Red Arch Letting Ltd 10761984 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Investment property rental. Digita Accounts Production Advanced 6.30.9574.0 true 10761984 2022-06-01 2023-05-31 10761984 2023-05-31 10761984 bus:OrdinaryShareClass1 2023-05-31 10761984 core:CurrentFinancialInstruments 2023-05-31 10761984 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10761984 core:Non-currentFinancialInstruments 2023-05-31 10761984 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10761984 bus:SmallEntities 2022-06-01 2023-05-31 10761984 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10761984 bus:FullAccounts 2022-06-01 2023-05-31 10761984 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10761984 bus:RegisteredOffice 2022-06-01 2023-05-31 10761984 bus:Director1 2022-06-01 2023-05-31 10761984 bus:Director2 2022-06-01 2023-05-31 10761984 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10761984 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10761984 bus:Agent1 2022-06-01 2023-05-31 10761984 countries:AllCountries 2022-06-01 2023-05-31 10761984 2022-05-31 10761984 2021-06-01 2022-05-31 10761984 2022-05-31 10761984 bus:OrdinaryShareClass1 2022-05-31 10761984 core:CurrentFinancialInstruments 2022-05-31 10761984 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10761984 core:Non-currentFinancialInstruments 2022-05-31 10761984 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 10761984

Red Arch Letting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Red Arch Letting Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Red Arch Letting Ltd

Company Information

Directors

D J Hogg

A M Hogg

Registered office

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Metro Bank Plc
One Southampton Row
London
WC1B 5HA

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Red Arch Letting Ltd

(Registration number: 10761984)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

632,500

350,000

Current assets

 

Debtors

6

34,348

19,913

Cash at bank and in hand

 

2,555

3,430

 

36,903

23,343

Creditors: Amounts falling due within one year

7

(35,904)

(43,866)

Net current assets/(liabilities)

 

999

(20,523)

Total assets less current liabilities

 

633,499

329,477

Creditors: Amounts falling due after more than one year

7

(590,150)

(311,544)

Provisions for liabilities

(16,716)

(7,866)

Net assets

 

26,633

10,067

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

26,631

10,065

Shareholders' funds

 

26,633

10,067

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

D J Hogg
Director

 

Red Arch Letting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Lambert Chapman LLP, 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Long Orchard, 38 Runsell Lane, Danbury, Essex, CM3 4NZ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable of rental income from the investment properties.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Red Arch Letting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Exceptional items

During the year, loans to a third party were written off totalling £9,000 (2022 - £nil).

5

Investment properties

2023
£

At 1 June 2022

350,000

Additions

254,854

Fair value adjustments

27,646

At 31 May 2023

632,500

The valuation was determined by the directors on an open market basis on 31 May 2023.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Other debtors

34,348

19,913

34,348

19,913

 

Red Arch Letting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

24,674

32,666

Other creditors

 

10,000

10,000

Accruals and deferred income

 

1,230

1,200

 

35,904

43,866

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

590,150

311,544

Creditors due after one year include bank loans which are secured of £396,792 (2022 - £177,530).

Creditors due after one year include bank loans not repayable by instalments of £396,792 (2022- £177,530) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

417,459

206,197

Other borrowings

172,691

105,347

590,150

311,544

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,000

8,000

Other borrowings

16,674

24,666

24,674

32,666