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COMPANY REGISTRATION NUMBER: 13571401
RHODES ASSET HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
RHODES ASSET HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
RHODES ASSET HOLDINGS LIMITED
BALANCE SHEET
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
405,275
409,837
Investments
5
3,601
3,601
------------
------------
408,876
413,438
Current assets
Debtors
6
170,797
194,802
Cash at bank and in hand
337,307
125,968
------------
------------
508,104
320,770
Creditors: amounts falling due within one year
7
( 72,823)
( 30,570)
------------
------------
Net current assets
435,281
290,200
------------
------------
Total assets less current liabilities
844,157
703,638
Provisions
( 2,631)
( 1,057)
------------
------------
Net assets
841,526
702,581
------------
------------
Capital and reserves
Called up share capital
9
1,801
1,801
Profit and loss account
839,725
700,780
------------
------------
Shareholders funds
841,526
702,581
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RHODES ASSET HOLDINGS LIMITED
BALANCE SHEET (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
J H Rhodes
Director
Company registration number: 13571401
RHODES ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registration number 13571401 and registered in England and Wales. The address of the registered office is Victoria Buildings, Albert Street, Lockwood, Huddersfield, HD1 3PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest pound.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the value of rental income and other recharges receivable excluding value added tax. Income is also received from Ofgem in respect of solar panels. All income is recognised when entitlement has occurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line (occupied by group companies)
Solar panels
-
5% straight line
Investments
Investments, represented by shares in group undertakings, are initially recognised at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Long leasehold property
Solar panels
Total
£
£
£
Cost
At 1 February 2023
584,155
58,950
643,105
Additions
8,061
8,061
------------
------------
------------
At 31 January 2024
592,216
58,950
651,166
------------
------------
------------
Depreciation
At 1 February 2023
200,376
32,892
233,268
Charge for the year
9,675
2,948
12,623
------------
------------
------------
At 31 January 2024
210,051
35,840
245,891
------------
------------
------------
Carrying amount
At 31 January 2024
382,165
23,110
405,275
------------
------------
------------
At 31 January 2023
383,779
26,058
409,837
------------
------------
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
3,601
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
3,601
------------
At 31 January 2023
3,601
------------
6. Debtors
2024
2023
£
£
Trade debtors
2,093
1,886
Amounts owed by group undertakings
25,705
Prepayments and accrued income
698
Other debtors
168,006
167,211
------------
------------
170,797
194,802
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,020
Amounts owed to group undertakings
38,570
Accruals and deferred income
1,500
1,500
Corporation tax
32,033
25,050
Directors loan account
720
------------
------------
72,823
30,570
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
2,631
1,057
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
2,631
1,057
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 0.01 each
180,050
1,801
180,050
1,801
------------
------------
------------
------------