Company Registration No. 15282021 (England and Wales)
RMS (WELWYN GARDEN CITY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2025
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
RMS (WELWYN GARDEN CITY) LIMITED
CONTENTS
Page
Directors' report
1 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
RMS (WELWYN GARDEN CITY) LIMITED
COMPANY INFORMATION
Directors
Mr Mark Lahiff
(Appointed 14 November 2023)
Mr Edward Chong
(Appointed 12 June 2025)
Mr Chun Fai Lee
(Appointed 12 June 2025)
Company number
15282021
Registered office
Ground Floor
53 New Broad Street
London
EC2M 1JJ
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
RMS (WELWYN GARDEN CITY) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the period from 14 November 2023 to 31 March 2025. The company was incorporated on 14 November 2023 as RMS (Welwyn) Limited, and subsequently changed its name to RMS (Welwyn Garden City) Limited on 15 November 2023. The company commenced trading on 17 November 2023.

Principal activities

The principal activity of the company is the development of the land known as The Wheat Quarter (the "Land Held for Development and Sale").

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr Mark Lahiff
(Appointed 14 November 2023)
Mr Edward Chong
(Appointed 12 June 2025)
Mr Chun Fai Lee
(Appointed 12 June 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Auditor

Verallo were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

RMS (WELWYN GARDEN CITY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

At the balance sheet date, the company's current liabilities exceeded current assets by £225,759. In reaching their conclusion over the going concern status of the company, the director s considered the support obtained from its immediate parent company, RMS (England) Limited not to seek repayment of the £22,985,440 loaned to the company for the foreseeable future and to provide cashflow support to enable the company to pay its creditors as they fall due for the foreseeable future.

Having carefully considered the cashflow required and the support obtained for the foreseeable future and the indirect support therefore obtained through its parent company, from the intermediate parent company IJM Land Berhad, t he directors have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

RMS (WELWYN GARDEN CITY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr Mark Lahiff
Director
27 October 2025
RMS (WELWYN GARDEN CITY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RMS (WELWYN GARDEN CITY) LIMITED
- 4 -
Opinion

We have audited the financial statements of RMS (Welwyn Garden City) Limited (the 'company') for the period ended 31 March 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

RMS (WELWYN GARDEN CITY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RMS (WELWYN GARDEN CITY) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

RMS (WELWYN GARDEN CITY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RMS (WELWYN GARDEN CITY) LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. Th is description forms part of our auditor’s report.

RMS (WELWYN GARDEN CITY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RMS (WELWYN GARDEN CITY) LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Hewitt-Dutton FCCA (Senior Statutory Auditor)
For and on behalf of Verallo
Statutory Auditor
Office: Henley-on-Thames
5 November 2025
RMS (WELWYN GARDEN CITY) LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
Period from 14 November 2023 to
31 March
2025
Notes
£
Administrative expenses
(273,498)
Other operating income
51,768
Operating (loss)/profit
(221,730)
Investment income
7
1,090
Finance costs
8
(5,219)
(Loss)/profit before taxation
(225,859)
Tax on (loss)/profit
9
-
0
(Loss)/profit and total comprehensive income for the financial period
15
(225,859)
RMS (WELWYN GARDEN CITY) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
Notes
£
£
Current assets
Property held for development and sale
10
22,419,473
Trade and other receivables
11
52,423
Cash and cash equivalents
407,425
22,879,321
Current liabilities
Trade and other payables
13
23,105,080
Net current liabilities
(225,759)
Equity
Called up share capital
14
100
Retained earnings
15
(225,859)
Total equity
(225,759)
The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
Mr Mark Lahiff
Director
Company Registration No. 15282021
RMS (WELWYN GARDEN CITY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 14 November 2023
-
-
-
Period ended 31 March 2025:
Loss and total comprehensive income for the period
-
(225,859)
(225,859)
Issue of share capital
14
100
-
100
Balance at 31 March 2025
100
(225,859)
(225,759)
RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

RMS (Welwyn Garden City) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 53 New Broad Street, London, EC2M 1JJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The se are the company's first set of financial statements. The financial statements for the period from 14 November 2023 to 31 March 202 5 have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards, and are the company's first set of financial statements prepared in accordance with FRS 101.

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. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of RMS (England) Limited. The group accounts of RMS (England) Limited are available to the public and can be obtained as set out in note 18.

1.2
Going concern

At the balance sheet date, the company true's current liabilities exceeded current assets by £225,759. In reaching their conclusion over the going concern status of the company, the director s considered the support obtained from its immediate parent company, RMS (England) Limited not to seek repayment of the £22,985,440 loaned to the company for the foreseeable future and to provide cashflow support to enable the company to pay its creditors as they fall due for the foreseeable future.

