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REGISTERED NUMBER: 03612626 (England and Wales)














FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023

FOR

RESIDENTIAL LOANS LTD

RESIDENTIAL LOANS LTD (REGISTERED NUMBER: 03612626)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

RESIDENTIAL LOANS LTD

COMPANY INFORMATION
FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023







DIRECTORS: Mrs Susan Adele Levitus
Mrs Dorothy Fleming
Mr David Clive Levitus



SECRETARY: Mr David Clive Levitus



REGISTERED OFFICE: C/O Richards Solicitors
1st Floor, Grosvenor House
1 High Street
Edgware
Middlesex
HA8 7TA



REGISTERED NUMBER: 03612626 (England and Wales)



ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW



BANKERS: Clydesdale Bank
30 St Vincent Place
Glasgow
G1 2HL

RESIDENTIAL LOANS LTD (REGISTERED NUMBER: 03612626)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,160 30,910

CURRENT ASSETS
Stocks 77,825 77,825
Debtors 5 8,521,899 5,308,515
Cash at bank 2,672,754 4,062,897
11,272,478 9,449,237
CREDITORS
Amounts falling due within one year 6 897,765 574,316
NET CURRENT ASSETS 10,374,713 8,874,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,404,873

8,905,831

CAPITAL AND RESERVES
Called up share capital 12 12
Share premium 1,079,998 1,079,998
Retained earnings 9,324,863 7,825,821
SHAREHOLDERS' FUNDS 10,404,873 8,905,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:



Mr David Clive Levitus - Director


RESIDENTIAL LOANS LTD (REGISTERED NUMBER: 03612626)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

Residential Loans Ltd 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.

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 represents interest received on loans repaid during the year, and the profit on property development in the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost

Stocks
Stocks comprise property developments which have been completed and are valued at the lower of cost and net realisable value, pending the sale of the properties.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

RESIDENTIAL LOANS LTD (REGISTERED NUMBER: 03612626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 August 2022
and 31 March 2023 37,660
DEPRECIATION
At 1 August 2022 6,750
Charge for period 750
At 31 March 2023 7,500
NET BOOK VALUE
At 31 March 2023 30,160
At 31 July 2022 30,910

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,402,805 5,184,815
Other debtors 119,094 123,700
8,521,899 5,308,515

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 557 625
Taxation and social security 351,803 145,584
Other creditors 545,405 428,107
897,765 574,316

7. RELATED PARTY DISCLOSURES

Included in creditors is a loan from Bridging Loans Ltd of £359,845 (2022 - £269,407). Mrs Susan Levitus, Mr David Levitus and Mrs Dorothy Fleming are all directors of this company. Also, interest of £13,885 (2022 - £6,331) and management charges of £346,043 (2022 - £257,293) are included in interest payable and similar expenses, and administrative expenses, respectively.

Included in creditors is an amount of £156,000 (2022 - £156,000) owed to Harry Smith Ltd. This is in respect of a loan provided. Mr David Levitus is a director and shareholder in this company. Also, interest of £6,000 (2022 - £6,000) is included in interest payable and similar expenses.

Included in debtors is a loan to Ecobuild Development Finance Ltd of £119,094 (2022 - £123,700). Mr David Levitus is a director and shareholder of this company.

Included in interest payable and similar charges is interest of £26,860 (2022 - £46,980) charged on loans from the children of Mr David Levitus and Mrs Susan Levitus.

RESIDENTIAL LOANS LTD (REGISTERED NUMBER: 03612626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023


8. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RESIDENTIAL LOANS LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Residential Loans Ltd for the period ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Residential Loans Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residential Loans Ltd and state those matters that we have agreed to state to the Board of Directors of Residential Loans Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Residential Loans Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Residential Loans Ltd. You consider that Residential Loans Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Residential Loans Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


1 March 2024