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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
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,558 
1,307 
Investment property
2,472,000 
1,928,999 
Investments
120 
20 
2,474,678 
1,930,326 
Current assets
Debtors
31,500 
44,136 
Cash at bank and in hand
4,396 
98,830 
35,896 
142,966 
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 
Capital and reserves
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
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Red23 Development Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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 taxation
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
Investments in shares are included at fair value.
- 3 -
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 
Additions
- 
1,928 
1,928 
At 31 October 2023
1,810 
1,928 
3,738 
Depreciation
At 1 November 2022
503 
- 
503 
Charge for the year
195 
482 
677 
At 31 October 2023
698 
482 
1,180 
Net book value
At 31 October 2023
1,112 
1,446 
2,558 
At 31 October 2022
1,307 
- 
1,307 
5
Investment property
2023 
£ 
Fair value at 1 November 2022
1,928,999 
Additions
495,284 
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 
Additions
100 
Valuation at 31 October 2023
120 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
12,917 
Other debtors
- 
31,219 
- 
44,136 
Amounts falling due after more than one year
Other debtors
31,500 
- 
- 4 -
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 
Accruals
2,780 
2,701 
Deferred income
15,123 
20,924 
62,942 
55,065 
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 
1,393,291 
1,187,737 
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).
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