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Registration number: 13309166

Rushmear Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Rushmear Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Rushmear Ltd

Company Information

Director

V Simpson

Registered office

34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Rushmear Ltd

(Registration number: 13309166)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

356,109

210,103

Current assets

 

Debtors

5

432

130

Cash at bank and in hand

 

4,942

60,381

 

5,374

60,511

Creditors: Amounts falling due within one year

6

(115,394)

(122,913)

Net current liabilities

 

(110,020)

(62,402)

Total assets less current liabilities

 

246,089

147,701

Creditors: Amounts falling due after more than one year

6

(258,967)

(151,260)

Net liabilities

 

(12,878)

(3,559)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(12,879)

(3,560)

Shareholders' deficit

 

(12,878)

(3,559)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Rushmear Ltd

(Registration number: 13309166)
Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

.........................................
V Simpson
Director

 

Rushmear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF
United Kingdom

These financial statements were authorised for issue by the director on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

 

Rushmear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company with continue to trade in operational existence for the foreseeable future. At the balance sheet date the company has net current liabilities of £110,020 (2023: £62,402). Included within other creditors is £112,994 (2023: £121,714) of loans from the directors who have confirmed that they will not seek repayment of these loans until such a time as the company has sufficient cash to pay these amounts.

The directors have considered the position of the company with respect to its obligations to ensure that the business can continue in operational existence for the foreseeable future and confirm their approval to adopt the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rushmear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 May

210,103

Additions

146,006

At 30 April

356,109


The director does not believe there to be a material variation in market value of the investment properties at the balance sheet date.

 

Rushmear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

432

130

 

432

130

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

2,400

1,200

Other creditors

112,994

121,713

115,394

122,913

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

258,967

151,260

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Rushmear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

258,967

151,260