Having carefully considered the cashflow required and the support obtained for the foreseeable future and the indirect support therefore obtained through its parent company, from the intermediate parent company IJM Land Berhad, t he directors have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.3
Property held for development and sale

Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as inventory, and is measured at the lower of cost and net realisable value.

The cost includes leasehold rights for land, amounts paid and payable to contractors for construction, borrowing costs, planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, construction overheads and other related costs.

Where there is reasonable certainty that a project will proceed from predevelopment stage, and it is considered that the costs are fully recoverable, predevelopment costs are carried as part of the dealing stock.

On an annual basis, or if a trigger event occurs, the Company assesses whether the estimated net realisable value is below its cost in determining its carrying value. Where the estimated net realisable value is below cost, the property value is impaired and written down to the net realisable value. If in subsequent period the estimated net realisable value recover, the impairment is reserved in those periods but is limited to the original cost of the property.

Revenue from the sale of properties is recognised when the performance obligation of the contract is completed, which is considered on legal completion of the unit. The customer will then receive the benefit of the asset following the performance obligation of legal completion to the customer on completion.

The margin forecast of the development drives the recognition of costs as each unit is sold. This process is effectively a method of allocating the total expected costs, representing both land and build costs, of a development over each individual unit to achieve standard build cost per unit.

The cost allocation framework ensures broadcast gross margin (in % terms) to be achieved on each individual plot is equal across the development. To the extent that additional costs or savings are identified as the site progresses, these are recognised over the remaining plots unless they are specific to a particular plot, in which case they are recognised in the Income Statement at the point of sale.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.4
Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Equity instruments

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 15 -
2
Adoption of new and revised standards and changes in accounting policies

During the current financial period, the Company has applied a number of new or amended International Financial Reporting Standards (“IFRSs”) and interpretations issued by the International Accounting Standards Board (“IASB”) that are mandatorily effective for accounting periods beginning on or after 1 April 2024.

The Company has reviewed these new and revised standards and interpretations and determined that their application has not had a material impact on the accounting policies, recognition or measurement bases, or the financial statements of the Company for the period ended 31 March 2025.

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective:

The following amendments are effective for periods beginning on or after 1 January 2025:

- Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates

The following amendments are effective for periods beginning on or after 1 January 2026:

- Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

- Annual Improvements to IFRS Accounting Standards – Amendments to:

  - IFRS 1 First-time Adoption of International Financial Reporting Standards;

  - IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7

  - IFRS 9 Financial Instruments;

  - IFRS 10 Consolidated Financial Statements; and

  - IAS 7 Statement of Cash flows

- Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7

The following amendments are effective for periods beginning on or after 1 January 2027:

- IFRS 18 Presentation and Disclosure in Financial Statements

- IFRS 19 Subsidiaries without Public Accountability: Disclosures

- IFRS for SMES third edition

The effective date for the following amendments is yet to be determined:

- Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures

The application of such IFRS’s has been reviewed but are not considered to have a significant effect on the Company's accounting policies or financial statements.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 16 -
3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation uncertainty
Valuation of inventory

Determining whether inventory is impaired requires an assessment as to whether there are any indicators of impairment. In conducting the assessment this year, management collated conditional offers that had been received from third parties to arrive at an estimate for the fair value of the inventory. The carrying amount of inventory at the reporting end date was £22,419,472. No impairment loss was recognised during the period.

4
Auditor's remuneration
2025
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
17,500
5
Employees

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

2025
Number
1
RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 17 -
6
Directors' remuneration
2025
£

The director who served during the accounting period is a director of other undertakings within the IJM Corporation Berhad Group and their remuneration for the period was paid by other undertakings. The director did not receive any remuneration in relation to the company as the qualifying services provided to the company were incidental to the qualifying services provided to other subsidiary undertakings.

7
Investment income
2025
£
Interest income
Other interest income
1,090
8
Finance costs
2025
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
5,219
9
Taxation
2025
£

The charge for the period can be reconciled to the loss per the income statement as follows:

2025
£
Loss before taxation
(225,859)
Expected tax credit based on a corporation tax rate of 25.00%
(56,465)
Unutilised tax losses carried forward
56,465
Taxation charge for the period
-

At the balance sheet date, the company had losses of £225,859 available for offset against future profits of the business.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 18 -
10
Property held for development and sale
2025
£
Cost of land
18,978,779
Development costs
3,440,693
22,419,472
At the beginning of the financial period
-
Cost incurred during the financial period
- Land cost
18,978,779
- Construction cost (including capitalised borrowing costs)
3,440,693
At 31 March 2025
22,419,472

Property held for development and sale comprises development costs associated with the acquisition of land and all costs directly attributable to the development activities of The Wheat Quarter development and is held at the lower of cost and net realisable value.

