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REGISTERED NUMBER: 11798328 (England and Wales)












Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Raccoon Property Services Ltd

Raccoon Property Services Ltd (Registered number: 11798328)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Raccoon Property Services Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr G D Lefevre





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 11798328 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Raccoon Property Services Ltd (Registered number: 11798328)

Abridged Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 7,200 -
Investment property 6 735,000 735,000
742,200 735,000

CURRENT ASSETS
Debtors 15,898 15,325
Cash at bank - 51
15,898 15,376
CREDITORS
Amounts falling due within one year 202,022 175,161
NET CURRENT LIABILITIES (186,124 ) (159,785 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

556,076

575,215

CREDITORS
Amounts falling due after more than one
year

565,278

593,317
NET LIABILITIES (9,202 ) (18,102 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (9,302 ) (18,202 )
SHAREHOLDERS' FUNDS (9,202 ) (18,102 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Raccoon Property Services Ltd (Registered number: 11798328)

Abridged Balance Sheet - continued
28 February 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 April 2024 and were signed by:





Mr G D Lefevre - Director


Raccoon Property Services Ltd (Registered number: 11798328)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Raccoon Property Services 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.

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


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Government grants
Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue items are credited to the profit and loss account when they are receivable.

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.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.


Raccoon Property Services Ltd (Registered number: 11798328)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued
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 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 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
The company has retained losses of £9,302 (2022 - £18,202). It also has net current liabilities of £186,124 (2022 - £159,785) and net liabilities of £9,202 (2022 - £18,102).

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 9,000
At 28 February 2023 9,000
DEPRECIATION
Charge for year 1,800
At 28 February 2023 1,800
NET BOOK VALUE
At 28 February 2023 7,200


Raccoon Property Services Ltd (Registered number: 11798328)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 735,000
NET BOOK VALUE
At 28 February 2023 735,000
At 28 February 2022 735,000

The freehold investment property was valued on an open market basis at the balance sheet date.

The historical cost of the freehold investment property was £766,048.

The investment property is accounted for at fair value on an ongoing basis.

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2020 (66,048 )
Valuation in 2022 35,000
Cost 766,048
735,000

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 583,375 600,272

Other loans are secured by fixed and floating charges over the company's assets.

Mr G D Lefevre, the director, has given personal guarantees for the other loans.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

Included in creditors is £118,128 due to a limited company controlled by one of the shareholders of Raccoon Property Services Ltd. The amount is interest free with no fixed date for repayments.

Raccoon Property Services Ltd (Registered number: 11798328)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


10. CORRESPONDING AMOUNTS

These financial statements cover the year ended 28 February 2023. The comparative figures cover the period 1 February 2021 to 28 February 2022. Accordingly, the corresponding amounts may not be comparable as required by the provisions of FRS 102 Section 1A small entities.