R V Properties Limited 31/12/2024 iXBRL

Company registration number: NI040965

R V Properties Limited

Unaudited filleted abridged financial statements

31 December 2024

R V Properties Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

R V Properties Limited

Directors and other information


	Directors	G C Henderson
		R Hylands
		D Mahon
		D G Hassard
		R Allison


	Secretary	G C Henderson


	Company number	NI040965


	Registered office	13 Main Street
		Limavady
		BT49 0EP


	Accountants	ASM (D) Ltd
		79 Cunninghams Lane
		Dungannon
		Co Tyrone
		BT71 6BX




	Bankers	Danske Bank
		46 Catherine Street
		Limavady
		BT49 9DH


	Solicitors	R G Connell & Son
		13 Main Street
		Limavady
		BT49 0EP

R V Properties Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of R V Properties Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R V Properties Limited for the year ended 31 December 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of R V Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R V Properties Limited and state those matters that we have agreed to state to the board of directors of R V Properties Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland, as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R V Properties Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that R V Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R V Properties Limited. You consider that R V Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R V Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ASM (D) Ltd

Chartered Accountants

79 Cunninghams Lane

Dungannon

Co Tyrone

BT71 6BX

30 September 2025

R V Properties Limited

Abridged statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,373,003		1,653,032
Investments	6	772,701		767,702
		_______		_______
			2,145,704		2,420,734

Current assets
Stocks		75,000		75,000
Debtors		207,536		145,370
Cash at bank and in hand		86,777		30,925
		_______		_______
		369,313		251,295
Creditors: amounts falling due
within one year	7	( 120,020)		( 311,847)
		_______		_______
Net current assets/(liabilities)			249,293		( 60,552)
			_______		_______
Total assets less current liabilities			2,394,997		2,360,182

Creditors: amounts falling due
after more than one year			( 4,121)		( 14,243)
			_______		_______
Net assets			2,390,876		2,345,939
			_______		_______

Capital and reserves
Called up share capital			1,022,500		1,022,500
Share premium account			203,134		203,134
Revaluation reserve			9,717		9,717
Profit and loss account			1,155,525		1,110,588
			_______		_______
Shareholders funds			2,390,876		2,345,939
			_______		_______

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

R Hylands

Director

Company registration number: NI040965

R V Properties Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 13 Main Street, Limavady, BT49 0EP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised: Sale of propertyRevenue from the sale of property is recognised when the significant risks and rewards of ownership of the property have passed to the buyer, usually on signing of contracts, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Rental incomeRental income is recognised according to the terms of the lease.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Development land and sites are stated at the lower of cost and net realisable value. Cost is calculated at land costs, stamp duty, acquisition costs and other costs directly related to acquisition and development of the land.The directors consider the market value of each portion of development land at each year end and write down to market value any land valued below cost.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).

5. Tangible assets


		£
	Cost
	At 1 January 2024	1,972,569
	Disposals	( 416,673)
		_______
	At 31 December 2024	1,555,896
		_______
	Depreciation
	At 1 January 2024	319,537
	Charge for the year	29
	Disposals	( 136,673)
		_______
	At 31 December 2024	182,893
		_______
	Carrying amount
	At 31 December 2024	1,373,003
		_______
	At 31 December 2023	1,653,032
		_______

6. Investments


		£
	Cost
	At 1 January 2024	814,397
	Additions	5,000
	Transfers	(1)
		_______
	At 31 December 2024	819,396
		_______
	Impairment
	At 1 January 2024 and 31 December 2024	46,695
		_______
	Carrying amount
	At 31 December 2024	772,701
		_______
	At 31 December 2023	767,702
		_______

7. Creditors: amounts falling due within one year

A bounce back loan of £14,769 (2023 - £24,892) is guaranteed by the UK Government under the Bounce Back Loan Scheme. The loan is repayable over 6 years with a rate of interest of 2.5%.