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Registration number: 11024437

Red Wall Property Management Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Red Wall Property Management Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Red Wall Property Management Ltd

Company Information

Director

Stephen Holt

Company secretary

Karen Holt

Registered office

Hunt House Farm
Frith Common
Nr Tenbury Wells
WR15 8JY

Accountants

Perrigo Consultants Limited
Anglo House
Worcester Road
Stourport on Severn
DY13 9AW

 

Red Wall Property Management Ltd

(Registration number: 11024437)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,085

-

Investment property

2,049,045

1,323,251

 

2,066,130

1,323,251

Current assets

 

Cash at bank and in hand

 

151,768

84,201

Creditors: Amounts falling due within one year

(1,519,528)

(1,224,917)

Net current liabilities

 

(1,367,760)

(1,140,716)

Total assets less current liabilities

 

698,370

182,535

Creditors: Amounts falling due after more than one year

(475,044)

-

Accruals and deferred income

 

(14,153)

(14,749)

Net assets

 

209,173

167,786

Capital and reserves

 

Called up share capital

6

200

200

Retained earnings

208,973

167,586

Shareholders' funds

 

209,173

167,786

 

Red Wall Property Management Ltd

(Registration number: 11024437)
Abridged Balance Sheet as at 31 October 2023

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 July 2024
 

.........................................
Stephen Holt
Director

 

Red Wall Property Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hunt House Farm
Frith Common
Nr Tenbury Wells
WR15 8JY

These financial statements were authorised for issue by the director on 17 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Red Wall Property Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

22,780

22,780

At 31 October 2023

22,780

22,780

Depreciation

Charge for the year

5,695

5,695

At 31 October 2023

5,695

5,695

Carrying amount

At 31 October 2023

17,085

17,085

Investment properties

 

Red Wall Property Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

2023
£

At 1 November

1,323,251

Additions

725,794

At 31 October

2,049,045

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

B Ordinary of £1 each

100

100

100

100

200

200

200

200