HORWICH (R.D.M.) GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HORWICH (R.D.M.) GROUP LIMITED
COMPANY INFORMATION
Directors
R.B. Horwich
Mrs S. Horwich
Mrs. S. N. Horwich
Secretary
Mrs.S.Horwich
Company number
1149842 (England and Wales)
Registered office
20 Ten Acre Drive
Whitefield
Manchester
Lancashire
M45 7LP
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
National Westminster Bank Plc
55 King Street
Manchester
M60 2DB
HORWICH (R.D.M.) GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HORWICH (R.D.M.) GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,101,662
1,006,610
Current assets
Debtors
5
4,696
3,620
Cash at bank and in hand
33,728
26,856
38,424
30,476
Creditors: amounts falling due within one year
6
(368,147)
(317,209)
Net current liabilities
(329,723)
(286,733)
Net assets
771,939
719,877
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
771,839
719,777
Total equity
771,939
719,877
The notes on pages 2 - 4 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 July 2024 and are signed on its behalf by:
R.B. Horwich
Director
Company registration number 1149842 (England and Wales)
HORWICH (R.D.M.) GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Horwich (R.D.M.) Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Ten Acre Drive, Whitefield, Manchester, Lancashire, M45 7LP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the gross annual rental income receivable from its investment properties.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
HORWICH (R.D.M.) GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
15,163
9,511
4
Investment property
2023
£
Fair value
At 1 January 2023
1,006,610
Additions
95,052
At 31 December 2023
1,101,662
Investment property is stated at fair value. The directors are of the opinion that the historical cost of the investment property, at which it is recorded, represents its fair value.
HORWICH (R.D.M.) GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
4,696
3,620
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to associate undertakings
339,507
294,877
Corporation tax
15,163
9,511
Other taxation and social security
3,605
3,605
Other creditors
3,000
Accruals and deferred income
6,872
9,216
368,147
317,209
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100