Company Registration No. 08606785 (England and Wales)
Rydam Developments Ltd.
Unaudited accounts
for the year ended 31 May 2024
Rydam Developments Ltd.
Unaudited accounts
Contents
Rydam Developments Ltd.
Statement of financial position
as at 31 May 2024
Tangible assets
85,620
5,483
Investment property
1,200,000
1,200,000
Cash at bank and in hand
199,183
146,699
Creditors: amounts falling due within one year
(246,511)
(249,726)
Net current assets
48,883
72,192
Total assets less current liabilities
1,334,503
1,277,675
Provisions for liabilities
Deferred tax
(143,520)
(141,878)
Net assets
1,190,983
1,135,797
Called up share capital
202
202
Profit and loss account
1,190,781
1,135,595
Shareholders' funds
1,190,983
1,135,797
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2024 and were signed on its behalf by
Mr J Green
Director
Company Registration No. 08606785
Rydam Developments Ltd.
Notes to the Accounts
for the year ended 31 May 2024
Rydam Developments Ltd. is a private company, limited by shares, registered in England and Wales, registration number 08606785. The registered office is Europa House, John O Gaunts Trading Est, Rothwell, Leeds, West Yorkshire, LS26 0JB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of rents received during the period.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
33% Straight Line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rydam Developments Ltd.
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
14,189
-
2,167
16,356
Additions
770
96,405
-
97,175
At 31 May 2024
14,959
96,405
2,167
113,531
At 1 June 2023
8,939
-
1,934
10,873
Charge for the year
893
16,068
77
17,038
At 31 May 2024
9,832
16,068
2,011
27,911
At 31 May 2024
5,127
80,337
156
85,620
At 31 May 2023
5,250
-
233
5,483
Fair value at 1 June 2023
1,200,000
Investment property comprises properties held by the company for rental income purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Amounts falling due within one year
Trade debtors
14,133
14,100
Other debtors
82,078
83,399
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
23,974
26,801
Other creditors
222,537
222,925
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).