2022-01-01 2022-12-31 10706703 Red Banksia Ltd false 10706703 2022-01-01 2022-12-31 10706703 uk-bus:Director1 2022-01-01 2022-12-31 10706703 uk-bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10706703 uk-bus:SmallEntities 2022-01-01 2022-12-31 10706703 uk-bus:FullAccounts 2022-01-01 2022-12-31 10706703 uk-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10706703 2022-01-01 10706703 2022-12-31 10706703 2021-12-31 xbrli:pure iso4217:GBP 10706703 2021-01-01 2021-12-31
Company Registration Number : 10706703 (England and Wales)
10706703
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2022-12-31
false
Red Banksia Ltd
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2022-01-01
Red Banksia Ltd
Unaudited filleted financial statements
For the year ended 31 December 2022
Red Banksia Ltd
Contents
For the year ended 31 December 2022

CONTENTS PAGE
Company Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 7


Red Banksia Ltd
Company Information
For the year ended 31 December 2022

Company registration number 10706703 (England and Wales)
Directors Sam Beagley
Cal Johnathan Shelton
Registered office address 257 Edward Road
London
England
E17 6NU
Accountant DNS Associates
Chartered Institute of Management Accountants
382 Kenton Road
Harrow, Middlesex
HA3 8DP
Red Banksia Ltd
Statement of Financial Position
For the year ended 31 December 2022

2022 2021
Notes £ £
Fixed assets
Property, plant and equipment 801 1,001
Investment Property 1,271,066 746,066
5 1,271,867 747,067
Current assets
Debtors 2,450 62,450
Cash and cash equivalents 10,985 1,824
13,435 64,274
Current liabilities
Creditors: Amounts falling due within one year (322,094) (426,064)
(322,094) (426,064)
Net current (liabilities)/assets (308,659) (361,789)
Total assets less current liabilities 963,208 385,278
Non-current liabilities
Creditors: Amounts falling due after more than one year (834,329) (472,470)
Provision for liabilities (21,884) -
Net assets/(liabilities) 106,996 (87,192)
Capital and reserves
Called up share capital 50 50
Retained earnings 106,946 (87,242)
Shareholders' funds 106,996 (87,192)
For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
  • For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 18 September 2023
.............................
Sam Beagley (Director)
Company registration number: 10706703
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2022-12-31 31 December 2022
2022 2021
£ £
Fixed Assets 1,271,867 747,067
Current Assets 13,435 64,274
Creditors: amounts falling due within one year (322,094) (426,064)
Net current assets (liabilities) (308,659) (361,789)
Total assets less current liabilities 963,208 385,278
CREDITORS: Amounts falling due more than one year (834,329) (472,470)
Provisions for liabilities (21,884) 0
Net Assets (liabilities) 106,996 (87,192)
Capital and Reserves 106,996 (87,192)
For the year ending 12/31/2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. For the year ending 31-12-2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year 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 accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the small companies provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 18 September 2023 2023-09-18 and signed on behalf of the board,
.............................
Sam Beagley
Director
Company registration number: 10706703
Red Banksia Ltd
Notes to the Financial Statements
For the year ended 31 December 2022

(1) General Information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 257 Edward Road, London, England, E17 6NU.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Rendering of Services
Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
Rental income
Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets.
Borrowing costs
All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

Asset class and depreciation rate
Land and Buildings
Plant and Machinery
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles
Fixtures and Fittings20% reducing balance
Equipment
Motor Cars
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments. These include:
Trade and other debtors
Trade and other debtors are initially recognised at fair value, based upon discounted cash flows at prevailing interest rates for similar instruments, or at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses or if a trade debt is deferred beyond normal business terms, it is measured at the present value of the future cash flows discounted at prevailing interest rates for similar instruments.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost.
Other financial liabilities
Other financial liabilities are subsequently measured at amortised cost using the effective interest method.
Loans and borrowings
These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method.
Trade and other payables
Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or where appropriate a shorter period, to the net carrying amount on initial recognition.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Deferred Tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of come and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

(4) Employees
During the year, the average number of employees including director was 0 (2021 : 0).

(5) Fixed assets
Tangible

£
Investments
Property
£
Totals

£
Cost
As at 01 January 20221,251746,066747,317
Additions-409,824409,824
Revaluation-115,176115,176
As at 31 December 20221,2511,271,0661,272,317
Depreciation/Amortisation
As at 01 January 2022250-250
For the year200-200
As at 31 December 2022450-450
Net book value
As at 31 December 20228011,271,0661,271,867
As at 31 December 20211,001746,066747,067

(6) Investment Properties
These financial statements for the year ended 31 December 2022 are the financial statements of the company prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Fair market revaluation accounted £115,176 and deferred tax charge accounted £21,884 up-on it.

(7) Creditors > 1 Year (Bank Loans)
The mortgage loans are secured on the properties.