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Registration number: 14947403

RCI Property Solutions Ltd

Unaudited Filleted Financial Statements

for the Period from 20 June 2023 to 30 June 2024

 

RCI Property Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

RCI Property Solutions Ltd

Company Information

Directors

Mr Richard Peter O'Neill

Ms Cicely Fishbourne Alsbury

Registered office

33 Southfield Drive
North Ferriby
East Yorkshire
HU14 3DU

Bankers

Monzo

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

RCI Property Solutions Ltd

(Registration number: 14947403)
Balance Sheet as at 30 June 2024

Note

2024
£

Fixed assets

 

Investment property

4

135,000

Current assets

 

Cash at bank and in hand

 

5,186

Creditors: Amounts falling due within one year

5

(120,018)

Net current liabilities

 

(114,832)

Total assets less current liabilities

 

20,168

Provisions for liabilities

(3,895)

Net assets

 

16,273

Capital and reserves

 

Called up share capital

6

2

Revaluation reserve

16,604

Retained earnings

(333)

Shareholders' funds

 

16,273

For the financial period ending 30 June 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 period 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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

 

RCI Property Solutions Ltd

(Registration number: 14947403)
Balance Sheet as at 30 June 2024

.........................................
Mr Richard Peter O'Neill
Director

.........................................
Ms Cicely Fishbourne Alsbury
Director

 

RCI Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 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:
33 Southfield Drive
North Ferriby
East Yorkshire
HU14 3DU
United Kingdom

These financial statements were authorised for issue by the Board on 14 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.

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.

 

RCI Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or 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.

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.

 

RCI Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

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 period, was 2.

4

Investment properties

2024
£

Additions

114,501

Fair value adjustments

20,499

At 30 June

135,000

The directors have determined the fair value of the investment property as at the reporting date based on their best judgment and knowledge of the local property market. In the absence of a formal independent valuation, the directors have made reference to publicly available market data, including comparable property listings and recent sales figures as published by Zoopla and other reputable property platforms.

The valuation approach adopted reflects a market-based assessment, taking into account:

The type, location, and condition of the property;

Comparable sales and rental yields for similar properties in the area;

Current market conditions and any observable trends in property values;

An assumption that the property is sold in its current condition and is available for immediate sale without undue delay.

While the valuation is not independently certified, the directors believe it represents a reasonable estimate of the property's current market value at the balance sheet date.

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

 

RCI Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

8

118,636

Taxation and social security

 

572

Accruals and deferred income

 

810

 

120,018

6

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary £1 of £1 each

2

2

   

7

Reserves

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

16,604

16,604

Tangible assets
2024
£

Total amount of revalued assets

135,000

Amount of revaluation for the year

16,604

Total carrying amount of assets had they not been revalued

114,501

 

RCI Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

Other borrowings

118,636

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

Advanced

118,636

118,636

At end of period

118,636

118,636

Terms of loans from related parties

During the year, a loan was provided to the company by the directors on an interest-free basis. There are no fixed terms for repayment, and the loan is repayable on demand. The directors have indicated no immediate intention to call for repayment.