REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2021 to 31 July 2022 |
for |
Rex Land (Basildon) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2021 to 31 July 2022 |
for |
Rex Land (Basildon) Limited |
Rex Land (Basildon) Limited (Registered number: 10312780) |
Contents of the Financial Statements |
for the Period 1 December 2021 to 31 July 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Rex Land (Basildon) Limited |
Company Information |
for the Period 1 December 2021 to 31 July 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Rex Land (Basildon) Limited (Registered number: 10312780) |
Balance Sheet |
31 July 2022 |
31.7.22 | 30.11.21 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rex Land (Basildon) Limited (Registered number: 10312780) |
Notes to the Financial Statements |
for the Period 1 December 2021 to 31 July 2022 |
1. | STATUTORY INFORMATION |
Rex Land (Basildon) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents revenue due from construction contracts which is accounted for as noted under Construction contracts below. |
Turnover in prior years comprised the fair value of rents receivable on an accruals basis for the period. |
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 and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads and any interest incurred in the financing of the contracts. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Cash and cash equivalents |
These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less. |
Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired. |
Trade creditors |
Trade creditors are not interest bearing and are stated at their nominal value. |
TAXATION |
Taxation for the period 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. |
Rex Land (Basildon) Limited (Registered number: 10312780) |
Notes to the Financial Statements - continued |
for the Period 1 December 2021 to 31 July 2022 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
CONSTRUCTION CONTRACTS |
Where the outcome of a construction contract can be estimated reliably, revenue costs are recognised by reference to the stage of completion of the contract activity at he reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 30.11.21 |
£ | £ |
Amounts owed by group undertakings |
VAT |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 30.11.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 196,029 | 2,400,000 |
Tax |
VAT | 183,547 | - |
Other creditors |
Accruals and deferred income |
Rex Land (Basildon) Limited (Registered number: 10312780) |
Notes to the Financial Statements - continued |
for the Period 1 December 2021 to 31 July 2022 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.22 | 30.11.21 |
£ | £ |
Owed to Group undertakings | 2,619,184 | 7,581,610 |
The loan due from the parent company Rex Trade Associates Limited is secured by a debenture against the company's freehold investment property. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.22 | 30.11.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |