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REGISTERED NUMBER: 11146444















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

RMTS PROPERTY LIMITED

RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RMTS PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







Directors: Mr R J Grant
Mrs M Wynter-Grant





Registered office: 282a High Street
Orpington
Kent
BR6 0ND





Registered number: 11146444





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 89 133
Investment property 5 6,100,000 4,950,000
6,100,089 4,950,133

Current assets
Debtors 6 78,376 1,331
Cash at bank 90,735 132,054
169,111 133,385
Creditors
Amounts falling due within one year 7 (1,946,516 ) (1,592,662 )
Net current liabilities (1,777,405 ) (1,459,277 )
Total assets less current liabilities 4,322,684 3,490,856

Creditors
Amounts falling due after more than one
year

8

(3,714,021

)

(3,266,281

)

Provisions for liabilities (159,467 ) (62,593 )
Net assets 449,196 161,982

Capital and reserves
Called up share capital 10 100 100
Retained earnings 449,096 161,882
Shareholders' funds 449,196 161,982

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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:



Mr R J Grant - Director


RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)

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

1. STATUTORY INFORMATION

RMTS Property 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 "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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover
The turnover shown in the profit and loss account represents rents receivable from investment properties during the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The directors have considered the fair value of investment property at the reporting date to be £6,100,000. This fair value has been calculated based historic purchase price and review of trends in the property market. No professional valuation has been obtained, the methods and significant assumptions applied in determining the fair value of the investment property include consideration into property market trends local to the investment property, recent property sales local to the investment property, rental yield of the property and the condition of the property.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)

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

2. ACCOUNTING POLICIES - continued

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 statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
Cost
At 1 February 2023
and 31 January 2024 420
Depreciation
At 1 February 2023 287
Charge for year 44
At 31 January 2024 331
Net book value
At 31 January 2024 89
At 31 January 2023 133

5. INVESTMENT PROPERTY
Total
£
Fair value
At 1 February 2023 4,950,000
Additions 745,252
Revaluations 404,748
At 31 January 2024 6,100,000
Net book value
At 31 January 2024 6,100,000
At 31 January 2023 4,950,000

If the investment properties had not been revalued they would have been included at the historical cost of £5,370,630 (2023: £4,625,379).

RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 5,189 1,331
Directors' loan accounts 73,187 -
78,376 1,331

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 3,053 -
Other creditors 1,922,399 1,576,449
Accruals and deferred income 21,064 8,772
Directors' loan accounts - 7,441
1,946,516 1,592,662

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 3,714,021 3,266,281

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 3,714,021 3,266,281

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank Loans 3,698,393 3,266,281

Bank loans are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£ £
Mr R J Grant and Mrs M Wynter-Grant
Balance outstanding at start of year (7,440 ) 30,262
Amounts advanced 185,090 67,062
Amounts repaid (104,463 ) (104,764 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,187 (7,440 )

RMTS PROPERTY LIMITED (REGISTERED NUMBER: 11146444)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest. The amount owed at the year end in respect of the above loans was £1,005 (2023: £331).

12. RELATED PARTY DISCLOSURES

During the period the company had the following transactions with MDWG Limited, a company under common control.


20242023
££

Balance brought forwards(1,557,904)(1,534,404)
Loans made in the year115,000177,000
Loans repaid in the year(448,000)(195,000)
Balance carried forwards(1,890,904)(1,557,904)

MDWG Limited does not charge any interest. The above balance has been included in other creditors.

During the period the company had the following transactions with Sturstons Limited, a company under common control.

20242023
££

Balance brought forwards1,000-
Loans made in the year4,1841,000
Loans repaid in the year(1,000)-
Balance carried forwards4,1841,000

The company does not charge any interest to Sturstons Limited. The above balance has been included in other debtors.