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Company registration number: 12446723
RJ Walker Properties Limited
Unaudited filleted financial statements
28 February 2023
RJ Walker Properties Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
RJ Walker Properties Limited
Directors and other information
Directors Mr R G Jackson
Miss K Walker
Company number 12446723
Registered office 5 Henrietta Court
Chadderton
Oldham
OL9 9FS
Accountant JP Gallagher & Co
106 Moston Lane East
Manchester
M40 3QL
Bankers Natwest Bank Plc
9 Crofts Bank Road
Urmston
Manchester
M41 0TZ
RJ Walker Properties Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 380,000 250,000
_______ _______
380,000 250,000
Current assets
Cash at bank and in hand 569 237
_______ _______
569 237
Creditors: amounts falling due
within one year 6 ( 39,066) ( 37,096)
_______ _______
Net current liabilities ( 38,497) ( 36,859)
_______ _______
Total assets less current liabilities 341,503 213,141
Creditors: amounts falling due
after more than one year 7 ( 252,022) ( 129,499)
_______ _______
Net assets 89,481 83,642
_______ _______
Capital and reserves
Called up share capital 8 100 100
Fair value reserve 80,000 80,000
Profit and loss account 9,381 3,542
_______ _______
Shareholders funds 89,481 83,642
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question 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 financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mr R G Jackson
Director
Company registration number: 12446723
RJ Walker Properties Limited
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 March 2021 100 30,000 ( 184) 29,916
Profit for the year 53,726 53,726
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 50,000 ( 50,000) -
_______ _______ _______ _______
Total comprehensive income for the year - 50,000 3,726 53,726
_______ _______ _______ _______
At 28 February 2022 and 1 March 2022 100 80,000 3,542 83,642
Profit for the year 5,839 5,839
_______ _______ _______ _______
Total comprehensive income for the year - - 5,839 5,839
_______ _______ _______ _______
At 28 February 2023 100 80,000 9,381 89,481
_______ _______ _______ _______
RJ Walker Properties Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Henrietta Court, Chadderton, Oldham, OL9 9FS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 March 2022 250,000 250,000
Revaluation 130,000 130,000
_______ _______
At 28 February 2023 380,000 380,000
_______ _______
Depreciation
At 1 March 2022 and 28 February 2023 - -
_______ _______
Carrying amount
At 28 February 2023 380,000 380,000
_______ _______
At 28 February 2022 250,000 250,000
_______ _______
Investment property
The investment property at 240 The Fairway, Manchester M40 3NJ has been valued as at 31 March 2023 at £250,000. The uplift is due to current market conditions and in line with accounting policy to show investment properties at a fair value.
6. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 1,370 831
Other creditors 37,696 36,265
_______ _______
39,066 37,096
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 252,022 129,499
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R G Jackson ( 35,905) ( 1,311) ( 37,216)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R G Jackson ( 40,550) 4,645 ( 35,905)
_______ _______ _______