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REGISTERED NUMBER: 03716524 (England and Wales)















RPS DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024






RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RPS DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P S Edwards BSc MRICS
S A Edwards





REGISTERED OFFICE: Unit 2 Tilcon Avenue
Tilcon Industrial Estate
Stafford
ST18 0YJ





REGISTERED NUMBER: 03716524 (England and Wales)

RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 5,240,026 2,102,826

CURRENT ASSETS
Stocks - 1,868,643
Debtors 5 242,341 231,918
Cash at bank 50,823 30,887
293,164 2,131,448
CREDITORS
Amounts falling due within one year 6 (4,355,800 ) (2,947,201 )
NET CURRENT LIABILITIES (4,062,636 ) (815,753 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,177,390 1,287,073

CREDITORS
Amounts falling due after more than one
year

7

(652,530

)

(787,844

)

PROVISIONS FOR LIABILITIES (44,271 ) (5,706 )
NET ASSETS 480,589 493,523

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 313,003 197,307
Retained earnings 167,486 296,116
SHAREHOLDERS' FUNDS 480,589 493,523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

BALANCE SHEET - continued
31 MAY 2024


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 9 October 2024 and were signed on its behalf by:





P S Edwards BSc MRICS - Director


RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

RPS Developments 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. ACCOUNTING POLICIES

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years present unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rent receivable
Represents income received from the company's investment properties, all of which are rented under operating leases and from the sale of property developed by the company. Rents received are accounted for on a straight line basis over the term of the lease.

Sale of properties
Represents the amounts receivable from the sale of properties. Properties are treated as sold and profits are recognised at the point control of the property is passed to the customer, which has been determined as the point of legal completion.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 2,102,826
Additions 2,982,939
Revaluations 154,261
At 31 May 2024 5,240,026
NET BOOK VALUE
At 31 May 2024 5,240,026
At 31 May 2023 2,102,826

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2023 2,102,826
Valuation in 2024 3,137,200
5,240,026

RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,019,893 1,882,693

Investment property was valued on an open market basis on 31 May 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,668 16,143
Amounts owed by associates 220,000 213,000
Prepayments and accrued income 5,673 2,775
242,341 231,918

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,059,993 1,192,135
Trade creditors 56,838 22,304
Amounts owed to associates 2,188,210 1,716,491
Tax - 4,184
Social security and other taxes 469 -
VAT 919 1,374
Directors' current accounts 18 18
Accruals and deferred income 49,353 10,695
4,355,800 2,947,201

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 50,666 119,953
Bank loans - 2-5 years 601,864 667,891
652,530 787,844

RPS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03716524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,712,523 1,979,979

Bank loans totalling £2,712,523 (2023 - £1,979,980 are secured against freehold property held by the company.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Revaluation
reserve
£   
At 1 June 2023 197,307
Revalued in year 115,696

At 31 May 2024 313,003

11. RELATED PARTY DISCLOSURES

The amounts owed from associates is only recoverable after bank loans in the associate company have been settled in full.