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REGISTERED NUMBER: 08939763 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RENOVATION DEVELOPMENTS LIMITED

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RENOVATION DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: C U A Folkesson Church
M M Folkesson Church





SECRETARY: M M Folkesson Church





REGISTERED OFFICE: 14 Wilton Road
Salisbury
SP2 7EE





REGISTERED NUMBER: 08939763 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 12,715 12,715
Investment property 5 233,491 219,263
246,206 231,978

CURRENT ASSETS
Debtors 6 70,901 97,908
Cash at bank 16,384 34,992
87,285 132,900
CREDITORS
Amounts falling due within one year 7 30,572 46,255
NET CURRENT ASSETS 56,713 86,645
TOTAL ASSETS LESS CURRENT LIABILITIES 302,919 318,623

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 302,918 318,622
SHAREHOLDERS' FUNDS 302,919 318,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





C U A Folkesson Church - Director


RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Renovation Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Renovation Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property
The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in Note 5.

Turnover
Turnover represents the amounts derived from ground rents from freehold reversionary interests, stated net of Value Added Tax, all of which is attributable to continuing operations generated in the United Kingdom. Rental income is recognised on the accruals basis. All other income is recognised at the transaction date.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property represents the company's portfolio of freehold ground rents. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in profit or loss for the year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 year 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.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 12,715
NET BOOK VALUE
At 31 March 2023 12,715
At 31 March 2022 12,715

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 219,263
Additions 14,228
At 31 March 2023 233,491
NET BOOK VALUE
At 31 March 2023 233,491
At 31 March 2022 219,263

Investment property represents the company's portfolio of freehold ground rents and leasehold property. The fair value (open market basis) of investment property was assessed by the directors and in their opinion this remains unchanged at 31 March 2023. The directors took into account the quality of the investment portfolio together with an allowance for future lease extensions. It is not the intention of the directors to dispose of the company's entire investment portfolio in the foreseeable future.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,911 37,911
Other debtors 52,990 59,997
70,901 97,908

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 20,210
Other creditors 30,572 26,045
30,572 46,255

RENOVATION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08939763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.