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Registration number: 05013628

Romdale Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Romdale Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Romdale Properties Limited

(Registration number: 05013628)
Statement of Financial Position as at 31 August 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,613

1,897

Investment property

5

3,940,000

3,940,000

 

3,941,613

3,941,897

Current assets

 

Debtors

6

238,329

226,296

Cash at bank and in hand

 

52,133

39,209

 

290,462

265,505

Creditors: Amounts falling due within one year

7

(1,481,245)

(117,772)

Net current (liabilities)/assets

 

(1,190,783)

147,733

Total assets less current liabilities

 

2,750,830

4,089,630

Creditors: Amounts falling due after more than one year

7

(16,654)

(1,434,818)

Provisions for liabilities

(284,550)

(337,307)

Net assets

 

2,449,626

2,317,505

Capital and reserves

 

Called up share capital

100

100

Non-distributable reserve

1,273,253

1,219,837

Profit and loss account

1,176,273

1,097,568

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:

The members have not required the company to obtain an audit of its accounts for the year 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 


J Hockin
Director

 

Romdale Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Bucklands House
256 Fort Austin Avenue
Crownhill
Plymouth
Devon
PL6 5SS

Principal activity

The principal activity of the company is that of short term rental of owned real estate.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Reclassification of comparative amounts

The prior period has been restated to correct the revaluation of the investment property. £694,994 has been debited to OCI and credited to the profit and loss account. This has then been transferred from the profit and loss reserve into a non-distributable reserve, to keep unrealised and non-distributable gains separated from distributable profits. Finally last year this reserve was presented as a revaluation reserve and this has been rename as Non-distributable reserve this year.

 

Romdale Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

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)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

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

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 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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 September 2023

3,196

3,196

At 31 August 2024

3,196

3,196

Depreciation

At 1 September 2023

1,299

1,299

Charge for the year

284

284

At 31 August 2024

1,583

1,583

Carrying amount

At 31 August 2024

1,613

1,613

At 31 August 2023

1,897

1,897

5

Investment properties

2024
£

At 1 September

3,940,000

At 31 August

3,940,000


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.

6

Debtors

 

Romdale Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

6

Debtors (continued)

2024
£

2023
£

Amounts owed by related parties

218,021

208,539

Other debtors

-

3,885

Prepayments

20,308

13,872

238,329

226,296

 

Romdale Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

1,409,802

38,728

Trade creditors

23,212

23,212

Taxation and social security

29,831

5,984

Accruals and deferred income

8,763

9,096

Other creditors

9,637

40,752

1,481,245

117,772

Bank loans are secured by fixed charge over the property the company owns.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

16,654

1,434,818

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.

8

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)

9

Related party transactions

Transactions with directors

During the year the entity entered into the following transactions with the directors:

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

Directors

(40,752)

35,000

(5,752)

       
     

 

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

Directors

(50,752)

10,000

(40,752)

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Student Units Limited, incorporated in England and Wales. The registered office address is Bucklands House, 256 Fort Austin Avenue, Plymouth, England, PL6 5SS.