Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity45falsetruefalse 12568211 2022-04-01 2023-03-31 12568211 2023-04-01 2024-03-31 12568211 2024-03-31 12568211 2023-03-31 12568211 1 2023-04-01 2024-03-31 12568211 d:Director1 2023-04-01 2024-03-31 12568211 d:Director1 2024-03-31 12568211 d:Director2 2023-04-01 2024-03-31 12568211 d:Director2 2024-03-31 12568211 d:Director3 2023-04-01 2024-03-31 12568211 d:Director3 2024-03-31 12568211 d:Director4 2023-04-01 2024-03-31 12568211 d:Director4 2024-03-31 12568211 d:Director5 2023-04-01 2024-03-31 12568211 d:Director5 2024-03-31 12568211 d:Director6 2023-04-01 2024-03-31 12568211 d:Director6 2024-03-31 12568211 d:Director7 2023-04-01 2024-03-31 12568211 d:Director7 2024-03-31 12568211 d:RegisteredOffice 2023-04-01 2024-03-31 12568211 c:FreeholdInvestmentProperty 2023-04-01 2024-03-31 12568211 c:FreeholdInvestmentProperty 2024-03-31 12568211 c:FreeholdInvestmentProperty 2023-03-31 12568211 c:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 12568211 c:CurrentFinancialInstruments 2024-03-31 12568211 c:CurrentFinancialInstruments 2023-03-31 12568211 c:Non-currentFinancialInstruments 2024-03-31 12568211 c:Non-currentFinancialInstruments 2023-03-31 12568211 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 12568211 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 12568211 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 12568211 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 12568211 c:ShareCapital 2024-03-31 12568211 c:ShareCapital 2023-03-31 12568211 c:RetainedEarningsAccumulatedLosses 2024-03-31 12568211 c:RetainedEarningsAccumulatedLosses 2023-03-31 12568211 d:FRS102 2023-04-01 2024-03-31 12568211 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12568211 d:FullAccounts 2023-04-01 2024-03-31 12568211 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12568211 f:PoundSterling 2023-04-01 2024-03-31 12568211 c:FreeholdInvestmentProperty c:PreviouslyStatedAmount 2023-03-31 12568211 c:FreeholdInvestmentProperty c:PriorPeriodIncreaseDecrease 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 12568211







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


RUSHMOOR HOMES LIMITED






































img04da.png                        

 


RUSHMOOR HOMES LIMITED
 


 
COMPANY INFORMATION


Directors
William James Flood (appointed 21 June 2023)
Stuart Trussler (appointed 21 June 2023)
Ivan Robert John Whitmee (appointed 1 September 2024)
Gareth Idris Williams (appointed 21 June 2023)
Marina Munro (resigned 21 June 2023)
Keith Dibble (resigned 21 June 2023)
Paul Graham Taylor (resigned 1 September 2024)




Registered number
12568211



Registered office
Council Offices
Farnborough Road

Farnborough

Hampshire

GU14 7JU




Accountants
Menzies LLP
Chartered Accountants

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG





 


RUSHMOOR HOMES LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7

 


RUSHMOOR HOMES LIMITED
REGISTERED NUMBER:12568211



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,010,000
1,822,000

  
3,010,000
1,822,000

Current assets
  

Debtors: amounts falling due within one year
 5 
28,681
6,109

Cash at bank and in hand
  
148,553
34,805

  
177,234
40,914

Creditors: amounts falling due within one year
 6 
(42,820)
-

Net current assets
  
 
 
134,414
 
 
40,914

Total assets less current liabilities
  
3,144,414
1,862,914

Creditors: amounts falling due after more than one year
 7 
(1,864,428)
(1,558,804)

Provisions for liabilities
  

Deferred tax
  
(311,599)
(67,715)

  
 
 
(311,599)
 
 
(67,715)

Net assets
  
968,387
236,395


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 8 
968,287
236,295

  
968,387
236,395

Page 1

 


RUSHMOOR HOMES LIMITED
REGISTERED NUMBER:12568211


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
William James Flood
Director

Date: 7 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


RUSHMOOR HOMES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Rushmoor Homes Limited is a private company limited by shares registered in England and Wales. The address of the registered office is disclosed on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company transitioned from FRS105 'The Financial Reporting Standard applicable to the Micro-entities Regime' to FRS 102 on 1 April 2022.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rental income and management charges receivable in the year.

