Reside Developments (Number Two) Limited
Unaudited Financial Statements
For the year ended 28 February 2023
Pages for Filing with Registrar
Company Registration No. 08606702 (England and Wales)
Reside Developments (Number Two) Limited
Company Information
Directors
I M Randall
B Hamblin
Company number
08606702
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Reside Developments (Number Two) Limited
Balance Sheet
As at 28 February 2023
28 February 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Stock
-
464,702
Debtors
4
898,671
789,143
898,671
1,253,845
Creditors: amounts falling due within one year
5
(866,986)
(1,221,872)
Net current assets
31,685
31,973
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
31,585
31,873
Total equity
31,685
31,973

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 members have 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.

The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
I M Randall
Director
Company Registration No. 08606702
Reside Developments (Number Two) Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Page 2
1
Accounting policies
Company information

Reside Developments (Number Two) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Stock

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Reside Developments (Number Two) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments

The company has only financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

1.7
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.

1.8
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).

3
Fixed asset investments

Reside Developments (Number Two) Limited is the sole member of Frith Park Management Company Limited, a company limited by guarantee.

 

Reside Developments (Number Two) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
895,588
773,650
Other debtors
3,083
15,493
898,671
789,143
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
-
0
37
Other creditors
-
967
Accruals and deferred income
866,986
1,220,868
866,986
1,221,872
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Related party transactions

Included within other debtors is £783,393 (2022: £661,456) due from Reside Developments Limited, a company under the control of one of the directors. During the year, a management charge of £124,835 (2022: £138,115) was charged to the company, of which £726,001 (2022: £601,166) is included in other creditors.

 

Included within other debtors is £112,194 (2022: £112,194) due from Urban Green Developments Limited, a company under the control of one of the directors. During the year, a management charge of £124,835 (2022: £138,115) was charged to the company, of which £124,835 (2022: £601,166) is included in other creditors.

 

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