Company registration number 09446994 (England and Wales)
RHW PARTNERSHIPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
RHW PARTNERSHIPS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RHW PARTNERSHIPS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
31 May 2024
30 November 2022
Notes
£
£
£
£
Current assets
Stocks
1,727,077
1,248,078
Debtors
4
5,233
1,966
Cash at bank and in hand
670
2,515
1,732,980
1,252,559
Creditors: amounts falling due within one year
5
(1,912,091)
(1,257,471)
Net current liabilities
(179,111)
(4,912)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(179,211)
(5,012)
Total equity
(179,111)
(4,912)

The notes on pages 2 to 4 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
Mr I C Tulloch
Director
Company registration number 09446994 (England and Wales)
RHW PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

RHW Partnerships Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Albemarle Road, York, YO23 1EP.

1.1
Reporting period

These financial statements cover an 18 month period to 31st May 2024.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

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

 

The company meets its working capital requirements through a loan from an external financial provider.

 

The directors prepare annual budgets and forecasts for the company in order to ensure that they have sufficient resources in place. In addition, the board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared.

 

Therefore, the directors have the expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

 

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.5
Stock (work in progress)

Work in progress consists of direct costs incurred on developments in progress and is valued at the lower of cost or net realisable value. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

RHW PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RHW PARTNERSHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
2
2
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
5,233
1,966
5
Creditors: amounts falling due within one year
2024
2022
£
£
Other creditors
1,912,091
1,257,471

Other creditors include a loan of £1,903,591 (2022 - £1,228,481) which is repayable on demand. JED Estates Limited hold a floating charge, dated 29 March 2022, over all the property and undertaking of the company, and a fixed charge over property included in work in progress at the period end at a value of £1,727,077 as security against this loan.

6
Related party transactions

During the period the company made net repayments of £17,150 (2022 - £30,112) to RHW Developments Limited, a company owned by the directors of this company. The remaining balance of £9,340 was written off. The outstanding balance owed by the company to RHW Developments Limited at 31 May 2024 was £nil (2022 - £26,490). This balance is included in other creditors.

2024-05-312022-12-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr P J AtkinsonMr I C Tulloch094469942022-12-012024-05-31094469942024-05-31094469942022-11-3009446994core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3109446994core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3009446994core:ShareCapital2024-05-3109446994core:ShareCapital2022-11-3009446994core:RetainedEarningsAccumulatedLosses2024-05-3109446994core:RetainedEarningsAccumulatedLosses2022-11-3009446994bus:Director22022-12-012024-05-31094469942021-12-012022-11-3009446994core:WithinOneYear2024-05-3109446994core:WithinOneYear2022-11-3009446994core:CurrentFinancialInstruments2024-05-3109446994core:CurrentFinancialInstruments2022-11-3009446994bus:PrivateLimitedCompanyLtd2022-12-012024-05-3109446994bus:SmallCompaniesRegimeForAccounts2022-12-012024-05-3109446994bus:FRS1022022-12-012024-05-3109446994bus:AuditExempt-NoAccountantsReport2022-12-012024-05-3109446994bus:Director12022-12-012024-05-3109446994bus:FullAccounts2022-12-012024-05-31xbrli:purexbrli:sharesiso4217:GBP