The Directors consider all inventories to be current in nature although the Company's operational cycle is such that a proportion of inventories may not be realised within 12 months. It is not possible to determine with accuracy when specific inventory will be realised as this is subject to a number of issues, including consumer demand and, where relevant, planning permission delays.

The Company conducted a review of the net realisable value of its land and work in progress portfolio during the period ended 31 March 2025. No impairment of the land and work in progress was deemed necessary.

The key judgements in estimating the future net realisable value of a site were the estimation of likely sales price of the development. If the UK housing market were to improve or deteriorate in the future, then future adjustments to the carrying value of land and work in progress may be required.

During the period, finance costs of £1,133,529 have been capitalised in "Property held for development and sale".

11
Trade and other receivables
2025
£
VAT recoverable
42,677
Prepayments and accrued income
9,746
52,423
RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 19 -
12
Liabilities
2025
Notes
£
Trade and other payables
13
23,105,080
13
Trade and other payables
2025
£
Trade payables
97,580
Amount owed to parent undertaking
22,985,440
Accruals and deferred income
22,060
23,105,080

The amount owed to the parent undertaking is unsecured, repayable on demand and subject to interest at 5.65%.

14
Share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of 1p each
10,000
100

The company has one class of ordinary share. Each share has full dividend rights and provides the holder with one vote.

Reconciliation of movements during the period:
Number
Issue of fully paid shares
10,000

On 14 November 2023 10,000 1p Ordinary shares were issued at par.

15
Retained earnings

The following describes the nature and purpose of each reserve within equity:

- Share capital - nominal value of share capital subscribed for.

- Profit and loss account - includes all current and prior period retained profits and losses.

RMS (WELWYN GARDEN CITY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 20 -
16
Events after the reporting date

On 18 August 2025, the company drew down £18m from a CIMB bank loan facility. The effect of this transaction increases bank loans by £18m and reduces the amount owed to the immediate parent company, RMS (England) Limited, by the same amount.

On 15 September 2025, the company entered into a Pre-Construction Services Agreement (PCSA) in connection with the Wheat Quarter development, with commitments amounting to £7,300,221.

17
Related party transactions
Remuneration of key management personnel

RMS (Welwyn Garden City) Limited has taken advantage of the exemption under FRS 101 paragraph 8(j) not to disclose this information.

Other information

The company has taken advantage of the exemption under FRS 101 paragraph 8(k) not to disclose information about transactions entered into between two or more members of the group where any subsidiary which is a party to the transactions is wholly owned by such a member.

18
Controlling party

The immediate parent undertaking of RMS (Welwyn Garden City) Limited is RMS (England) Limited, a company incorporated and registered in England and Wales. The registered office of the immediate parent undertaking is Ground Floor, 53 New Broad Street, London, EC2M 1JJ.

IJM Corporation Berhad, a company incorporated and registered in Malaysia, is the ultimate parent undertaking and controlling party of the company. The registered office of the ultimate parent undertaking is Wisma IJM, Jalan Yong Shook Lin, 46050 Petaling Jaya, Selangor Darul Ehsan, Malaysia.

The smallest group in which the results of the company are consolidated is that headed by RMS (England) Limited, a company incorporated and registered in England and Wales. Consolidated financial statements of RMS (England) Limited are available from the following address: Companies House, Crown Way, Cardiff, CF14 3UZ.

The largest group in which the results of the company are consolidated is that headed by IJM Corporation Berhad, a company incorporated and registered in Malaysia. Consolidated financial statements of IJM Corporation Berhad are available on the company's website, www.ijm.com.

2025-03-31 2023-11-14 Mr Mark Lahiff Mr Edward Chong Mr Chun Fai Lee false false CCH Software iXBRL Review & Tag 2025.2 15282021 2023-11-14 2025-03-31 15282021 bus:Director1 2023-11-14 2025-03-31 15282021 bus:Director2 2023-11-14 2025-03-31 15282021 bus:Director3 2023-11-14 2025-03-31 15282021 bus:RegisteredOffice 2023-11-14 2025-03-31 15282021 2025-03-31 15282021 core:ContinuingOperations 2023-11-14 2025-03-31 15282021 core:RetainedEarningsAccumulatedLosses 2023-11-14 2025-03-31 15282021 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 15282021 core:CurrentFinancialInstruments 2025-03-31 15282021 core:ShareCapital 2025-03-31 15282021 core:RetainedEarningsAccumulatedLosses 2025-03-31 15282021 core:ShareCapital 2023-11-14 2025-03-31 15282021 1 2023-11-14 2025-03-31 15282021 bus:PrivateLimitedCompanyLtd 2023-11-14 2025-03-31 15282021 bus:FRS101 2023-11-14 2025-03-31 15282021 bus:Audited 2023-11-14 2025-03-31 15282021 bus:FullAccounts 2023-11-14 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP