| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| RICHDEN DEVELOPMENTS LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| RICHDEN DEVELOPMENTS LTD |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 3 |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investment property | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Fair value reserve | 12 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| BALANCE SHEET - continued |
| 31 AUGUST 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | Statutory information |
| Richden Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11540552. The registered office and business address is 22 Rufford Avenue, Northampton, NN3 3NY. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents income received in respect of residential property rental. |
| Tangible fixed assets |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Financial instruments |
| Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
| At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | Tangible fixed assets |
| Computer |
| equipment |
| £ |
| Cost |
| Additions |
| At 31 August 2024 |
| Depreciation |
| Charge for year |
| At 31 August 2024 |
| Net book value |
| At 31 August 2024 |
| 5. | Investment property |
| Total |
| £ |
| Cost |
| At 1 September 2023 |
| and 31 August 2024 |
| Net book value |
| At 31 August 2024 |
| At 31 August 2023 |
| The director has valued the investment property at 31 August 2024 based on current market conditions. |
| 6. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Directors' current accounts | 7,355 | 10,183 |
| Prepayments and accrued income |
| 7. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Tax |
| Accruals and deferred income |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 267,076 | 275,653 |
| 9. | Secured debts |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank Loans | 335,982 | 343,182 |
| Charter Court Financial Services Limited has legal charges over the 125 Stanhope Road, Northampton property, dated 29 November 2019. |
| The Mortgage Works (UK) PLC has legal charges over the 62 Lyon Road, Northampton property, dated 3 June 2024. |
| 10. | Provisions for liabilities |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 52,417 | 52,344 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Charge to Income statement during year |
| Balance at 31 August 2024 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 4 | 4 |
| RICHDEN DEVELOPMENTS LTD (REGISTERED NUMBER: 11540552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 12. | Reserves |
| Fair |
| value |
| reserve |
| £ |
| At 1 September 2023 |
| and 31 August 2024 |
| 13. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| At the balance sheet date the Directors, Mr and Mrs Richards, owed the company £7,355. The amount outstanding at the balance sheet date was repaid in full within 9 months of the year end. |
| 14. | Ultimate controlling party |
| The Company is under the control of the Directors, Mr and Mrs Richards by virtue of their combined 100% holding of the issued voting share capital of the Company. |