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REGISTERED NUMBER: 12935324 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 NOVEMBER 2022 TO 30 OCTOBER 2023

FOR

RML PROPERTY MANAGEMENT LIMITED

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RML PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023







DIRECTORS: Mrs J M Riley
Ms R Lewis





REGISTERED OFFICE: Croydon Hall
Rodhuish
Minehead
Somerset
TA24 6QT





REGISTERED NUMBER: 12935324 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
Chartered Accountants
Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

BALANCE SHEET
30 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 600,000 495,000

CURRENT ASSETS
Debtors 6 413 4,932
Cash at bank 48 129
461 5,061
CREDITORS
Amounts falling due within one year 7 164,100 153,868
NET CURRENT LIABILITIES (163,639 ) (148,807 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

436,361

346,193

CREDITORS
Amounts falling due after more than
one year

8

(359,618

)

(359,613

)

PROVISIONS FOR LIABILITIES 10 (19,226 ) -
NET ASSETS/(LIABILITIES) 57,517 (13,420 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserves 12 78,968 218
Retained earnings (21,551 ) (13,738 )
SHAREHOLDERS' FUNDS 57,517 (13,420 )

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

BALANCE SHEET - continued
30 OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 October 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 October 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.

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 16 October 2024 and were signed on its behalf by:





Ms R Lewis - Director


RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


1. STATUTORY INFORMATION

RML Property Management 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at the valuation at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

4. EMPLOYEES AND DIRECTORS

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 495,000
Revaluations 105,000
At 30 October 2023 600,000
NET BOOK VALUE
At 30 October 2023 600,000
At 31 October 2022 495,000

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


5. INVESTMENT PROPERTY - continued

Fair value at 30 October 2023 is represented by:
£   
Valuation in 2021 494,709
Valuation in 2022 291
Valuation in 2023 105,000
600,000

The Directors have assessed the value using current market estimates.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 413 413
Deferred tax asset - 4,519
413 4,932

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,179 2,023
Other creditors 46,764 37,395
Directors current accounts 104,957 113,490
Accruals and deferred income 1,200 960
164,100 153,868

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans over 5 years 359,618 359,613

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 359,618 359,613

9. SECURED DEBTS

Charter Court Financial Services Limited created a charge on 7 May 2021 in relation to security over property. This charge remains outstanding at the year end.

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


10. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax
Tax losses carried forward (7,097 )
Other timing differences 26,323
19,226

Deferred
tax
£   
Balance at 1 November 2022 (4,519 )
Provided during period 23,745
Balance at 30 October 2023 19,226

11. CALLED UP SHARE CAPITAL

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

12. RESERVES
Non-distri
reserves
£   
At 1 November 2022 218
Transfer 78,750

At 30 October 2023 78,968

RML PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 12935324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 30 OCTOBER 2023


13. RELATED PARTY DISCLOSURES

Included in other creditors is a balance of £Nil (2022: £Nil) due to a connected party, who has regular occupation of the investment property.

The individual who occupies the property pays the company the market rate rent.

Within other creditors is also a balance of £Nil (2022: £Nil) owed to a connected company, of which the Director exerts a significant influence over RML Property Management Ltd.

Within other creditors is also a balance of £46,764 (2022: £37,395) owed to a connected party, which exerts a significant influence over RML Property Management Ltd.

During the year, interest of £2,922 (2022: £1,986) was charged on Director's current account.