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Rhino Enterprises Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

Registration number: 06435732

 

Rhino Enterprises Properties Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Rhino Enterprises Properties Limited

(Registration number: 06435732)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

4,300,000

5,700,000

Current assets

 

Debtors

5

7,785,322

6,535,368

Cash at bank and in hand

 

302

308

 

7,785,624

6,535,676

Creditors: Amounts falling due within one year

6

(126,018)

(531,423)

Net current assets

 

7,659,606

6,004,253

Total assets less current liabilities

 

11,959,606

11,704,253

Creditors: Amounts falling due after more than one year

6

(230,272)

(254,483)

Provisions for liabilities

(594,000)

(625,000)

Net assets

 

11,135,334

10,824,770

Capital and reserves

 

Called up share capital

2

2

Other reserves

2,771,000

3,340,000

Retained earnings

8,364,332

7,484,768

Shareholders' funds

 

11,135,334

10,824,770

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
Mr R N J Schofield
Director

 

Rhino Enterprises Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Regent Buildings
Regent Street
Leeds
LS2 7QA

These financial statements were authorised for issue by the Board on 17 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

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

The current income 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Rhino Enterprises Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly atributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and 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.

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 income statement 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 directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 August

5,700,000

Disposals

(1,400,000)

At 31 July

4,300,000

The directors have reviewed the valuation of the investment property and conclude that it reflects the market valuation at the year end.

There has been no valuation of investment property by an independent valuer.

During the year the company sold one of its investment properties for £1,400,000 which equalled the market valuation brought forward from the previous year revaluation.

Carrying amount of investment property rented to another group entity

The carrying amount of investment property rented to another group entity was £ 4,300,000 (2023 - £4,300,000) .

 

Rhino Enterprises Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by group undertakings

9

7,559,790

6,235,251

Prepayments

 

52

446

Other debtors

 

225,480

299,671

   

7,785,322

6,535,368

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

26,544

26,543

Trade creditors

 

13,776

8,583

Amounts owed to group undertakings and associated companies

9

12,998

59,149

Accruals and deferred income

 

72,700

93,374

Other creditors

 

-

343,774

 

126,018

531,423

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

230,272

254,483

 

Rhino Enterprises Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Retained earnings
£

Movement in fair value adjustments

(569,000)

569,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Non-distributable reserve
£

Retained earnings
£

Movement in fair value adjustments

(15,000)

15,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

230,272

254,483

Current loans and borrowings

2024
£

2023
£

Bank borrowings

26,544

26,543

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the year end the company was owed £477,693 (2023 creditor £39,149) from associated companies under common control.
No interest has been charged on these balances.

At the year end the company was owed £7,082,098 (2023 £6,235,249) from Rhino Enterprises Limited.

 

10

Parent and ultimate parent undertaking

The company's ultimate parent is Rhino Enterprises Holdings Ltd, incorporated in England.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