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COMPANY REGISTRATION NUMBER: 09859601
RENOVO PROPERTIES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2021
RENOVO PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
30 September 2021
2021
2020
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
4,602
259,456
CURRENT ASSETS
Work in progress
376,673
Debtors
6
233,052
7,777
Cash at bank and in hand
78,565
3,985
----------
----------
311,617
388,435
CREDITORS: amounts falling due within one year
7
268,609
576,725
----------
----------
NET CURRENT ASSETS/(LIABILITIES)
43,008
( 188,290)
--------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
47,610
71,166
CREDITORS: amounts falling due after more than one year
8
3,336
--------
--------
NET ASSETS
47,610
67,830
--------
--------
RENOVO PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2021
2021
2020
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
47,608
67,828
--------
--------
SHAREHOLDERS FUNDS
47,610
67,830
--------
--------
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.
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act 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 11 August 2022 , and are signed on behalf of the board by:
C Pritcher-Howarth
Director
Company registration number: 09859601
RENOVO PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Heslington Lane, Fulford, York, YO10 4HN.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Revenue from the rental of property is recognised at the fair value of rents received or receivable. (d) Revenue recognition Revenue from the rental of property is recognised at the fair value of rents received or receivable. (e) Current tax The taxation expense represents the aggregate amount of current 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. (f) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (g) 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:
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance
Office equipment - 25% reducing balance
(h) Impairment of fixed assets 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.
(i) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
(j) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 October 2020
242,510
7,289
19,750
2,851
272,400
Additions
3,011
3,011
Disposals
( 245,521)
( 19,750)
( 265,271)
----------
-------
--------
-------
----------
At 30 September 2021
7,289
2,851
10,140
----------
-------
--------
-------
----------
Depreciation
At 1 October 2020
2,787
8,641
1,516
12,944
Charge for the year
901
334
1,235
Disposals
( 8,641)
( 8,641)
----------
-------
--------
-------
----------
At 30 September 2021
3,688
1,850
5,538
----------
-------
--------
-------
----------
Carrying amount
At 30 September 2021
3,601
1,001
4,602
----------
-------
--------
-------
----------
At 30 September 2020
242,510
4,502
11,109
1,335
259,456
----------
-------
--------
-------
----------
6. DEBTORS
2021
2020
£
£
Other debtors
233,052
7,777
----------
-------
7. CREDITORS: amounts falling due within one year
2021
2020
£
£
Trade creditors
222
590
Accruals and deferred income
2,706
2,703
Corporation tax
164,981
161,977
Social security and other taxes
1,281
3,873
Obligations under finance leases and hire purchase contracts
5,299
Director loan accounts
30,481
Other creditors
99,419
371,802
----------
----------
268,609
576,725
----------
----------
Other creditors includes a loan of £52,000 (2020: £52,000) from a third party, repayable on demand and interest free.
8. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Obligations under finance leases and hire purchase contracts
3,336
----
-------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
C Pritcher-Howarth
( 30,481)
310,958
( 110,222)
170,255
--------
----------
----------
----------
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
C Pritcher-Howarth
----
----
----
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