Company Registration No. 10911718 (England and Wales)
Russet Properties Limited
Unaudited accounts
for the year ended 31 July 2023
Russet Properties Limited
Unaudited accounts
Contents
Russet Properties Limited
Company Information
for the year ended 31 July 2023
Directors
Elizabeth Robinson
Ian Robertson
Company Number
10911718 (England and Wales)
Registered Office
Russet House
Bargrove Avenue
Hemel Hempstead
Hertfordshire
HP1 1QP
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Russet Properties Limited
Accountants' report
Accountants' report to the board of directors of Russet Properties Limited on the preparation of the unaudited statutory accounts for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Russet Properties Limited for the year ended
31 July 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Russet Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Russet Properties Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Russet Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Russet Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Russet Properties Limited. You consider that Russet Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Russet Properties Limited. 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 accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
23 January 2024
Russet Properties Limited
Statement of financial position
as at 31 July 2023
Investment property
1,338,824
1,260,000
Cash at bank and in hand
40,188
1,937
Creditors: amounts falling due within one year
(337,508)
(149,429)
Net current liabilities
(295,220)
(145,392)
Total assets less current liabilities
1,043,779
1,114,607
Creditors: amounts falling due after more than one year
(1,073,040)
(1,062,566)
Net (liabilities)/assets
(29,261)
52,041
Called up share capital
10
10
Revaluation reserve
54,787
82,935
Profit and loss account
(84,058)
(30,904)
Shareholders' funds
(29,261)
52,041
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by
Elizabeth Robinson
Director
Company Registration No. 10911718
Russet Properties Limited
Notes to the Accounts
for the year ended 31 July 2023
Russet Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10911718. The registered office is Russet House, Bargrove Avenue, Hemel Hempstead, Hertfordshire, HP1 1QP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% on cost
Russet Properties Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 August 2022
1,260,000
Net loss from fair value adjustments
(28,148)
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
2,172
1,952
Loans from directors
334,909
147,050
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,073,040
886,704
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).