1 1 Rona Property Investment Company Limited 00591590 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of investors in commercial and residential property. Digita Accounts Production Advanced 6.30.9574.0 true false 00591590 2024-01-01 2024-12-31 00591590 2024-12-31 00591590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-12-31 00591590 core:CurrentFinancialInstruments 2024-12-31 00591590 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 00591590 core:Non-currentFinancialInstruments 2024-12-31 00591590 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 00591590 core:LandBuildings 2024-12-31 00591590 core:OtherPropertyPlantEquipment 2024-12-31 00591590 bus:SmallEntities 2024-01-01 2024-12-31 00591590 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 00591590 bus:FullAccounts 2024-01-01 2024-12-31 00591590 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00591590 bus:RegisteredOffice 2024-01-01 2024-12-31 00591590 bus:Director1 2024-01-01 2024-12-31 00591590 bus:Director2 2024-01-01 2024-12-31 00591590 bus:Director4 2024-01-01 2024-12-31 00591590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-01-01 2024-12-31 00591590 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00591590 bus:Agent1 2024-01-01 2024-12-31 00591590 core:LandBuildings 2024-01-01 2024-12-31 00591590 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 00591590 core:PlantMachinery 2024-01-01 2024-12-31 00591590 core:AllSubsidiaries 2024-01-01 2024-12-31 00591590 countries:AllCountries 2024-01-01 2024-12-31 00591590 2023-12-31 00591590 core:CostValuation 2023-12-31 00591590 core:LandBuildings 2023-12-31 00591590 core:OtherPropertyPlantEquipment 2023-12-31 00591590 2023-01-01 2023-12-31 00591590 2023-12-31 00591590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 00591590 core:CurrentFinancialInstruments 2023-12-31 00591590 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00591590 core:Non-currentFinancialInstruments 2023-12-31 00591590 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00591590 core:LandBuildings 2023-12-31 00591590 core:OtherPropertyPlantEquipment 2023-12-31 00591590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 00591590

Rona Property Investment Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Rona Property Investment Company Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Rona Property Investment Company Limited

Company Information

Directors

Mr Derek Rona

Mr Robert David Rona

Natalie Louise Meredith

Registered office

204c High Street
Ongar
Essex
CM5 9JJ

Accountants

Watson & Co 204C High Street
Ongar
Essex
CM5 9JJ

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rona Property Investment Company Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rona Property Investment Company Limited for the year ended 31 December 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Rona Property Investment Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Rona Property Investment Company Limited and state those matters that we have agreed to state to the Board of Directors of Rona Property Investment Company Limited, as a body, in this report in accordance with the Certified Public Accountants Association. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rona Property Investment Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rona Property Investment Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rona Property Investment Company Limited. You consider that Rona Property Investment Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rona Property Investment Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Watson & Co
204C High Street
Ongar
Essex
CM5 9JJ

8 May 2025

 

Rona Property Investment Company Limited

(Registration number: 00591590)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,283,929

9,284,311

Investments

6

37,741

37,741

 

9,321,670

9,322,052

Current assets

 

Debtors

7

731,138

338,092

Cash at bank and in hand

 

254

21,971

 

731,392

360,063

Creditors: Amounts falling due within one year

8

(302,908)

(432,904)

Net current assets/(liabilities)

 

428,484

(72,841)

Total assets less current liabilities

 

9,750,154

9,249,211

Creditors: Amounts falling due after more than one year

8

(460,877)

(173,682)

Provisions for liabilities

(378,866)

(378,866)

Net assets

 

8,910,411

8,696,663

Capital and reserves

 

Called up share capital

9

7,348

7,348

Revaluation reserve

3,021,383

3,021,383

Other reserves

1,372,194

1,372,194

Retained earnings

4,509,486

4,295,738

Shareholders' funds

 

8,910,411

8,696,663

For the financial year ending 31 December 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

 

Rona Property Investment Company Limited

(Registration number: 00591590)
Balance Sheet as at 31 December 2024

.........................................
Mr Derek Rona
Director

 

Rona Property Investment Company Limited

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

1

General information

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

The address of its registered office is:
204c High Street
Ongar
Essex
CM5 9JJ

These financial statements were authorised for issue by the Board on 8 May 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.

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 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.

 

Rona Property Investment Company Limited

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

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Rona Property Investment Company Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Rona Property Investment Company Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

382

510

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

9,282,781

6,151

9,288,932

At 31 December 2024

9,282,781

6,151

9,288,932

Depreciation

At 1 January 2024

-

4,621

4,621

Charge for the year

-

382

382

At 31 December 2024

-

5,003

5,003

Carrying amount

At 31 December 2024

9,282,781

1,148

9,283,929

At 31 December 2023

9,282,781

1,530

9,284,311

Included within the net book value of land and buildings above is £9,282,781 (2023 - £9,282,781) in respect of freehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

37,741

37,741

Subsidiaries

£

Cost or valuation

At 1 January 2024

37,741

Provision

Carrying amount

At 31 December 2024

37,741

At 31 December 2023

37,741

 

Rona Property Investment Company Limited

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

7

debtors

Current

Note

2024
£

2023
£

Trade debtors

 

68,040

54,133

Amounts owed by related parties

12

171,257

47,261

Other debtors

 

491,841

236,698

   

731,138

338,092

 

Rona Property Investment Company Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,917

121,704

Trade creditors

 

8,238

7,993

Taxation and social security

 

96,687

110,143

Accruals and deferred income

 

4,950

4,950

Other creditors

 

188,116

188,114

 

302,908

432,904

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

460,877

173,682

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

7,348

7,348

7,348

7,348

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

460,877

143,417

Other borrowings

-

30,265

460,877

173,682

Current loans and borrowings

 

Rona Property Investment Company Limited

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

2024
£

2023
£

Bank borrowings

-

50,000

Bank overdrafts

4,917

-

Other borrowings

-

71,704

4,917

121,704

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £61,600.00) per each Ordinary shares

-

123,200

 

 

12

Related party transactions

 

Rona Property Investment Company Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

120,000

120,092

Summary of transactions with subsidiaries

Rona Property Investment Company Limited is the parent company of Petear Properties Limited, the balance due from the subsidiary company to the parent company as at 31st December 2023 is £47,261 (2022: £47,261).