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Registration number: 03388091

Rendlesham Property Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Rendlesham Property Developments Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Rendlesham Property Developments Limited

Company Information

Directors

F Heath

M Heath

Company secretary

C Heath

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Rendlesham Property Developments Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

F Heath

M Heath

Principal activity

The principal activity of the company is that of property development

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 July 2025 and signed on its behalf by:
 

.........................................
M Heath
Director

 

Rendlesham Property Developments Limited

(Registration number: 03388091)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,882

-

Current assets

 

Stocks

5

4,511,052

4,875,620

Debtors

6

30,215

28,744

Cash at bank and in hand

 

445,242

22,577

 

4,986,509

4,926,941

Creditors: Amounts falling due within one year

7

(1,203,159)

(903,610)

Net current assets

 

3,783,350

4,023,331

Total assets less current liabilities

 

3,798,232

4,023,331

Creditors: Amounts falling due after more than one year

7

(380,540)

(395,871)

Provisions for liabilities

(1,425)

(1,425)

Net assets

 

3,416,267

3,626,035

Capital and reserves

 

Called up share capital

8

76

76

Capital redemption reserve

24

24

Retained earnings

3,416,167

3,625,935

Shareholders' funds

 

3,416,267

3,626,035

For the financial year ending 31 October 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 Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 18 July 2025 and signed on its behalf by:
 

.........................................
M Heath
Director

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
5 Private Road
Enfield
Middlesex
EN1 2EL

These financial statements were authorised for issue by the Board on 18 July 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet 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.

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:

Asset class

Depreciation method and rate

Plant & machinery

15% straight line

Motor vehicles

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

4,899

15,999

20,898

Additions

17,508

-

17,508

At 31 October 2024

22,407

15,999

38,406

Depreciation

At 1 November 2023

4,899

15,999

20,898

Charge for the year

2,626

-

2,626

At 31 October 2024

7,525

15,999

23,524

Carrying amount

At 31 October 2024

14,882

-

14,882

5

Stocks

2024
£

2023
£

Work in progress

4,511,052

4,875,620

6

Debtors

2024
£

2023
£

Other debtors

22,500

20,000

Prepayments

7,715

8,744

30,215

28,744

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11,497

11,430

Trade creditors

 

111,076

111,076

Taxation and social security

 

187,143

88,661

Accruals and deferred income

 

5,000

10,000

Other creditors

 

888,443

682,443

 

1,203,159

903,610

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,160 (2023- £11,160).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

380,540

395,871

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £318,540 ( 2023 - £333,871).

 

Rendlesham Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

76

76

76

76

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,092.11 (2023 - £1,388.16) per each Ordinary Shares

83,000

105,500

 

 

10

Related party transactions

Summary of transactions with other related parties

Included in other debtors is an amount of £20,000 (2023: £20,000) owed by Imax Properties Limited, a dormant company under common control. Included in other creditors is an amount of £500,000 owed to a former shareholder and director.