Company registration number 03226613 (England and Wales)
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
547
805
Investment property
4
5,575,000
6,859,000
5,575,547
6,859,805
Current assets
Debtors falling due after more than one year
5
219,086
126,498
Debtors falling due within one year
5
340,093
129,684
Cash at bank and in hand
324,564
295,573
883,743
551,755
Creditors: amounts falling due within one year
6
(297,744)
(250,931)
Net current assets
585,999
300,824
Total assets less current liabilities
6,161,546
7,160,629
Creditors: amounts falling due after more than one year
7
(2,366,316)
(2,367,151)
Provisions for liabilities
(105,292)
(311,658)
Net assets
3,689,938
4,481,820
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,447,757
2,071,044
Distributable profit and loss reserves
2,242,081
2,410,676
Total equity
3,689,938
4,481,820
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 November 2023
Mr N K Platts
Director
Company registration number 03226613 (England and Wales)
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Retail & Residential Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover represents gross rents receivable from tenants of the company's freehold investment properties.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Classification of financial liabilities
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 company after deducting all of its liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2022 and 31 July 2023
3,949
Depreciation and impairment
At 1 August 2022
3,144
Depreciation charged in the year
258
At 31 July 2023
3,402
Carrying amount
At 31 July 2023
547
At 31 July 2022
805
4
Investment properties
2023
£
Fair value
At 1 August 2022
6,859,000
Disposals
(464,000)
Revaluations
(820,000)
At 31 July 2023
5,575,000
The investment properties were revalued on an open market basis by the director as at 31 July 2023.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,926,289
4,419,519
Accumulated depreciation
-
-
Carrying amount
3,926,289
4,419,519
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,077
33,437
Other debtors
307,016
96,247
340,093
129,684
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
219,086
126,498
Total debtors
559,179
256,182
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,617
Taxation and social security
90,040
59,053
Other creditors
204,087
191,878
297,744
250,931
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
2,000,000
2,000,000
Other creditors
366,316
367,151
2,366,316
2,367,151
The loan is secured on the various investment properties and via a fixed and floating charge.
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Magrath
Statutory Auditor:
Harrisons