Company registration number 11210806 (England and Wales)
RUMISH INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RUMISH INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RUMISH INVESTMENTS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,830
11,773
Investment property
4
1,928,652
1,928,651
1,937,482
1,940,424
Current assets
Debtors
5
26,703
19,992
Cash at bank and in hand
18,773
27,172
45,476
47,164
Creditors: amounts falling due within one year
Other creditors
6
727,415
734,471
Net current liabilities
(681,939)
(687,307)
Total assets less current liabilities
1,255,543
1,253,117
Creditors: amounts falling due after more than one year
7
(1,284,519)
(1,284,519)
Provisions for liabilities
(1,677)
(2,236)
Net liabilities
(30,653)
(33,638)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(30,753)
(33,738)
Total equity
(30,653)
(33,638)

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 29 February 2024 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.

RUMISH INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr AV Patel
Director
Company registration number 11210806 (England and Wales)
RUMISH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Rumish Investments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net liabilities of £true30,653 (2022: £33,638) as at the balance sheet date. However, most of the company's long-term funding is through the other creditors. The other creditor, Stickland & Co. Ltd, has confirmed that it will continue to support the company by not recalling the loan of £707,514 due to them over the next 12 months from the date of approval of this financial statement and providing additional financial support when necessary. The directors continue to adopt a going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents revenue generated from investment property and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RUMISH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023 and 29 February 2024
18,226
Depreciation and impairment
At 1 March 2023
6,453
Depreciation charged in the year
2,943
At 29 February 2024
9,396
Carrying amount
At 29 February 2024
8,830
At 28 February 2023
11,773
RUMISH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
1,928,652

The above disclosed investment properties are stated at fair value. The fair value of the investment property has been made on an open market value basis by reference to market evidence of transaction prices for similar properties. No movement in fair value reserves were recorded during the year.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,878
-
0
Prepayments and accrued income
19,281
13,188
21,159
13,188
Deferred tax asset (note )
5,544
6,804
26,703
19,992
6
Other creditors falling due within one year
2024
2023
£
£
Other creditors
707,707
707,706
Accruals and deferred income
19,708
26,765
727,415
734,471
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,284,519
1,284,519

The above disclosed bank loans have legal charges and are secured by fixed and floating charges over the following assets;

 

RUMISH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,284,519
1,284,519
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Stickland & Co. Limited
707,514
707,514

Mr AV Patel and Ms R Patel are the directors and shareholders in the above company. The loan is unsecured, interest free and repayable on demand.

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