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REGISTERED NUMBER: 13786938 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

RCH TUNBRIDGE WELLS LIMITED

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RCH TUNBRIDGE WELLS LIMITED

Company Information
for the year ended 31 December 2023







Directors: P J Davies
J Davies





Registered office: Suite 1, 1st Floor
8 High Street
Cobham
Surrey
KT11 3DY





Registered number: 13786938 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Northside House
69 Tweedy Road
Bromley
Kent
BR1 3WA

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 3,648,370 3,648,748

Current assets
Debtors 5 13,679 166,010
Cash at bank 71,438 266,069
85,117 432,079
Creditors
Amounts falling due within one year 6 4,663,088 2,799,771
Net current liabilities (4,577,971 ) (2,367,692 )
Total assets less current liabilities (929,601 ) 1,281,056

Creditors
Amounts falling due after more than one
year

7

-

1,737,566
Net liabilities (929,601 ) (456,510 )

Capital and reserves
Called up share capital 9 100 100
Retained earnings (929,701 ) (456,610 )
Shareholders' funds (929,601 ) (456,510 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





J Davies - Director


RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

RCH Tunbridge Wells 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Fixtures and fittings - 25% on reducing balance

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Tangible fixed assets
Fixtures
Freehold and
property fittings Totals
£ £ £
Cost
At 1 January 2023
and 31 December 2023 3,647,236 1,578 3,648,814
Depreciation
At 1 January 2023 - 66 66
Charge for year - 378 378
At 31 December 2023 - 444 444
Net book value
At 31 December 2023 3,647,236 1,134 3,648,370
At 31 December 2022 3,647,236 1,512 3,648,748

5. Debtors: amounts falling due within one year
2023 2022
£ £
Amounts owed by group undertakings 100 100
Other debtors 13,579 165,910
13,679 166,010

6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,007,772 -
Trade creditors 6,070 326,289
Amounts owed to group undertakings 2,643,646 2,348,063
Other creditors 5,600 125,419
4,663,088 2,799,771

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 1,737,566

RCH TUNBRIDGE WELLS LIMITED (REGISTERED NUMBER: 13786938)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 2,007,772 1,737,566
Other loans 2,643,646 2,348,063
4,651,418 4,085,629

The loans above are included within 'Amounts owed to group undertakings' falling due within one year' and 'Other creditors' falling due after more than one year respectively.

Both loans are secured as fixed and floating charges over the property under development currently held in stock.

The amounts owed to group undertakings' falling due within one year are due to JJA Ashill Limited, the ultimate controlling party. This loan is subject to interest at a fixed rate of 6.00%.

The bank loans falling due within 1 year are due to OakNorth Bank Plc and are subject to interest at 6.50% plus the Bank of England Base Rate.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary 1 100 100

10. Related party disclosures

During the year JJA Ashill Limited, the ultimate controlling party and a company in which Mr P Davies is both a director and shareholder and Mr J Davies is a shareholder, loaned funds to the company totalling £2,643,646. The loan is interest bearing and repayment is due on sale of the property development site which is anticipated to be within 12 months.

Interest is being charged on the loan at a fixed rate of 6.00% and, as at the year end, interest had accrued on the loan totalling £235,583. Interest accruing in the year was £144,375 (2022 - £91,208).

11. Ultimate controlling party

The immediate parent company is Ashill Commercial Limited by virtue of its 100% shareholding in RCH Tunbridge Wells Limited.

The ultimate controlling party is considered to be JJA Ashill Limited by virtue of its 51% controlling shareholding in Ashill Commercial Limited.