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Registered number: 12616777
RSJ Property Rentals Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Nigel Ricks & Company Ltd
Chartered Accountants
42 Glebe Street
Loughborough
Leicestershire
LE11 1JR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12616777
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 586,464 372,049
586,464 372,049
CURRENT ASSETS
Debtors 5 - 430
Cash at bank and in hand 3,639 2,262
3,639 2,692
Creditors: Amounts Falling Due Within One Year 6 (264,506 ) (169,166 )
NET CURRENT ASSETS (LIABILITIES) (260,867 ) (166,474 )
TOTAL ASSETS LESS CURRENT LIABILITIES 325,597 205,575
Creditors: Amounts Falling Due After More Than One Year 7 (345,473 ) (215,377 )
NET LIABILITIES (19,876 ) (9,802 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (19,976 ) (9,902 )
SHAREHOLDERS' FUNDS (19,876) (9,802)
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert James
Director
26th November 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
RSJ Property Rentals Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12616777 . The registered office is 42 Glebe Street, Loughborough, Leicestershire, LE11 1JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight line basis
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 June 2023 379,148 120 1,500 380,768
Additions 223,415 - - 223,415
As at 31 May 2024 602,563 120 1,500 604,183
Depreciation
As at 1 June 2023 8,299 45 375 8,719
Provided during the period 8,700 19 281 9,000
As at 31 May 2024 16,999 64 656 17,719
Net Book Value
As at 31 May 2024 585,564 56 844 586,464
As at 1 June 2023 370,849 75 1,125 372,049
5. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets - 430
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 29,545 18,502
Corporation tax - 430
Accruals and deferred income 1,050 1,004
Director's loan account 24,421 22,431
Amounts owed to group undertakings 209,490 126,799
264,506 169,166
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 345,473 215,377
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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