R & M RENTALS LIMITED |
Registered number: |
01247080 |
Balance Sheet |
as at 30 June 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
3,086,103 |
|
|
2,907,968 |
|
Current assets |
Stocks |
|
|
8,962 |
|
|
9,115 |
Debtors |
4 |
|
1,623,676 |
|
|
1,498,172 |
Cash at bank and in hand |
|
|
604,962 |
|
|
644,113 |
|
|
|
2,237,600 |
|
|
2,151,400 |
|
Creditors: amounts falling due within one year |
5 |
|
(296,227) |
|
|
(293,718) |
|
Net current assets |
|
|
|
1,941,373 |
|
|
1,857,682 |
|
Total assets less current liabilities |
|
|
|
5,027,476 |
|
|
4,765,650 |
|
|
Provisions for liabilities |
|
|
|
(350,548) |
|
|
(308,938) |
|
|
Net assets |
|
|
|
4,676,928 |
|
|
4,456,712 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Non Distributable reserve |
7 |
|
|
1,420,536 |
|
|
1,243,146 |
Profit and loss account |
8 |
|
|
3,256,292 |
|
|
3,213,466 |
|
Shareholders' funds |
|
|
|
4,676,928 |
|
|
4,456,712 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Martin J Pratt |
Director |
Approved by the board on 2 December 2024 |
|
R & M RENTALS LIMITED |
Notes to the Accounts |
for the year ended 30 June 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, from the rendering of services and rental income from the invetsments properties. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
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: |
|
|
Plant and machinery |
20% straight line |
|
Motor vehicles |
25% straight line |
|
Rental Assets |
20% straight line |
|
Fixtures & Fittings |
10% straight line |
|
House Furnishings |
10% straight line |
|
|
Depreciation at 1% straight line is provided against the freehold property used in trade. No Depreciation is provided on the Investment Properties as these are stated at previous year net book value at the end of the year and are not revalued during the year. Rental assets more than seven years old are treated as disposed off. |
|
|
Investments |
|
Investment properties are measured at previous year fair value. No Changes in fair value has been included in the profit and loss account and then transferred to the Non Distributable Reserve after adjusting deferred tax provision as required under FRS 102 as property has not been revalued during the year. |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
12 |
|
13 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2023 |
2,826,096 |
|
758,013 |
|
99,024 |
|
3,683,133 |
|
Additions |
- |
|
38,393 |
|
- |
|
38,393 |
|
Surplus on revaluation |
219,000 |
|
- |
|
- |
|
219,000 |
|
Disposals |
- |
|
(135,747) |
|
(24,781) |
|
(160,528) |
|
At 30 June 2024 |
3,045,096 |
|
660,659 |
|
74,243 |
|
3,779,998 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2023 |
79,430 |
|
650,632 |
|
45,103 |
|
775,165 |
|
Charge for the year |
2,648 |
|
48,671 |
|
13,483 |
|
64,802 |
|
On disposals |
- |
|
(135,747) |
|
(10,325) |
|
(146,072) |
|
At 30 June 2024 |
82,078 |
|
563,556 |
|
48,261 |
|
693,895 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2024 |
2,963,018 |
|
97,103 |
|
25,982 |
|
3,086,103 |
|
At 30 June 2023 |
2,746,666 |
|
107,381 |
|
53,921 |
|
2,907,968 |
|
Land & Buildings include Investment Properties with a historical cost of £927,918 (2023 - £927,918) which were revalued by the directors on 30th June 2024 at an open market value of £2,699,000 (2023 - £2,480,000). Land & Buildings include Freehold Property valued at the historical cost of £346,096 (2023 - £346,096) which is being depreciated at 1% per annum on its original cost resulting in a net book value of £264,755. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
1,604 |
|
10,771 |
|
Other debtors |
1,622,072 |
|
1,487,401 |
|
|
|
|
|
|
1,623,676 |
|
1,498,172 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
13,021 |
|
24,819 |
|
Taxation and social security costs |
43,850 |
|
34,328 |
|
Other creditors |
239,356 |
|
234,571 |
|
|
|
|
|
|
296,227 |
|
293,718 |
|
|
|
|
|
|
|
|
|
|
6 |
Share capital |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Number |
|
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares of £1 each |
100 |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
7 |
Non Distributable Reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 July 2023 |
1,243,146 |
|
1,299,763 |
|
Transfer from Profit and loss account |
177,390 |
|
(56,617) |
|
|
At 30 June 2024 |
1,420,536 |
|
1,243,146 |
|
|
|
|
|
|
|
|
|
|
8 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 July 2023 |
3,213,466 |
|
3,137,248 |
|
Profit for the year |
220,216 |
|
19,601 |
|
Transfer to / (from) Non Distributable Reserve |
(177,390) |
|
56,617 |
|
|
At 30 June 2024 |
3,256,292 |
|
3,213,466 |
|
|
|
|
|
|
|
|
|
|
9 |
Transactions with directors |
|
|
During the year, the directors' emoluments amounted to £169,200 [2023 - £167,820] and pension costs of £40,000 [2023 - £40,000]. At the balance sheet date the company owed the directors £70,581 [2023 - £64,729]. Interest of £5,228 [2023 - £4,795] was accrued on the outstanding loan account at the year end. Interest is calculated at the higher of 3% above base and 8% per annum. |
|
|
10 |
Related party transactions |
2024 |
|
2023 |
|
|
R & M Property Rentals Ltd |
£ |
£ |
|
R & M Property Rentals Ltd is jointly owned by two of the directors of R & M Rentals Limited. |
|
Amounts due from R & M Property Rentals Ltd |
1,610,027 |
|
1,475,027 |
|
11 |
Other information |
|
|
R & M RENTALS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
97-99 Worton Road, |
|
Isleworth, |
|
Middlesex, |
|
TW7 6EG |