Company Registration No. 08793120 (England and Wales)
RED FALCON LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
RED FALCON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Information for management
-
RED FALCON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,600,000
3,484,629
Current assets
Debtors
4
349,101
232,617
Cash at bank and in hand
20,904
12,080
370,005
244,697
Creditors: amounts falling due within one year
5
(518,041)
(731,037)
Net current liabilities
(148,036)
(486,340)
Total assets less current liabilities
4,451,964
2,998,289
Creditors: amounts falling due after more than one year
6
(2,998,995)
(2,697,642)
Provisions for liabilities
(221,926)
(15,386)
Net assets
1,231,043
285,261
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
1,261,783
146,412
Profit and loss reserves
9
(30,840)
138,749
Total equity
1,231,043
285,261
RED FALCON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2022 and are signed on its behalf by:
N Lakha
R Russo
Director
Director
Company Registration No. 08793120
RED FALCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Red Falcon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Forest Road, Loughborough, Leicestershire, LE11 3NP.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents rents receivable, net of VAT on an accrued basis.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RED FALCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing 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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2022
2021
Number
Number
Total
3
3
3
Investment property
2022
£
Fair value
At 1 April 2021
3,484,629
Revaluations
1,115,371
At 31 March 2022
4,600,000
RED FALCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
3
Investment property
(Continued)
- 5 -

The valuations of investment properties were made as at 31 March 2022 by the director, on an open market basis. No depreciation is provided in respect of these properties.

 

On an historical cost basis these would have been included at an original cost of £3,338,217 (2021 - £3,338,217) and aggregate depreciation of £Nil.

 

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
-
(1)
Other debtors
349,101
232,618
349,101
232,617
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
109,607
120,215
Taxation and social security
684
4,556
Other creditors
405,000
603,516
Accruals and deferred income
2,750
2,750
518,041
731,037
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
2,998,995
2,697,642
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
RED FALCON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
8
Revaluation reserve
2022
2021
£
£
At the beginning of the year
146,412
146,412
Other movements
1,115,371
-
At the end of the year
1,261,783
146,412
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
138,749
103,811
(Loss)/profit for the year
(169,589)
34,938
At the end of the year
(30,840)
138,749
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