Registered number
08901678
RS Properties (Birmingham) Limited
Report and Unaudited Accounts
31 January 2024
Collins
Chartered Accountants
West Midlands
RS Properties (Birmingham) Limited
Registered number: 08901678
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 2,967,183 3,037,581
Current assets
Stocks 310,000 438,600
Debtors 4 15,864 16,550
Cash at bank and in hand 8,471 7,833
334,335 462,983
Creditors: amounts falling due within one year 5 (1,943,789) (2,162,969)
Net current liabilities (1,609,454) (1,699,986)
Total assets less current liabilities 1,357,729 1,337,595
Creditors: amounts falling due after more than one year 6 (885,000) (885,000)
Net assets 472,729 452,595
Capital and reserves
Called up share capital 1 1
Profit and loss account 472,728 452,594
Shareholders' funds 472,729 452,595
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.
L Hodson
Director
Approved by the board on 28 October 2024
RS Properties (Birmingham) Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, modified to include the revaluation of investment property at fair value, and in accordance with the provisions of section 1 FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover comprises rents receivable net of Vat which are recognised in the period to which they relate, and property services which are invoiced as the work is performed.
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:
Motor Vehicles 25% straight line
Plant and machinery 20% straight line
Fixtures and fittings 20% straight line
Investment Properties
Investment properties are measured at fair value to include impairment losses at each reporting date,with changes recognised in profit and loss.
Stocks
Stocks are the development costs of buildings under construction and are measured at the lower of cost and estimated selling price less costs to complete and sell.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Investment Property Plant and machinery etc Total
£ £ £
Cost or Valuation
At 1 February 2023 3,034,500 129,385 3,163,885
Additions 56,000 - 56,000
Disposals (125,000) - (125,000)
At 31 January 2024 2,965,500 129,385 3,094,885
Depreciation
At 1 February 2023 - 126,304 126,304
Charge for the year - 1,398 1,398
At 31 January 2024 - 127,702 127,702
Net book value
At 31 January 2024 2,965,500 1,683 2,967,183
At 31 January 2023 3,034,500 3,081 3,037,581
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,004,958 3,049,612
Investment properties comprise of 8 Properties ( 2023 9 properties).The fair value of the investment properties have been arrived at on the basis of a professional valuation in December 2020 and January 2021.The valuation was made on an open market value basis.
4 Debtors 2024 2023
£ £
Trade debtors 15,864 16,550
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans - 67,473
Trade creditors 9,752 1,736
Corporation tax 11,678 35,446
Other taxes and social security costs 8,590 17,781
Directors loans 1,895,573 2,017,937
Accruals and deferred income 17,000 21,400
Other creditors 1,196 1,196
1,943,789 2,162,969
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 885,000 885,000
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 885,000 952,473
The bank loans are secured by fixed and floating charges over the assets of the company.
8 Pension commitments
The company operates an auto-enrolement defined contribution scheme in respect of employees eligible and wishing to enrole. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £506 (2023 £294)
9 Related party transactions
At 31 January 2024 there was a Director's loan to the company amounting to £1,897,421 (2023 - £2,017,937).
10 Controlling party
The company is under the control of Mr.L.Hodson.
11 Other information
RS Properties (Birmingham) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Castle Bromwich Hall
Chester Road,
Castle Bromwich
West Midlands
B36 9DE
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