Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Jeremy Rihll Jeffrey Slade Jeremy Paul Blake Rihll Jeffrey Mark Slade 11 June 2025 The principal activity of the Company during the financial year was that of property development. 08698606 2024-09-30 08698606 2023-09-30 08698606 core:CurrentFinancialInstruments 2024-09-30 08698606 core:CurrentFinancialInstruments 2023-09-30 08698606 core:Non-currentFinancialInstruments 2024-09-30 08698606 core:Non-currentFinancialInstruments 2023-09-30 08698606 core:ShareCapital 2024-09-30 08698606 core:ShareCapital 2023-09-30 08698606 core:RetainedEarningsAccumulatedLosses 2024-09-30 08698606 core:RetainedEarningsAccumulatedLosses 2023-09-30 08698606 core:CostValuation 2023-09-30 08698606 core:CostValuation 2024-09-30 08698606 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-09-30 08698606 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-09-30 08698606 bus:OrdinaryShareClass1 2024-09-30 08698606 2023-10-01 2024-09-30 08698606 bus:FilletedAccounts 2023-10-01 2024-09-30 08698606 bus:SmallEntities 2023-10-01 2024-09-30 08698606 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08698606 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08698606 bus:Director1 2023-10-01 2024-09-30 08698606 bus:Director2 2023-10-01 2024-09-30 08698606 bus:Director3 2023-10-01 2024-09-30 08698606 bus:Director4 2023-10-01 2024-09-30 08698606 2022-10-01 2023-09-30 08698606 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 08698606 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 08698606 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 08698606 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08698606 (England and Wales)

RS DEVELOPMENTS (SOUTH WEST) LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

RS DEVELOPMENTS (SOUTH WEST) LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

RS DEVELOPMENTS (SOUTH WEST) LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
RS DEVELOPMENTS (SOUTH WEST) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 100 100
100 100
Current assets
Stocks 466,118 456,602
Debtors 4 67,624 856,640
Cash at bank and in hand 21,460 10,521
555,202 1,323,763
Creditors: amounts falling due within one year 5 ( 315,793) ( 1,067,082)
Net current assets 239,409 256,681
Total assets less current liabilities 239,509 256,781
Creditors: amounts falling due after more than one year 6 ( 7,033) ( 17,365)
Net assets 232,476 239,416
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 232,376 239,316
Total shareholders' funds 232,476 239,416

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RS Developments (South West) Ltd (registered number: 08698606) were approved and authorised for issue by the Board of Directors on 11 June 2025. They were signed on its behalf by:

Jeremy Paul Blake Rihll
Director
Jeffrey Mark Slade
Director
RS DEVELOPMENTS (SOUTH WEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
RS DEVELOPMENTS (SOUTH WEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RS Developments (South West) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lorams, Perkins Village, Exeter, EX5 2JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 100
At 30 September 2024 100
Carrying value at 30 September 2024 100
Carrying value at 30 September 2023 100

4. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 0 791,504
Deferred tax asset 0 992
VAT recoverable 5,624 5,144
Other debtors 62,000 59,000
67,624 856,640

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,332 10,077
Trade creditors 1,423 1,615
Amounts owed to own subsidiaries 248,496 0
Amounts owed to directors 0 1,006,726
Accruals 3,810 3,686
Taxation and social security 480 452
Other creditors 51,252 44,526
315,793 1,067,082

The bank loans of £10,332 (2023: £10,077) are secured by a fixed charge over the tangible assets and intellectual property of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,033 17,365

The bank loans of £7,033 (2023: £17,365) are secured by a fixed charge over the tangible assets and intellectual property of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by companies under common control 62,000 59,000
Amounts owed to companies under common control 51,252 44,526

As RS Seaton Limited is a 100% subsidiary of RS Developments (South West) Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its subsidiary company.

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 0 1,006,726

There are no repayment terms on the above balances, and no interest has been charged in either the current or previous year.