| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period |
| 19 October 2023 to 30 September 2024 |
| for |
| RDH Developments Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period |
| 19 October 2023 to 30 September 2024 |
| for |
| RDH Developments Ltd |
| RDH Developments Ltd (Registered number: 15221696) |
| Contents of the Financial Statements |
| for the Period 19 October 2023 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| RDH Developments Ltd |
| Company Information |
| for the Period 19 October 2023 to 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| RDH Developments Ltd (Registered number: 15221696) |
| Balance Sheet |
| 30 September 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Non-distributable reserve | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| The financial statements were approved by the director and authorised for issue on |
| RDH Developments Ltd (Registered number: 15221696) |
| Notes to the Financial Statements |
| for the Period 19 October 2023 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| RDH Developments Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents rents and service charges receivable, excluding value added tax. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Following a review by the Director at the year end no revision was considered necessary to the cost of the investment property to reflect its fair value at 30 September 2024. The Director assessed the property using his overall knowledge of the property and property condition combined with the appropriate industry rental yield multiples. |
| Taxation |
| Taxation for the period 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 |
| 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 period 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. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| RDH Developments Ltd (Registered number: 15221696) |
| Notes to the Financial Statements - continued |
| for the Period 19 October 2023 to 30 September 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL. |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| Disposals | ( |
) |
| Revaluations | 663,370 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| The company had the investment property revalued by Cluttons (RICS Registered Valuers) on 31 July 2024. The directors believe the valuation accurately reflects its fair value at 30 September 2024. |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2024 | 663,370 |
| Cost | 1,836,630 |
| 2,500,000 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade debtors |
| Owing from associated undertakings | 1,396 |
| VAT |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Taxation |
| Other creditors |
| Owing to associated undertakings | 142,744 |
| Accrued expenses |
| As shown above, creditors include £142,744 owing to associated undertakings. The company is dependent upon the support of its associated companies with regard to the timing of the payment of these associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated companies, the timescale for payment of these balances is unknown. There are no formal terms of payment for these associated company balances. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| £ |
| Bank loans - 2-5 years |
| RDH Developments Ltd (Registered number: 15221696) |
| Notes to the Financial Statements - continued |
| for the Period 19 October 2023 to 30 September 2024 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| £ |
| Bank loans |
| The bank loan is secured over the company's freehold investment property and the bank holds fixed and floating charges over the assets of the company. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 | 100 |
| 100 Ordinary shares of £1 each were allotted and fully paid for |
| 10. | RESERVES |
| Retained | Non-distributable |
| earnings | reserve | Totals |
| £ | £ | £ |
| Profit for the period |
| Transfer of deferred tax | 166,000 | (166,000 | ) | - |
| Transfer of gains/losses on |
| revaluation of investment |
| property | (663,370 | ) | 663,370 | - |
| At 30 September 2024 | 779,204 |
| 11. | RELATED PARTY DISCLOSURES |
| During the period the company traded with the following related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as necessary. |
| Other related parties - common control |
| 2024 |
| £ |
| Development work | (815,000 | ) |
| Management charges | (6,867 | ) |
| Net provision of finance | 680,519 |
| Balance at period end - debtor | 1,396 |
| Balance at period end - creditor | (142,744 | ) |
| During the period the company acquired land from one of the shareholders for a value of £925,000. |