Company Registration No. 07111287 (England and Wales)
RMH (Guildford) Residential Developments Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
RMH (Guildford) Residential Developments Limited
Company information
Directors
M O Warren
G A Hall
Company number
07111287
Registered office
Harbour House
60 Purewell
Christchurch
England
BH23 1ES
Auditor
Fiander Tovell Limited
Stag Gates House
63 - 64 The Avenue
Southampton
SO17 1XS
RMH (Guildford) Residential Developments Limited
Contents
Page
Directors' report
1
Independent auditor's report
2 - 4
Statement of comprehensive income
5
Statement of financial position
6
Notes to the financial statements
7 - 9
RMH (Guildford) Residential Developments Limited
Directors' report
For the year ended 31 December 2023
- 1 -

The Directors present their annual report and financial statements for the year ended 31 December 2023.

Directors

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

M O Warren
G A Hall
Auditor

The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

 

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G A Hall
Director
24 September 2024
RMH (Guildford) Residential Developments Limited
Independent auditor's report
to the member of RMH (Guildford) Residential Developments Limited
- 2 -
Opinion

We have audited the financial statements of RMH (Guildford) Residential Developments Limited (the 'Company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RMH (Guildford) Residential Developments Limited
Independent auditor's report (continued)
to the member of RMH (Guildford) Residential Developments Limited
- 3 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

RMH (Guildford) Residential Developments Limited
Independent auditor's report (continued)
to the member of RMH (Guildford) Residential Developments Limited
- 4 -

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's member for our audit work, for this report, or for the opinions we have formed.

Andrew Jay ACA FCCA (Senior Statutory Auditor)
For and on behalf of Fiander Tovell Limited
24 September 2024
Chartered Accountants
Statutory Auditor
Stag Gates House
63 - 64 The Avenue
Southampton
SO17 1XS
RMH (Guildford) Residential Developments Limited
Statement of comprehensive income
For the year ended 31 December 2023
- 5 -
2023
2022
£
£
Turnover
18,800
18,800
Administrative expenses
(18,800)
(18,800)
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial year
-
0
-
0
RMH (Guildford) Residential Developments Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
386,900
386,900
Current assets
Debtors
4
1,822,519
1,822,519
Creditors: amounts falling due within one year
5
(2,195,686)
(2,195,686)
Net current liabilities
(373,167)
(373,167)
Net assets
13,733
13,733
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
13,732
13,732
Total equity
13,733
13,733

These financial statements have been prepared 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 24 September 2024 and are signed on its behalf by:
G A Hall
Director
Company Registration No. 07111287
RMH (Guildford) Residential Developments Limited
Notes to the financial statements
For the year ended 31 December 2023
- 7 -
1
Accounting policies
Company information

RMH (Guildford) Residential Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harbour House, 60 Purewell, Christchurch, England, BH23 1ES.

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 at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised on the ground rental income earned during the financial year, net of discounts and excluding value added tax.

 

An element of accrued income is recorded within the statement of financial position in relation to the ground rental income earned but not yet invoiced to the client as at the year end.

 

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:

Leasehold land and buildings
Not depreciated

The headlease is not depreciated as the value is considered to be in perpetuity.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RMH (Guildford) Residential Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(continued)
- 8 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
386,900
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
386,900
At 31 December 2022
386,900
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,822,519
1,822,519

Amounts owed by group undertakings are interest free and repayable on demand.

RMH (Guildford) Residential Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 9 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,195,686
2,195,686

Amounts owed to group undertakings are interest free and repayable on demand.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Financial commitments, guarantees and contingent liabilities

The bank loans of Harbour Hotels Group Limited, an intermediate parent company, are secured by a cross guarantee and a fixed and floating charge debenture over the company's assets.

 

8
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions between group companies who are wholly owned within the group.

9
Ultimate controlling party

The company is a wholly owned subsidiary of RMH Guildford LLP. The ultimate parent company is Global Reach UK Holdings Limited, a company in which Turnstone (Isle of Man) Limited is considered the ultimate controlling party. The financial statements for Global Reach UK Holdings Limited are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

The smallest group in which the results of the company are consolidated is that headed by Harbour Hotels Group Limited and the largest group in which the results of the company are consolidated is that headed by Global Reach UK Holdings Limited. The registered office of Harbour Hotels Group Limited is 60 Purewell, Christchurch, England, BH23 1ES. The registered office of Global Reach UK Holdings Limited is c/o Zedra, Booths Hall, Booths Park 3, Chelford Road, Knutsford, Cheshire, England, WA16 8GS.

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