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COMPANY REGISTRATION NUMBER: 12343753
RARB Property Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2022
RARB Property Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
5
958
958
Current assets
Stocks
13,455,992
13,455,992
Debtors
6
871,282
961,330
Cash at bank and in hand
94,884
54,416
-------------
-------------
14,422,158
14,471,738
Creditors: amounts falling due within one year
7
11,390,369
10,186,307
-------------
-------------
Net current assets
3,031,789
4,285,431
------------
------------
Total assets less current liabilities
3,032,747
4,286,389
Creditors: amounts falling due after more than one year
8
3,900,971
5,127,622
------------
------------
Net liabilities
( 868,224)
( 841,233)
------------
------------
Capital and reserves
Called up share capital
2,858
2,858
Profit and loss account
( 871,082)
( 844,091)
---------
---------
Shareholders deficit
( 868,224)
( 841,233)
---------
---------
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 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RARB Property Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
A Broadhurst
Director
Company registration number: 12343753
RARB Property Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Derwent House, Waterfold Park, Bury, BL9 7BR.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Going concern
The financial statements have been prepared on a going concern basis. The directors are satisfied they company has sufficient resources to meet its liabilities as they fall due for payment for a period of at least 12 months from the date the accounts are approved.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: Nil).
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
958
----
Impairment
At 1 January 2022 and 31 December 2022
----
Carrying amount
At 31 December 2022
958
----
At 31 December 2021
958
----
6. Debtors
2022
2021
£
£
Trade debtors
22,184
17,102
Other debtors
849,098
944,228
---------
---------
871,282
961,330
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
318,193
55,215
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,924,559
10,064,522
Social security and other taxes
136,159
32,457
Other creditors
11,458
34,113
-------------
-------------
11,390,369
10,186,307
-------------
-------------
Bank loans and overdrafts are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
3,900,971
5,127,622
------------
------------
Bank loans and overdrafts are secured on the assets to which they relate.
9. Directors' advances, credits and guarantees
The company operated loan accounts with the directors and the balance brought forward was £1,000. The company made a further advance of £77,625 and the balance outstanding at the balance sheet date was £78,625.