Company registration number 12458109 (England and Wales)
LITTLE RED PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LITTLE RED PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LITTLE RED PROPERTIES LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
3
350,000
350,000
Current assets
Debtors
4
644
1,011
Cash at bank and in hand
4,902
2,323
5,546
3,334
Creditors: amounts falling due within one year
5
(49,454)
(89,853)
Net current liabilities
(43,908)
(86,519)
Total assets less current liabilities
306,092
263,481
Creditors: amounts falling due after more than one year
6
(282,192)
(246,238)
Provisions for liabilities
(2,470)
(2,470)
Net assets
21,430
14,773
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
10,532
10,532
Distributable profit and loss reserves
10,798
4,141
Total equity
21,430
14,773
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LITTLE RED PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mr T A D Browne
Ms J R Browne
Director
Director
Company Registration No. 12458109
LITTLE RED PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Little Red Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 5WS.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from investment property and is derived from ordinary activities.
1.3
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.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
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.
LITTLE RED PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
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
3
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
350,000
Investment property comprises a residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
644
1,011
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,562
971
Other creditors
47,892
88,882
49,454
89,853
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
282,192
246,238
The bank loan is secured by a fixed charge on the company's investment property.
LITTLE RED PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
282,192
246,238
7
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
10,532
-
Non distributable profits in the year
-
10,532
At the end of the year
10,532
10,532
The non-distributable profit reserve represents a net of tax adjustment for the increase in the value of investment properties.
8
Prior period adjustment
Non-distributable reserves
An adjustment has been made to correct the Non-distributable reserves balance in the 28 February 2022 financial statements to show the net of tax fair value adjustment on the investment property. The amount transferred is £10,532 and does not change the overall value of equity or have any impact on the profit and loss account.