Registered number
07951532
RSGB PROPERTY LIMITED
Filleted Accounts
29 February 2024
RSGB PROPERTY LIMITED
Registered number: 07951532
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 729 912
Investment properties 4 354,702 354,702
355,431 355,614
Current assets
Cash at bank and in hand 25,947 21,994
Creditors: amounts falling due within one year 5 (4,418) (4,445)
Net current assets 21,529 17,549
Total assets less current liabilities 376,960 373,163
Creditors: amounts falling due after more than one year 6 (327,363) (329,103)
Net assets 49,597 44,060
Capital and reserves
Called up share capital 2 2
Profit and loss account 49,595 44,058
Shareholders' funds 49,597 44,060
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Goddard
Director
Approved by the board on 6 October 2024
RSGB PROPERTY LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% Reducing balance
Investment Properties
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 which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 10,478
At 29 February 2024 10,478
Depreciation
At 1 March 2023 9,566
Charge for the year 183
At 29 February 2024 9,749
Net book value
At 29 February 2024 729
At 28 February 2023 912
4 Investments
Investment
Properties
£
Cost
At 1 March 2023 354,702
At 29 February 2024 354,702
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,858 2,858
Accruals 1,342 1,444
Other creditors 218 143
4,418 4,445
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 153,598 155,650
Other creditors 173,765 173,453
327,363 329,103
7 Related party transactions
At the year end the company owed £173,765 to the directors of the company, in respect of interest free loans which are repayable on demand.
8 Other information
RSGB PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Twelve Quays House
Egerton Wharf
Wirral
England
CH41 1LD
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