Company registration number 03854284 (England and Wales)
RHUM ISLAND PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
RHUM ISLAND PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RHUM ISLAND PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,122
7,856
Investment property
4
1,086,500
1,674,145
1,092,622
1,682,001
Current assets
Debtors
5
1,802
4,405
Cash at bank and in hand
52
10
1,854
4,415
Creditors: amounts falling due within one year
6
(31,427)
(31,343)
Net current liabilities
(29,573)
(26,928)
Total assets less current liabilities
1,063,049
1,655,073
Creditors: amounts falling due after more than one year
7
(1,158,811)
(1,635,301)
Provisions for liabilities
(6,172)
(6,172)
Net (liabilities)/assets
(101,934)
13,600
Capital and reserves
Called up share capital
8
12
12
Non-distributable profits reserve
9
159,833
261,131
Distributable profit and loss reserves
(261,779)
(247,543)
Total equity
(101,934)
13,600
RHUM ISLAND PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
R J Henderson
Director
Company registration number 03854284 (England and Wales)
RHUM ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Rhum Island Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 7A, Building 6, Croxley Park, Hatters Lane, Watford, Hertfordshire, WD18 8YH.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable for the period.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10 % reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

RHUM ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 and 31 October 2024
28,519
Depreciation and impairment
At 1 November 2023
20,663
Depreciation charged in the year
1,734
At 31 October 2024
22,397
Carrying amount
At 31 October 2024
6,122
At 31 October 2023
7,856
4
Investment property
2024
£
Fair value
At 1 November 2023
1,674,145
Disposals
(587,645)
At 31 October 2024
1,086,500
RHUM ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Investment property
(Continued)
- 5 -

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
556
Other debtors
1,802
3,849
1,802
4,405
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,573
18,567
Trade creditors
1,230
846
Other creditors
12,624
11,930
31,427
31,343
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,094,811
1,570,811
Other creditors
64,000
64,490
1,158,811
1,635,301

The long-term loans are secured by fixed and floating charge over the assets of the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,094,811
1,570,811
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12
12
12
12
RHUM ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
261,131
278,633
Non distributable profits in the year
(101,298)
(17,502)
At the end of the year
159,833
261,131
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