Registered number
01578859
Richmede Properties Limited
Filleted Accounts
31 December 2024
Richmede Properties Limited
Registered number: 01578859
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,539,001 2,539,001
Current assets
Debtors 4 145,190 145,190
Cash at bank and in hand 33,048 31,822
178,238 177,012
Creditors: amounts falling due within one year 5 (1,681,554) (1,663,271)
Net current liabilities (1,503,316) (1,486,259)
Total assets less current liabilities 1,035,685 1,052,742
Provisions for liabilities (126,350) (126,350)
Net assets 909,335 926,392
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 665,349 665,349
Profit and loss account 243,886 260,943
Shareholder's funds 909,335 926,392
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M C E Tuson
Director
Approved by the board on 11 September 2025
Richmede Properties Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Other fixed assets 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Freehold property Leasehold property Other fixed assets Total
£ £ £ £
Cost
At 1 January 2024 1,500,000 1,039,000 56,293 2,595,293
At 31 December 2024 1,500,000 1,039,000 56,293 2,595,293
Depreciation
At 1 January 2024 - - 56,292 56,292
At 31 December 2024 - - 56,292 56,292
Net book value
At 31 December 2024 1,500,000 1,039,000 1 2,539,001
At 31 December 2023 1,500,000 1,039,000 1 2,539,001
4 Debtors 2024 2023
£ £
Other debtors 145,190 145,190
5 Creditors: amounts falling due within one year 2024 2023
£ £
Amount due to the estate of D R Sayer 1,650,412 1,650,412
Accruals and deferred income 31,142 12,859
1,681,554 1,663,271
6 Revaluation reserve 2024 2023
£ £
At 1 January 2024 665,349 665,349
At 31 December 2024 665,349 665,349
7 Related party transactions 2024 2023
Chancecroft Limited
Common directorship and shareholding
Interest - free loan
Amount due from the related party 145,190 145,190
The estate of Ms P Tuson
Former director and shareholder Richmede Properties Limited
Interest - free loan
Amount due to the related party 1,650,412 1,650,412
8 Controlling party
The estate of Ms.P C Tuson is the holder of the entire issued share capital of the company and is therefore considered to be the controlling party.
9 Other information
Richmede Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 23
Kingspark Business Centre
152-178 Kingston Road
New Malden
KT3 3ST
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