Registration number:
Romdale Properties Limited
for the Year Ended 31 August 2024
Romdale Properties Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Romdale Properties Limited
(Registration number: 05013628)
Statement of Financial Position as at 31 August 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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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)/assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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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 |
100 |
100 |
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Non-distributable reserve |
1,273,253 |
1,219,837 |
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Profit and loss account |
1,176,273 |
1,097,568 |
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Shareholders' funds |
2,449,626 |
2,317,505 |
Romdale Properties Limited
(Registration number: 05013628)
Statement of Financial Position as at 31 August 2024 (continued)
For the financial year ending 31 August 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
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Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Principal activity
The principal activity of the company is that of short term rental of owned real estate.
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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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Reclassification of comparative amounts
Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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2 |
Accounting policies (continued) |
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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for rent due during the year accrued in line with the assured short term residency agreement.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 stated in the statement of financial position 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.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Accounting policies (continued) |
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
15% reducing balance |
Impairment
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.
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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Investment properties |
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2024 |
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At 1 September |
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At 31 August |
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The investment properties with an original cost of £2,429,590 were revalued for the third time on the 25th August 2023 to £3,940,000 by Robin Wells BSc (Hons) MRICS, RICS Registered Valuer of Stratton Creber Commercial, an independent external valuer.
The directors assess that there has been no change to the valuation in the year.
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Debtors |
Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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6 |
Debtors (continued) |
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2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
- |
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Prepayments |
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Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Bank loans are secured by fixed charge over the property the company owns.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Loans and borrowings |
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Bank loans are secured by fixed charge over the property the company owns.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023 £1,279,906) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Post year end, the loan has been refinanced and therefore £1.4 million included above in currently liabilities is now due in after 1 year.
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Non-distributable reserve:
This reserve records non-distributable unrealised gains on investment property less the deferred tax provision.
Romdale Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Related party transactions |
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Transactions with directors |
During the year the entity entered into the following transactions with the directors:
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2024 |
At 1 September 2023 |
Advances to director |
At 31 August 2024 |
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Directors |
( |
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( |
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2023 |
At 1 September 2022 |
Repayments by director |
At 31 August 2023 |
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Directors |
( |
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Parent and ultimate parent undertaking |
The company's immediate parent is