Company Registration No. 11814188 (England and Wales)
Radcliffe Property Investments Limited
Unaudited financial statements
for the year ended 31 March 2023
Radcliffe Property Investments Limited
Statement of financial position
as at 31 March 2023
Tangible assets
1,070
2,142
Investment property
1,785,000
1,785,000
Cash at bank and in hand
140,893
104,730
Creditors: amounts falling due within one year
(14,611)
(15,368)
Net current assets
126,471
91,127
Total assets less current liabilities
1,912,541
1,878,269
Creditors: amounts falling due after more than one year
(1,587,491)
(1,592,883)
Provisions for liabilities
Deferred tax
(53,886)
(53,886)
Net assets
271,164
231,500
Called up share capital
100
100
Profit and loss account
271,064
231,400
Shareholders' funds
271,164
231,500
For the year ending 31 March 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 19 March 2024 and were signed on its behalf by
Mrs P Radcliffe
Director
Company Registration No. 11814188
Radcliffe Property Investments Limited
Notes to the Accounts
for the year ended 31 March 2023
Radcliffe Property Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 11814188. The registered office is Hinton Bungalow, Hinton Manor Lane, Catherington, Hampshire, PO8 0QW.
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 modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in the accounts are rounded to the nearest £.
Turnover represents amounts receivable for rent and goods and services net of trade discounts.
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
20% straight line
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company is reliant upon the continued support of its directors. The financial statements are prepared on a going concern basis as it is not expected that the directors will withdraw funding in the near future.
Radcliffe Property Investments Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2022
1,785,000
At 31 March 2023
1,785,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Amounts falling due within one year
Accrued income and prepayments
189
335
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
9,526
7,660
Deferred income
2,632
4,655
8
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
1,587,491
1,592,883
Radcliffe Property Investments Limited
Notes to the Accounts
for the year ended 31 March 2023
Allotted, called up and fully paid:
5 A Ordinary Shares of £1 of £1 each
5
5
5 B Ordinary Shares of £1 of £1 each
5
5
45 C Ordinary Shares of £1 of £1 each
45
45
45 D Ordinary Shares of £1 of £1 each
45
45
At the year end the company owed the director the sum of £1,587,491 (2022: £1,592,883) which is included in creditors due after more than one year. There are no fixed repayment terms and no interest is charged.
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).