 
2.3

Government grants

Grants are accounted for under the performance model as permitted by FRS 102 as follows: 

A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable.

A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met

Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 


RUSHMOOR HOMES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location, or condition of the specific asset.  
A number of the company’s investments properties were acquired with grant funding that required the properties to be let as affordable housing, which consequently reduces the current rental yields for the property.  As there are no restrictions imposed legally on the eventual disposal of the property, the fair values of these properties are also derived on the basis of current market rents that could be achieved on an open market.  
No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 


RUSHMOOR HOMES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts  receivable  and  payable,  are  initially  measured  at  present  value  of  the  future  cash  flows  and subsequently  at  amortised  cost  using  the  effective  interest  method.  Debt  instruments  that  are  payable or  receivable   within   one   year,   typically   trade   debtors   and   creditors,   are   measured,  initially   and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
However,  if  the  arrangements   of   a   short-term   instrument   constitute   a   financing   transaction,   like   the payment  of  a  trade  debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost,unless  it  qualifies  as  a  loan  from  a  director  in  the  case  of  a  small  company,  or  a  public  benefit  entity concessionary loan.

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023 (as previously stated)
1,772,500


Prior year and FRS 102 transition adjustments
49,500


At 1 April 2023 (as restated)
1,822,000


Additions at cost
1,352,845


Revaluation
(164,845)



At 31 March 2024
3,010,000

The 2024 valuations were made by the directors, on an open market value in accordance with the accounting policy set out in note 2.6. 






Page 5

 


RUSHMOOR HOMES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

As restated
2024
2023
£
£


Trade debtors
22,457
4,620

Prepayments and accrued income
6,224
1,489

28,681
6,109



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Accruals and deferred income
42,820
-

42,820
-



7.


Creditors: Amounts falling due after more than one year

As restated
2024
2023
£
£

Other loans
1,864,428
1,558,804

1,864,428
1,558,804


The loan of £1,864,428 (2023 - £1,558,804) is secured by a fixed and floating charge over the assets of the company and is repayable as a lump sum falling due after more than 5 years.

Page 6

 


RUSHMOOR HOMES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Reserves



Profit and Loss Account
 2024
Revaluation Reserve
2024
Profit and Loss Account
2023
Revaluation Reserve
2023
        £
        £
        £
        £
Balance brought forward at 1 April (as previously stated)

(194,800)

451,000

(109,600)
 
285,000
 
Prior year adjustment

(1,190)

(451,000)

-
 
(285,000)
 
Transition adjustment (on first year adoption of FRS 102)

432,285

-

228,975
 
-
 
Balance brought forward at 1 April (as restated)

236,295

-

119,375
 
-
 
Profit/(loss) for the year (as previously stated)

731,992

-

(85,200)
 
-
 
Revaluation

-

-

-
 
166,000
 
Prior year adjustment

-

-

(1,190)
 
(166,000)
 
Transition adjustment (on first year adoption of FRS 102)

-

-

203,310
 
-
 
Profit/(loss) for the year (as restated)

731,992

-

116,920
 
-
 
Balance carried forward at 31 March (as restated)

968,287

-

236,295
 
-
 

9.


First time adoption of FRS 102 and prior year adjustments

In preparing the financial statements for the year ended 31 March 2023, a number of accounting errors were made which have been corrected in the comparatives of the 2024 accounts as prior year adjustments.  In addition to this, for the year ended 31 March 2024 the company is adopting FRS102 for the first time and therefore transition adjustments from the micro-entities' regime are also reflected in the 2024 comparatives.
The net effect of the combined prior year and transition adjustments resulted in a reduction in the loss for the year ended 31 March 2023 by £202,120 to reflect a revised profit of £116,920.  As a result of the adjustments the previously reported retained profit and loss account increased by £228,975 at 1 April 2022 and by £431,095 at 1 April 2023.

 
Page 7