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REGISTERED NUMBER: 08578850 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

AREA RESIDENTIAL LIMITED

AREA RESIDENTIAL LIMITED (REGISTERED NUMBER: 08578850)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AREA RESIDENTIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: C R Ritchie





REGISTERED OFFICE: 313 Dyke Road
Hove
East Sussex
BN3 6PE





REGISTERED NUMBER: 08578850 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

AREA RESIDENTIAL LIMITED (REGISTERED NUMBER: 08578850)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 346,000 932,043

CURRENT ASSETS
Stocks 4 - 210,301
Debtors 5 996,750 545,026
Cash at bank 25,699 6,512
1,022,449 761,839
CREDITORS
Amounts falling due within one year 6 820,777 838,052
NET CURRENT ASSETS/(LIABILITIES) 201,672 (76,213 )
TOTAL ASSETS LESS CURRENT LIABILITIES 547,672 855,830

CREDITORS
Amounts falling due after more than one year 7 - (374,644 )

PROVISIONS FOR LIABILITIES (47,513 ) (147,458 )
NET ASSETS 500,159 333,728

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 381,609 246,192
Retained earnings 118,450 87,436
500,159 333,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 October 2023 and were signed by:



C R Ritchie - Director


AREA RESIDENTIAL LIMITED (REGISTERED NUMBER: 08578850)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

AREA RESIDENTIAL LIMITED (REGISTERED NUMBER: 08578850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 932,043
Disposals (613,043 )
Revaluations 27,000
At 31 March 2023 346,000
NET BOOK VALUE
At 31 March 2023 346,000
At 31 March 2022 932,043

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 27,000
Valuation in 2022 15,000
Valuation in 2021 15,000
Cost 289,000
346,000

4. STOCKS
2023 2022
£    £   
Stocks - 210,301

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,416 -
Amounts owed by group undertakings 984,904 536,170
Other debtors 1,230 1,230
Directors' loan accounts 200 -
VAT - 4,484
Prepayments - 3,142
996,750 545,026

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 384 7,039
Amounts owed to group undertakings 681,609 480,182
Amounts owed to associates 136,736 136,736
Other creditors - 200,000
Deferred income - 4,000
Accrued expenses 2,048 10,095
820,777 838,052

AREA RESIDENTIAL LIMITED (REGISTERED NUMBER: 08578850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal - 374,644

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 374,644

8. RESERVES
Revaluation
reserve
£   
At 1 April 2022 246,192
Purchase of own shares 135,417

At 31 March 2023 381,609

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
C R Ritchie
Balance outstanding at start of year - -
Amounts advanced 200 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 200 -

10. ULTIMATE CONTROLLING PARTY

The controlling party is Area Developments Limited.

The ultimate controlling party is C R Ritchie.

This was by virtue of his 60% holding of the issued share capital of Area Developments Limited.