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2023-09-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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2023-09-01
2024-08-31
03629775
2024-08-31
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2024-08-31
COMPANY REGISTRATION NUMBER:
03629775
Richmond House Estates Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Richmond House Estates Limited |
|
Abridged Financial Statements |
|
Year ended 31 August 2024
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
|
|
Abridged statement of financial position |
2 |
|
|
Notes to the abridged financial statements |
4 |
|
|
Richmond House Estates Limited |
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Richmond House Estates Limited |
|
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Richmond House Estates Limited for the year ended 31 August 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED
Chartered Certified Accountants
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
31 October 2024
Richmond House Estates Limited |
|
Abridged Statement of Financial Position |
|
31 August 2024
Fixed assets
Tangible assets |
4 |
265,000 |
265,000 |
|
|
|
|
Current assets
Debtors |
1,505 |
1,427 |
Cash at bank and in hand |
4,258 |
4,471 |
|
------- |
------- |
|
5,763 |
5,898 |
|
|
|
Creditors: amounts falling due within one year |
99,538 |
98,884 |
|
-------- |
-------- |
Net current liabilities |
93,775 |
92,986 |
|
--------- |
--------- |
Total assets less current liabilities |
171,225 |
172,014 |
|
--------- |
--------- |
Net assets |
171,225 |
172,014 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
171,223 |
172,012 |
|
--------- |
--------- |
Shareholders funds |
171,225 |
172,014 |
|
--------- |
--------- |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Richmond House Estates Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 August 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
Mr A. Cashman |
Mr P. Cashman |
Director |
Director |
|
|
Company registration number:
03629775
Richmond House Estates Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Richmond House, Avonmouth Way, Bristol, BS11 8DE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover shown in the income statement represents rental income derived from letting the company's investment property.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Depreciation is not charged on the property as required by the Companies Act and FRS 102.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
£ |
Cost |
|
At 1 September 2023 and 31 August 2024 |
265,000 |
|
--------- |
Depreciation |
|
At 1 September 2023 and 31 August 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 August 2024 |
265,000 |
|
--------- |
At 31 August 2023 |
265,000 |
|
--------- |
|
|
Included within the above is investment property as follows:
|
£ |
|
--------- |
At 1 September 2023 and 31 August 2024 |
265,000 |
|
--------- |
|
|
In April 2022 the investment property was valued at £265,000 by Andrew Forbes Chartered Surveyors. The basis of the valuation is fair value taking into account market conditions, with an effective date of valuation of 19 January 2022. The directors consider the value of the investment property to remain at £265,000 on 31 August 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31 August 2024 |
|
Aggregate cost |
191,630 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
191,630 |
|
--------- |
|
|
At 31 August 2023 |
|
Aggregate cost |
191,630 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
191,630 |
|
--------- |
|
|
5.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
7,664 |
7,664 |
Later than 1 year and not later than 5 years |
30,656 |
30,656 |
Later than 5 years |
316,140 |
362,124 |
|
--------- |
--------- |
|
354,460 |
400,444 |
|
--------- |
--------- |
|
|
|
6.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr A. Cashman |
(
6,872) |
– |
2,500 |
(
4,372) |
|
Mrs L. Cashman |
– |
– |
– |
– |
|
Mr P. Cashman |
(
6,873) |
– |
2,500 |
(
4,373) |
|
|
-------- |
---- |
------- |
------- |
|
|
(
13,745) |
– |
5,000 |
(
8,745) |
|
|
-------- |
---- |
------- |
------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr A. Cashman |
(
312) |
(
6,560) |
– |
(
6,872) |
|
Mrs L. Cashman |
(
69) |
– |
69 |
– |
|
Mr P. Cashman |
– |
(
6,873) |
– |
(
6,873) |
|
|
---- |
-------- |
---- |
-------- |
|
|
(
381) |
(
13,433) |
69 |
(
13,745) |
|
|
---- |
-------- |
---- |
-------- |
|
|
|
|
|
|
The above loans are interest free and repayable on demand.