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COMPANY REGISTRATION NUMBER: 11058700
R Bude Property Limited
Unaudited Financial Statements
30 November 2022
R Bude Property Limited
Director's Report
Year ended 30 November 2022
The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2022 .
Director
The director who served the company during the year was as follows:
Mr R Bude
Dividends
The director does not recommend the payment of a dividend.
This report was approved by the board of directors on 15 February 2024 and signed on behalf of the board by:
Mr R Bude
Director
Registered office:
12 Gloucester Gardens
London
NW11 9AB
R Bude Property Limited
Statement of Income and Retained Earnings
Year ended 30 November 2022
2022
2021
Note
£
£
Rents receivable
4
65,472
81,804
Property outgoings
8,812
39,694
--------
--------
Gross profit
56,660
42,110
Administrative expenses
2,151
1,822
--------
--------
Operating profit
54,509
40,288
Interest payable and similar expenses
5
54,759
54,801
--------
--------
Loss before taxation
( 250)
( 14,513)
Tax on loss
----
--------
Loss for the financial year and total comprehensive income
( 250)
( 14,513)
----
--------
All the activities of the company are from continuing operations.
R Bude Property Limited
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
1,592,564
1,592,564
Current assets
Debtors
7
96
1,800
Cash at bank and in hand
45,237
23,524
--------
--------
45,333
25,324
Creditors: amounts falling due within one year
8
124,826
104,380
---------
---------
Net current liabilities
79,493
79,056
------------
------------
Total assets less current liabilities
1,513,071
1,513,508
Creditors: amounts falling due after more than one year
9
1,514,218
1,514,405
------------
------------
Net liabilities
( 1,147)
( 897)
------------
------------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
( 1,148)
( 898)
-------
----
Shareholders deficit
( 1,147)
( 897)
-------
----
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 15 February 2024 , and are signed on behalf of the board by:
Mr R Bude
Director
Company registration number: 11058700
R Bude Property Limited
Statement of Cash Flows
Year ended 30 November 2022
2022
2021
£
£
Cash flows from operating activities
Loss for the financial year
( 250)
( 14,513)
Adjustments for:
Interest payable and similar expenses
54,759
54,801
Accrued expenses
21,030
98,039
Changes in:
Trade and other debtors
1,704
( 1,643)
--------
---------
Cash generated from operations
77,243
136,684
Interest paid
( 54,759)
( 54,801)
Tax paid
( 584)
( 1,735)
--------
---------
Net cash from operating activities
21,900
80,148
--------
---------
Cash flows from financing activities
Proceeds from borrowings
( 187)
( 77,172)
--------
---------
Net cash used in financing activities
( 187)
( 77,172)
--------
---------
Net increase in cash and cash equivalents
21,713
2,976
Cash and cash equivalents at beginning of year
23,524
20,548
--------
--------
Cash and cash equivalents at end of year
45,237
23,524
--------
--------
R Bude Property Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Gloucester Gardens, London, NW11 9AB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Rents receivable
Rents receivable arises from:
2022
2021
£
£
Rents receivable
65,472
81,804
--------
--------
The whole of the rents receivable is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
54,759
54,801
--------
--------
6. Tangible assets
Freehold property
£
Cost
At 1 December 2021 and 30 November 2022
1,592,564
------------
Depreciation
At 1 December 2021 and 30 November 2022
------------
Carrying amount
At 30 November 2022
1,592,564
------------
At 30 November 2021
1,592,564
------------
7. Debtors
2022
2021
£
£
Other debtors
96
1,800
----
-------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
124,826
103,796
Corporation tax
584
---------
---------
124,826
104,380
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,514,218
1,514,405
------------
------------
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Analysis of changes in net debt
At 1 Dec 2021
Cash flows
At 30 Nov 2022
£
£
£
Cash at bank and in hand
23,524
21,713
45,237
Debt due after one year
(1,514,405)
187
(1,514,218)
------------
--------
------------
( 1,490,881)
21,900
( 1,468,981)
------------
--------
------------