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Registration number: 01681638

R & M Developments Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

R & M Developments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

R & M Developments Limited

(Registration number: 01681638)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,110,780

668,335

Investment property

5

535,000

447,296

 

1,645,780

1,115,631

Current assets

 

Stocks

6

25,849

26,181

Debtors

7

1,288,400

1,843,794

Cash at bank and in hand

 

392,772

438,938

 

1,707,021

2,308,913

Creditors: Amounts falling due within one year

8

(1,257,575)

(1,765,099)

Net current assets

 

449,446

543,814

Total assets less current liabilities

 

2,095,226

1,659,445

Creditors: Amounts falling due after more than one year

8

(460,764)

(431,473)

Provisions for liabilities

(263,307)

(121,210)

Net assets

 

1,371,155

1,106,762

Capital and reserves

 

Called up share capital

100

100

Other reserves

65,778

-

Retained earnings

1,305,277

1,106,662

Shareholders' funds

 

1,371,155

1,106,762

 

R & M Developments Limited

(Registration number: 01681638)
Statement of Financial Position as at 31 January 2024

For the financial year ending 31 January 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr M W Henry
Director

.........................................
Mr K McNally
Director

 
     
 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
55 Clifton Street
Miles Platting
Manchester
Lancashire
M40 8HF
United Kingdom

These financial statements were authorised for issue by the Board on 5 September 2024.

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 - '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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

Tax

The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 country where the company operates and generates taxable income.

 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Fixtures & Fittings

20% reducing balance

Motor Vehicle

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 income statement 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 39).

 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

31,047

640,149

190,129

861,325

Additions

9,942

515,715

150,590

676,247

Disposals

-

(136,237)

-

(136,237)

At 31 January 2024

40,989

1,019,627

340,719

1,401,335

Depreciation

At 1 February 2023

30,497

133,103

29,390

192,990

Charge for the year

669

59,440

58,271

118,380

Eliminated on disposal

-

(20,815)

-

(20,815)

At 31 January 2024

31,166

171,728

87,661

290,555

Carrying amount

At 31 January 2024

9,823

847,899

253,058

1,110,780

At 31 January 2023

550

507,046

160,739

668,335

5

Investment property

2024
£

At 1 February

447,296

Fair value adjustments

87,704

At 31 January

535,000

During the year the investment property has been valued by the directors on an open market value basis.

6

Stocks

2024
£

2023
£

Other inventories

25,849

26,181

7

Debtors

 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Trade debtors

749,782

879,536

Prepayments

511,757

896,090

Other debtors

26,861

68,168

1,288,400

1,843,794

 

R & M Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

422,307

285,627

Trade creditors

 

480,738

1,075,896

Taxation and social security

 

38,526

52,004

Accruals and deferred income

 

293,635

328,219

Other creditors

 

22,369

23,353

 

1,257,575

1,765,099

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured on a fixed and floating charge of £422,307 (2023 - 285,627)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

460,764

431,473

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured on a fixed and floating charge of £460,764 (2023 -£431,473).

9

Parent undertaking

The company's immediate parent is DKLM Holdings Limited, incorporated in England and Wales.