10,145


Disposals
-
(17,996)
(833)
(18,829)



At 31 August 2023

112,521
1,836
964
115,321



Net book value



At 31 August 2023
140,878
20,213
89
161,180



At 31 August 2022
127,357
2,000
328
129,685

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
84,400
67,708

84,400
67,708

Page 8

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
1,003

Amounts owed by group undertakings
297,308
283,808

Other debtors
31,129
38,998

328,437
323,809



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
848,180
-

Trade creditors
89,781
203,898

Amounts owed to other participating interests
483,900
323,092

Corporation tax
118,835
191,780

Other taxation and social security
6,387
6,662

Obligations under finance lease and hire purchase contracts
15,486
12,538

Other creditors
385,317
71,812

Accruals and deferred income
21,465
24,577

1,969,351
834,359



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
237,841

Net obligations under finance leases and hire purchase contracts
37,460
33,924

37,460
271,765


The Bank loans are secured on the property owned by the Company.
Assets purchased by way of finance lease and hire purchase contracts are secured on the assets to which the agreement relates.

Page 9

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
848,180
-


848,180
-

Amounts falling due 1-2 years

Bank loans
-
237,841


-
237,841



848,180
237,841



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
15,486
12,538

Between 1-5 years
37,460
33,924

52,946
46,462

10.


Deferred taxation




2023


£






At beginning of year
(32,321)


Charged to profit or loss
(7,913)



At end of year
(40,234)

Page 10

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(40,234)
(32,321)

(40,234)
(32,321)


11.


Provisions




Remedial provision

£





At 1 September 2022
145,000


Charged to profit or loss
(67,500)



At 31 August 2023
77,500

The remedial provision represents a reliable estimate of the amount of the future liabilities arising from property development sales and building services. 


12.


Contingent liabilities

The company together with Co-Dunkall Limited has given a guarantee to it's bankers in respect of monies due to the bank by the parties to the guarantee. The Guarantee is by RSLC developments Limited for £252,000 in favour of the Bank for the liabilities of Co-Dunkall Limited to the Bank.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,841 (2022 - £819). Contributions totalling £565 (2023 - £525) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

At the year end, the Directors were owed £349,701 (2022 - £38,000) which is included within other creditors and repayable on demand.

Page 11

 
RSLC DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Controlling party

The company is wholly owned subsidiary of RSLC Holdings Limited a company incorporated in England and Wales, registration number 13337855. The registered office and trading address is Woodland House, Norwich Road, Carbooke, Thetford, Norfolk, IP25 6TJ.

 
Page 12