REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 March 2023 |
for |
Re-Creo (Grays Inn Road) Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 March 2023 |
for |
Re-Creo (Grays Inn Road) Ltd |
Re-Creo (Grays Inn Road) Ltd (Registered number: 08792948) |
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 (Grays Inn Road) Ltd |
Company Information |
for the Year Ended 30 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Re-Creo (Grays Inn Road) Ltd (Registered number: 08792948) |
Statement of Financial Position |
30 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
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 |
Re-Creo (Grays Inn Road) Ltd (Registered number: 08792948) |
Notes to the Financial Statements |
for the Year Ended 30 March 2023 |
1. | STATUTORY INFORMATION |
Re-Creo (Grays Inn Road) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 March 2022 |
and 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 30 March 2022 |
Re-Creo (Grays Inn Road) Ltd (Registered number: 08792948) |
Notes to the Financial Statements - continued |
for the Year Ended 30 March 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 30 March 2023 is represented by: |
£ |
Valuation in 2021 | 9,855 |
Valuation in 2022 | 99 |
Cost | 990,145 |
1,000,099 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 990,145 | 990,145 |
The fair value of the investment property was made at 30 March 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | SECURED DEBTS |
Other creditors due in more than one year includes a loan of £588,644 (2022: £613,046 other creditors due within one year and more than one year) which is secured by way of a first charge and further legal charge over the freehold interest, a legal debenture over the assets of the company for the amount of the facility and by a personal guarantee from the director P Whitley. |
9. | 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. |
Included in creditors at the year end is an amount of £303,482 (2022: £303,482) due to the director P Whitley. This amount has been provided unsecured, interest free and is effectively repayable on demand. |