Company registration number 12768629 (England and Wales)
RAK 70 LEDBOROUGH LANE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RAK 70 LEDBOROUGH LANE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
RAK 70 LEDBOROUGH LANE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31 July 2022
Notes
£
£
£
£
Current assets
Stocks
3
706,353
3,791,698
Debtors
4
547,702
81,522
Cash at bank and in hand
43,853
191,427
1,297,908
4,064,647
Creditors: amounts falling due within one year
5
(1,346,160)
(4,249,869)
Net current liabilities
(48,252)
(185,222)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(48,352)
(185,322)
Total equity
(48,252)
(185,222)
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 Period ended 31 March 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 Period 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 16 February 2024 and are signed on its behalf by:
T S Cove
Director
Company Registration No. 12768629
RAK 70 LEDBOROUGH LANE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2021
100
(74,672)
(74,572)
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
(110,650)
(110,650)
Balance at 31 July 2022
100
(185,322)
(185,222)
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
136,970
136,970
Balance at 31 March 2023
100
(48,352)
(48,252)
RAK 70 LEDBOROUGH LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
RAK 70 Ledborough Lane Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
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 measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rendering of services
Revenue arises from the provision of construction services. Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
1.3
Borrowing costs related to stocks
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of land and the cost incurred to date in developing that land, including any demolition costs. Net residual value is based on the estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
RAK 70 LEDBOROUGH LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
2
2
3
Stocks
2023
2022
£
£
Stocks
706,353
3,791,698
Included within work in progress at 31 March 2023 are capitalised borrowing costs of £33,244 (2022 - £178,539).
RAK 70 LEDBOROUGH LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,261
Other debtors
547,702
42,570
547,702
48,831
Deferred tax asset
32,691
547,702
81,522
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,021,179
3,414,533
Trade creditors
15,456
167,974
Amounts owed to group undertakings
614,848
Other creditors
309,525
52,514
1,346,160
4,249,869
Included in bank loans and overdrafts is a legal mortgage of £1,021,179 which is secured by way of a legal charge over the asset to which it relates.
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