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REGISTERED NUMBER: 03259513 (England and Wales)









Financial Statements

for the Year Ended 30 March 2023

for

Re-Creo Developments Limited

Re-Creo Developments Limited (Registered number: 03259513)






Contents of the Financial Statements
for the Year Ended 30 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Re-Creo Developments Limited

Company Information
for the Year Ended 30 March 2023







DIRECTOR: P Whitley





SECRETARY: P Whitley





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 03259513 (England and Wales)






Re-Creo Developments Limited (Registered number: 03259513)

Statement of Financial Position
30 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 577,128 3,069,455
Cash at bank 143 172,599
577,271 3,242,054
CREDITORS
Amounts falling due within one year 5 (1,043,312 ) (1,903,128 )
NET CURRENT (LIABILITIES)/ASSETS (466,041 ) 1,338,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

(466,041

)

1,338,926

CREDITORS
Amounts falling due after more than one
year

6

(125,792

)

-
NET (LIABILITIES)/ASSETS (591,833 ) 1,338,926

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (591,933 ) 1,338,826
(591,833 ) 1,338,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 March 2024 and were signed by:





P Whitley - Director


Re-Creo Developments Limited (Registered number: 03259513)

Notes to the Financial Statements
for the Year Ended 30 March 2023

1. STATUTORY INFORMATION

Re-Creo Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is accrued for work carried out up to the period end, but not invoiced until after the accounting reference date.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
These financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support of the director and third party creditors.

Re-Creo Developments Limited (Registered number: 03259513)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2023

2. ACCOUNTING POLICIES - continued

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period.The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 46,149
Amounts owed by group undertakings 346,545 2,616,585
Other debtors 230,583 406,721
577,128 3,069,455

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 48,219 215,414
Trade creditors 54,640 434,053
Amounts owed to group undertakings - 1,012,894
Taxation and social security 2,531 -
Other creditors 937,922 240,767
1,043,312 1,903,128

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 125,792 -

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 174,011 215,414

The bank loan contains fixed and floating charges over all the property of the company.

Re-Creo Developments Limited (Registered number: 03259513)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2023

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Amounts owed by group undertakings include an amount of £771,869 (2022: £1,112,604) for services provided due from Re-Creo Netherhall Gardens Ltd, a fellow subsidiary company. A bad debt provision has been raised in relation to the full balance in the current year.

At year end, an amount of £119,199 (2022: £119,199) was due to the director P Whitley. This amount has been provided unsecured, interest free and is effectively repayable on demand.

Other debtors include an amount of £171,090 (2022: £166,590) for services provided due from Re-Creo Samuels (Addlestone) Limited, a company in which P Whitley has an interest.

Other debtors include an amount of £175,668 (2022: £156,296) for services provided due from Delhi Investment Holdings Limited, a Guernsey company, in which a member of P Whitley's family has an interest. The balance is unrecoverable and has been written off as a bad debt in the current year.

Amounts due to group undertakings include an amount of £nil (2022: £1,012,894) for services provided due from Re-Creo Carmelite Friars Ltd a fellow subsidiary company.