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COMPANY REGISTRATION NUMBER: 06113306

RST BRISTOL DEVELOPMENTS LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2024

RST BRISTOL DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Investments | 4 | 451 | 351

Current assets

Stocks | 5 | 4,780,748 | 6,740,827
Debtors | 6 | 3,391,972 | 2,998,554
Cash at bank and in hand | 4,243 | 75,721
| ------------- | -------------
| 8,176,963 | 9,815,102

Creditors: amounts falling due within one year | 7 | ( 23,089,210) | ( 21,838,105)
| --------------- | ---------------
Net current liabilities | ( 14,912,247) | ( 12,023,003)
| --------------- | ---------------
Total assets less current liabilities | ( 14,911,796) | ( 12,022,652)

Creditors: amounts falling due after more than one year | 8 | ( 129,107) | ( 1,102,755)
| --------------- | ---------------
Net liabilities | ( 15,040,903) | ( 13,125,407)
| --------------- | ---------------

Capital and reserves

Called up share capital | 1 | 1
Profit and loss account | ( 15,040,904) | ( 13,125,408)
| --------------- | ---------------
Shareholder deficit | ( 15,040,903) | ( 13,125,407)
| --------------- | ---------------

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 income and retained earnings has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

M Omirou |
Director |

Company registration number: 06113306

RST BRISTOL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in sterling on the historical cost basis. This company is a beneficiary company of Brunel House (Bristol) Limited, Marine Parade Clevedon Limited, Brackenwood Gardens Limited, Hope House (Bath) Limited, RST Baltic Wharf Limited, RST Cocoa House Limited and GHL (Bath) Limited and Urchfont (Hales Farm) Developments Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for these companies are reflected in these financial statements.
Going concern
The company is part of the Acorn Property Group and the ultimate parent company is Acorn PG Holdings Limited. The group has made a loss and has net liabilities however has unrealised profits on future development projects and is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group is receiving financial support from related companies to provide it with adequate working capital for a period of at least 12 months from the date of signing the financial statements and the ultimate parent company has provided group support. For these reasons, the directors have prepared the company’s financial statements on a going concern basis.
Consolidation
The financial statements contain information about RST Bristol Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it and its subsidiary undertaking are included by a full consolidation in the consolidated financial statements of its ultimate parent company, Acorn PG Holdings Limited.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Funding arrangements Management has assessed the substance of funding agreements for other loans and consider them to be financing arrangements. The sums advanced under these agreements are therefore included in creditors as financial liabilities. The financial liabilities are measured at transaction price, including any transaction costs and subsequent measurement is at amortised cost using the effective interest rate method. (ii) Profit recognition Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property. Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods. (iii) Profit share Profit share income is recognised when properties are sold and is calculated as the net selling price less the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded over the life of the project. The proportion of profit share recognised is calculated to achieve a consistent margin and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of the property. Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods. (iv) Beneficiary companies This company is a beneficiary company of Brunel House (Bristol) Limited, Marine Parade Clevedon Limited, Brackenwood Gardens Limited, Hope House (Bath) Limited, RST Baltic Wharf Limited, RST Cocoa House Limited and GHL (Bath) Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for these companies are reflected in these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable from the sale of developed residential and commercial property and other related income. Turnover from property sales is recognised at the date of legal completion of the sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Stocks
Stocks represents property acquired for development together with work in progress on those properties. The resultant tock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs. In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business and not placed on the market for immediate sale in their current state of development. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Investments

| Shares in group undertakings
| £
Cost |
At 1 October 2023 | 351
Additions | 100
| ----
At 30 September 2024 | 451
| ----
Impairment |
At 1 October 2023 and 30 September 2024 | –
| ----

Carrying amount |
At 30 September 2024 | 451
| ----
At 30 September 2023 | 351
| ----

The company owns 100% of the issued share capital of Brunel House (Bristol) Limited, Marine Parade Clevedon Limited, Brackenwood Gardens Limited, Hope House (Bath) Limited, RST Baltic Wharf Limited, RST Cocoa House Limited and GHL (Bath) Limited. The subsidiary companies have claimed the exemption from audit under section 479A of the Companies Act relating to subsidiary companies.
5. Stocks

| 2024 | 2023
| £ | £
Work in progress | 4,780,748 | 6,740,827
| ------------- | -------------

During the year finance costs capitalised in respect of the development amounted to £1,131,174 (2023: £525,127). Sales in the year of completed properties resulted in £711,329 (2023: £67,707) of these finance costs being released to cost of sales. At the year end the remaining capitalised finance costs included within stock totalled £419,844 (2023: £457,420).
6. Debtors

| 2024 | 2023
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | – | 8,000
Other debtors | 3,391,972 | 2,990,554
| ------------- | -------------
| 3,391,972 | 2,998,554
| ------------- | -------------

7. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 1,478,038 | 102,173
Amounts owed to group undertakings | 13,989,558 | 16,036,484
Accruals and deferred income | 290,292 | 280,911
Amount owed to related parties | 3,318,433 | 499,032
Other creditors | 4,012,889 | 4,919,505
| --------------- | ---------------
| 23,089,210 | 21,838,105
| --------------- | ---------------

Included within other creditors are secured loans of £4,010,852 (2023 - £8,111,996). The loans are secured by a legal charge over the property, personal guarantees by one of the directors of another group company, and a debenture over the company.
During the year the company borrowed funds from Acorn Portfolio Investments Limited, a company under common control. The balance outstanding at the year end was £604,701. No interest is charged on this loan and the loan is repayable on demand.
During the year the company borrowed funds from Acorn Green Investments No 2 Limited, a company under common control. The balance outstanding at the year end was £1,942,135. No interest is charged on this loan and the loan is repayable on demand.
During the year the company borrowed funds from First Oak Partnerships Limited, a company under common control. The balance outstanding at the year end was £537,938. No interest is charged on this loan and the loan is repayable on demand.
8. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Other creditors | 129,107 | 1,102,755
| ---------- | -------------

Included within other creditors are secured loans of £129,107 (2023 - £820,648). The loans are secured by a legal charge over the property, personal guarantees by one of the directors of another group company, and a debenture over the company.
9. Summary audit opinion
The auditor's report dated 24 December 2025 was unqualified , however, the auditor drew attention to the following by way of emphasis.
We draw attention to note 3 in the financial statements, which indicates that the company is reliant on support from the ultimate parent undertaking, Acorn PG Holdings Limited. We note the group is receiving financial support from related companies. The ability of the company to continue as a going concern is dependent on continuing financial support by the ultimate parent undertaking, which in turn is dependent on the continuing financial support of these related companies. These conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
We draw the readers attention to Note 3 of the financial statements, which describes the basis for preparation of the financial statements. This company is a beneficiary company of Urchfont (Hales Farm) Developments Limited, Brunel House (Bristol) Limited, Marine Parade Clevedon Limited, Brackenwood Gardens Limited, Hope House (Bath) Limited, RST Baltic Wharf Limited, RST Cocoa House Limited and GHL (Bath) Limited which also form part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current and comparative year for these companies are reflected in these financial statements.Our opinion is not modified in respect of this matter.
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
10. Related party transactions
Several related parties hold debentures over the assets of the company. The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
11. Controlling party
RST Cornwall Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.