Registered number
04161476
Rex Campbell Properties Limited
Report and Accounts
31 March 2023
Rex Campbell Properties Limited
Registered number: 04161476
Balance Sheet
as at 31 March 2023
31st March 31st March
Notes 2023 2022
Fixed assets £ £
Tangible assets 3 722,643 730,255
Current assets
Debtors 4 7,406 7,918
Cash at bank and in hand 138,378 90,282
145,784 98,200
Creditors: amounts falling due within one year 5 (122,177) (89,182)
Net current assets 23,607 9,018
Total assets less current liabilities 746,250 739,273
Provisions for liabilities 6 (26,156) (26,156)
Net assets 720,094 713,117
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 162,740 162,740
Profit and loss account 557,352 550,375
Shareholders' funds 720,094 713,117
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Campbell
Director
Approved by the board on 27 November 2023
Rex Campbell Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover includes revenue earned from the rendering of services and rental income. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated costs. Rental income represents the invoiced value of rents receivable during the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Investments
Investments in land and buildings are measured at fair value. Changes in fair value are recognised in the profit or loss account. Fair value is estimated by the director using a valuation technique. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted.
31st March 31st March
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 700,000 744 64,444 765,188
At 31 March 2023 700,000 744 64,444 765,188
Depreciation
At 1 April 2022 - 680 34,253 34,933
Charge for the year - 64 7,548 7,612
At 31 March 2023 - 744 41,801 42,545
Net book value
At 31 March 2023 700,000 - 22,643 722,643
At 31 March 2022 700,000 64 30,191 730,255
31st March 31st March
4 Debtors 2023 2022
£ £
Trade debtors 7,404 7,916
Other debtors 2 2
7,406 7,918
5 Creditors: amounts falling due within one year
Other taxation and social security costs 11,221 10,973
Accrued expenses 2,930 2,790
Directors loan account 108,026 75,419
122,177 89,182
6 Provision for liabilities
Deferred taxation:
Accelerated capital allowances
At 1 April 2022 26,156 26,156
At 31 March 2023 26,156 26,156
31st March 31st March
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 162,740 162,740
At 31 March 2023 162,740 162,740
8 Related party transactions
Mr P Campbell
Director
Monies loaned to the company at the year end 108,026 75,419
9 Other information
Rex Campbell Properties Limited is a private company limited by shares and incorporated in England and Wales. The registered office is:
50 Langdale Road
Leyland
Lancashire
PR25 3AS
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