2022-04-012023-03-312023-03-31false13538842RENOVARE PROPERTY WT 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RENOVARE PROPERTY WT LTD

(formerly RENOVARE PROPERTY TVA LTD)

Registered Number
13538842
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

RENOVARE PROPERTY WT LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

BRIGHT, David

Registered Address

Office 11 4a Shenley Road
Borehamwood
WD6 1DL

Registered Number

13538842 (England and Wales)
RENOVARE PROPERTY WT LTD
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors7,50035,700
7,50035,700
Creditors amounts falling due within one year(69,425)(36,000)
Net current assets (liabilities)(61,925)(300)
Total assets less current liabilities(61,925)(300)
Net assets(61,925)(300)
Capital and reserves
Called up share capital100100
Profit and loss account(62,025)(400)
Shareholders' funds(61,925)(300)
The financial statements were approved and authorised for issue by the Board of Directors on 22 October 2023, and are signed on its behalf by:
BRIGHT, David
Director
Registered Company No. 13538842
RENOVARE PROPERTY WT LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Change in reporting period and impact on comparability
The prior reporting period is 8 months.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets held for the company’s own use are stated at cost less depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis. The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Assets below £1K are written off in the year purchased.
Revenue recognition policy
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is only recognised in the accounts where the balance on the account is greater than £1K and only then recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
At inception, the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. i. Finance leased assets Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised at the commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. The capital element of lease obligations is recorded as a liability on the inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding. ii. Operating leased assets Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products; and (b) the availability of bank finance for the foreseeable future. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
6.Employee information

20232022
Average number of employees during the year00