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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
374
75
75
150
224
299
xbrli:pure
xbrli:shares
iso4217:GBP
10438179
2023-04-01
2024-03-31
10438179
2024-03-31
10438179
2023-03-31
10438179
2022-04-01
2023-03-31
10438179
2023-03-31
10438179
2022-03-31
10438179
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
10438179
bus:Director2
2023-04-01
2024-03-31
10438179
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2024-03-31
10438179
core:WithinOneYear
2023-03-31
10438179
core:ShareCapital
2024-03-31
10438179
core:ShareCapital
2023-03-31
10438179
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2024-03-31
10438179
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2023-03-31
10438179
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2023-04-01
2024-03-31
10438179
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2023-04-01
2024-03-31
10438179
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2023-04-01
2024-03-31
10438179
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2023-04-01
2024-03-31
10438179
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2023-04-01
2024-03-31
10438179
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2024-03-31
10438179
bus:OrdinaryShareClass1
2023-03-31
10438179
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2023-04-01
2024-03-31
10438179
core:OfficeEquipment
2024-03-31
10438179
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2023-03-31
10438179
core:RetainedEarningsAccumulatedLosses
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
10438179
Renown Developments Limited |
|
Filleted Unaudited Financial Statements |
|
Renown Developments Limited |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
4 |
|
224 |
299 |
|
|
|
|
|
Current assets
Stocks |
1,165,122 |
|
1,149,451 |
Debtors |
5 |
79,745 |
|
958,826 |
Cash at bank and in hand |
28,761 |
|
– |
|
------------ |
|
------------ |
|
1,273,628 |
|
2,108,277 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
313,463) |
|
(
1,160,087) |
|
------------ |
|
------------ |
Net current assets |
|
960,165 |
948,190 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
960,389 |
948,489 |
|
|
--------- |
--------- |
Net assets |
|
960,389 |
948,489 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
1 |
1 |
Profit and loss account |
8 |
|
960,388 |
948,488 |
|
|
--------- |
--------- |
Shareholders funds |
|
960,389 |
948,489 |
|
|
--------- |
--------- |
|
|
|
|
|
These 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 comprehensive income has not been delivered.
For the year ending 31 March 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 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 financial statements
.
Renown Developments Limited |
|
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
26 March 2025
, and are signed on behalf of the board by:
Company registration number:
10438179
Renown Developments Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 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 2 Kingfisher House, Woodbrook Crescent, Radford Way, Billericay, Essex, CM12 0EQ.
2.
Statement of compliance
These 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 financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Work in progress Work in progress represents property developments in progress and is measured at the lower of direct cost and estimated selling price less costs to completion and sale. Provision is made for any foreseeable losses where appropriate and the amount of any provision requires the exercise of management judgement.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and deposits repayable on demand with any qualifying financial institution, less overdrafts from any qualifying financial institution repayable on demand together with short term investments. Deposits are repayable on demand if they can be withdrawn at any time without notice and without penalty or if a maturity or period of notice of not more than 24 hours or one working day has been agreed.
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.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
20% straight line |
|
|
|
|
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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Work in progress represents property developments in progress and is measured at the lower of direct cost and estimated selling price less costs to completion and sale. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress to its present location and condition. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.
Financial assets:
Financial assets comprise cash at bank, short term investments, trade debtors, other debtors, and other loans. These are initially recorded at cost on the date they originate and are subsequently recorded at amortised cost under the effective interest method, if applicable. The company considers evidence of impairment for all individual trade and other debtors, and any resultant impairment is recognised in the Statement of Comprehensive Income.
Impairment of financial assets:
Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment. Impairment provisions represent the difference between the carrying amount of a financial asset and the value of the expected future cash receipts from that asset.
Financial liabilities:
Financial liabilities comprise other loans, trade creditors, other creditors and accruals and deferred income; these are initially recorded, and subsequently carried, at cost on the date they originate.
4.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
374 |
|
---- |
Depreciation |
|
At 1 April 2023 |
75 |
Charge for the year |
75 |
|
---- |
At 31 March 2024 |
150 |
|
---- |
Carrying amount |
|
At 31 March 2024 |
224 |
|
---- |
At 31 March 2023 |
299 |
|
---- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
76,059 |
– |
Corporation tax repayable |
– |
210,181 |
Other debtors |
3,686 |
748,645 |
|
-------- |
--------- |
|
79,745 |
958,826 |
|
-------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
379 |
Trade creditors |
9,673 |
7,826 |
Amounts owed to group undertakings |
200,566 |
882,834 |
Accruals and deferred income |
1,100 |
– |
Corporation tax |
4,300 |
– |
Director loan accounts |
– |
267,974 |
Other creditors |
97,824 |
1,074 |
|
--------- |
------------ |
|
313,463 |
1,160,087 |
|
--------- |
------------ |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9.
Directors' advances, credits and guarantees
At 31 March 2023, a loan to a director of £719,763 was included in debtors. The loan has since been repaid in full including interest which was charged at 2% on the outstanding balance.
10.
Controlling party
The company's ultimate parent undertaking is Hallmark Healthcare (Warrington) Limited. This company is registered in England and Wales.