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Registration number: 11886872

Roddy New Homes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Roddy New Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Roddy New Homes Limited

(Registration number: 11886872)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

7

3

Current assets

 

Debtors (including £6,708,947 due after one year)

5

25,445,474

13,245,159

Cash at bank and in hand

 

1,803

4,788

 

25,447,277

13,249,947

Creditors: Amounts falling due within one year

6

(25,433,639)

(555,723)

Net current assets

 

13,638

12,694,224

Total assets less current liabilities

 

13,645

12,694,227

Creditors: Amounts falling due after more than one year

6

-

(12,722,871)

Net assets/(liabilities)

 

13,645

(28,644)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

13,545

(28,744)

Shareholders' funds/(deficit)

 

13,645

(28,644)

For the financial year ending 31 March 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 Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

 

Roddy New Homes Limited

(Registration number: 11886872)
Balance Sheet as at 31 March 2024

.........................................
Ms JE Ismail
Director

 

Roddy New Homes Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by its parent companies. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Exemption from preparing group accounts

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

 

Roddy New Homes Limited

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Roddy New Homes Limited

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

4

Investments

2024
£

2023
£

Investments in subsidiaries

7

3

Subsidiaries

£

Cost or valuation

At 1 April 2023

3

Additions

4

At 31 March 2024

7

Carrying amount

At 31 March 2024

7

At 31 March 2023

3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights

Undertaking

Holding

and shares held

Principal Activity

Subsidiary undertaking

2024

2023

Roddy New Homes Construction Limited

Ordinary

100%

100%

Development of building projects

Roddy New Homes SPV1 Limited

Ordinary

100%

100%

Development of building projects

Roddy New Homes SPV2 Limited

Ordinary

100%

100%

Development of building projects

Roddy New Homes SPV3 Limited

Ordinary

100%

Development of building projects

Roddy New Homes SPV4 Limited

Ordinary

100%

Development of building projects

Roddy New Homes SPV5 Limited

Ordinary

100%

Development of building projects

Roddy New Homes SPV6 Limited

Ordinary

100%

Development of building projects

All companies listed above hold the registered office of:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
England
M5 4ZG

 

Roddy New Homes Limited

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

5

Debtors

2024
£

2023
£

Owed by group undertakings

22,642,816

12,716,332

Other debtors

2,802,658

528,827

 

25,445,474

13,245,159

Details of non-current trade and other debtors

£6,708,947 (2023: £Nil) of owed by group undertakings is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Owed to related parties

22,650,110

-

Accruals

 

2,783,529

555,723

 

25,433,639

555,723

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed to related parties

-

12,722,871

Included within owed to related parties is £22,650,110 (2023: £12,722,871) in relation to a loan which is secured by fixed and floating charges dated 25 November 2022, 9 December 2022, 30 October 2023 and 17 May 2024 over all the property and undertaking of the company.

 

Roddy New Homes Limited

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

7

Parent and ultimate parent undertaking

The Immediate parent companies are Salboy Partnerships Limited and Redrock Hudson Ltd who both own 50% of the shareholding in Roddy New Homes Limited. There is no ultimate parent company of Roddy New Homes Limited.

Salboy Partnerships Limited is a company incorporated in England and Wales, company number 13626842, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

The ultimate parent company of Salboy Partnerships Limited is Salboy Limited, incorporated in England and Wales, company number 09123542, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

Redrock Hudson Ltd is a company incorporated in England and Wales, company number 13785389, registered office 27 Gloucester Street, London, England, WC1N 3AX.