Company registration number 03990550 (England and Wales)
RYMILL PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
RYMILL PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RYMILL PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
365,935
379,144
Current assets
Stocks
1,391,987
1,345,987
Debtors
4
189,832
316,936
Cash at bank and in hand
81,167
73,751
1,662,986
1,736,674
Creditors: amounts falling due within one year
5
(101,175)
(118,643)
Net current assets
1,561,811
1,618,031
Total assets less current liabilities
1,927,746
1,997,175
Creditors: amounts falling due after more than one year
6
(146,885)
(216,017)
Provisions for liabilities
(32,656)
(35,916)
Net assets
1,748,205
1,745,242
Capital and reserves
Called up share capital
7
1,000
1,000
Revaluation reserve
8
137,317
137,317
Profit and loss reserves
1,609,888
1,606,925
Total equity
1,748,205
1,745,242

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RYMILL PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr I J Rymill
Director
Company Registration No. 03990550
RYMILL PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Rymill Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Eastwood Court, Broadwater Road, Romsey, Hampshire, United Kingdom, SO51 8JJ. The principal place of business is Unit A4, The Premier Centre, Abbey Park Industial Centre, Romsey, Hampshire, United Kingdom, SO51 9DG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated as the properties are maintained in such a state of repair that their residual value is at least equal to their net book value.
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

RYMILL PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RYMILL PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
RYMILL PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
325,000
64,503
18,156
71,149
478,808
Depreciation and impairment
At 1 May 2023
-
0
54,866
15,787
29,011
99,664
Depreciation charged in the year
-
0
1,927
748
10,534
13,209
At 30 April 2024
-
0
56,793
16,535
39,545
112,873
Carrying amount
At 30 April 2024
325,000
7,710
1,621
31,604
365,935
At 30 April 2023
325,000
9,637
2,369
42,138
379,144

Previously the director valued the Freehold land and buildings at £325,000 based an open market value basis by reference to market evidence of transaction prices for similar properties. The director considers there to be no material movement in the value of the Freehold land and buildings at 30 April 2024.

Freehold land and buildings is carried at valuation. If it was measured using the cost model, the carrying amounts would have been approximately as outlined below;

Freehold land and buildings
2024
2023
£
£
Cost
205,704
205,704
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
80,745
187,429
Other debtors
109,087
129,507
189,832
316,936

 

Included within 'Other debtors' is £92,913 (2023 - £92,593) owing to P.R. Homes Limited, a company controlled by director Ian Rymill.

RYMILL PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,881
8,550
Trade creditors
40,359
75,341
Taxation and social security
25,845
9,379
Other creditors
26,090
25,373
101,175
118,643

Bank loans of £8,881 (2023 - £8,550) are secured on the current and fixed assets of the company,

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,089
37,302
Other creditors
118,796
178,715
146,885
216,017

Bank loans of £28,089 (2023 - £37,302) are secured on the current and fixed assets of the company.

 

Included with 'Other creditors' is £118,796 (2023 - £178,715) owed to the directors.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
510
510
510
510
B Ordinary of £1 each
490
490
490
490
1,000
1,000
1,000
1,000
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
137,317
-
0
Revaluation surplus arising in the year
-
0
160,400
Deferred tax on revaluation of tangible assets
-
(23,083)
At the end of the year
137,317
137,317
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