Company Registration No. 12294530 (England and Wales)
Red23 Development Ltd
Unaudited accounts
for the year ended 31 October 2023
Red23 Development Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
2,558
1,307
Investment property
2,472,000
1,928,999
Cash at bank and in hand
4,396
98,830
Creditors: amounts falling due within one year
(62,942)
(55,065)
Net current (liabilities)/assets
(27,046)
87,901
Total assets less current liabilities
2,447,632
2,018,227
Creditors: amounts falling due after more than one year
(1,393,291)
(1,187,737)
Provisions for liabilities
Deferred tax
(50,204)
(40,999)
Net assets
1,004,137
789,491
Called up share capital
100
100
Fair value reserve
212,475
173,726
Profit and loss account
791,562
615,665
Shareholders' funds
1,004,137
789,491
For the year ending 31 October 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 director acknowledges his 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 and authorised for issue on 29 July 2024 and were signed on its behalf by
G Weinberg
Director
Company Registration No. 12294530
Red23 Development Ltd
Notes to the Accounts
for the year ended 31 October 2023
Red23 Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 12294530. The registered office is 112 Burges Road, Thorpe Bay, Essex, SS1 3JL.
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.
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
15% reducing balance
Computer equipment
25% 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.
Investments in shares are included at fair value.
Red23 Development Ltd
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2022
1,810
-
1,810
At 31 October 2023
1,810
1,928
3,738
At 1 November 2022
503
-
503
Charge for the year
195
482
677
At 31 October 2023
698
482
1,180
At 31 October 2023
1,112
1,446
2,558
At 31 October 2022
1,307
-
1,307
Fair value at 1 November 2022
1,928,999
Net gain from fair value adjustments
47,717
At 31 October 2023
2,472,000
The properties have revalued by the director based upon current market prices of similar properties.
6
Investments
Other investments
Valuation at 1 November 2022
20
Valuation at 31 October 2023
120
Amounts falling due within one year
Accrued income and prepayments
-
12,917
Amounts falling due after more than one year
Red23 Development Ltd
Notes to the Accounts
for the year ended 31 October 2023
8
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
12,940
2,399
Other creditors
8,099
5,041
Loans from directors
24,000
24,000
Deferred income
15,123
20,924
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,120,350
920,350
Loans from directors
272,941
267,387
Aggregate of amounts that fall due for payment after five years
1,120,350
920,350
All bank loans due after one year are secured by way of fixed charges over the assets to which they relate.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).