Registration number:
RCI Property Solutions Ltd
for the Period from 20 June 2023 to 30 June 2024
RCI Property Solutions Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
RCI Property Solutions Ltd
Company Information
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Directors |
Mr Richard Peter O'Neill Ms Cicely Fishbourne Alsbury |
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Registered office |
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Bankers |
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Accountants |
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RCI Property Solutions Ltd
(Registration number: 14947403)
Balance Sheet as at 30 June 2024
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Note |
2024 |
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Fixed assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
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Revaluation reserve |
16,604 |
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Retained earnings |
(333) |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
RCI Property Solutions Ltd
(Registration number: 14947403)
Balance Sheet as at 30 June 2024
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RCI Property Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Investment properties |
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2024 |
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Additions |
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Fair value adjustments |
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At 30 June |
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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
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
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No. |
£ |
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2 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Tangible assets |
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Total amount of revalued assets |
135,000 |
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Amount of revaluation for the year |
16,604 |
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Total carrying amount of assets had they not been revalued |
114,501 |
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RCI Property Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024
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Loans and borrowings |
Current loans and borrowings
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2024 |
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Other borrowings |
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Related party transactions |
Loans from related parties
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2024 |
Key management |
Total |
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Advanced |
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At end of period |
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Terms of loans from related parties