The usage of object-oriented methodologies in conjunction with formal description techniques has arisen as a promising way of dealing with the increasing complexity of embedded real-time systems. These methodologies are currently well supported by a set of tools that allow the specification, simulation and validation of the functional aspects of these systems. However, most of these methodologies do not take into account non-functional aspects such as hardware interaction and real-time constraints, which are especially important in the context of this kind of system. Based on our experiences in developing embedded real-time systems, we present a new methodology to design them. This methodology is based on a combination of ideas from different existing methodologies (UML, OCTOPUS, etc.) together with the integration of rate-monotonic analysis in the context of the SDL formal description technique development cycle. Additionally, in order to get this integration, a real-time execution model for SDL is presented to allow us to express hard real-time constraints. The methodology pays special attention to the transition from the object model to the task model, taking into account real-time and hardware integration issues. We also illustrate our proposal by applying it to the development of a multi-handset cordless telephone.