Company registration number 00517768 (England and Wales)
RADIX PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RADIX PROPERTIES LTD (REGISTERED NUMBER: 00517768)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,130,000
3,530,000
Current assets
Debtors
4
9,457
Cash at bank and in hand
319,376
255,707
328,833
255,707
Creditors: amounts falling due within one year
5
(81,556)
(50,805)
Net current assets
247,277
204,902
Total assets less current liabilities
3,377,277
3,734,902
Provisions for liabilities
(370,225)
(427,516)
Net assets
3,007,052
3,307,386
Capital and reserves
Called up share capital
6
10,000
10,000
Revaluation reserve
7
2,283,807
2,626,516
Profit and loss reserves
713,245
670,870
Total equity
3,007,052
3,307,386
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RADIX PROPERTIES LTD (REGISTERED NUMBER: 00517768)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr John Clemence CBE TD FCA
Director
RADIX PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Radix Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property rental provided in the normal course of business.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
RADIX PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 April 2023
3,530,000
Disposals
(400,000)
At 31 March 2024
3,130,000
(a) The Freehold Properties in Greater London were valued by External Valuers Strettons, Chartered Surveyors as at 31 March 2022 on the basis of Market Value in accordance with the RICS Valuation - Global Standards 2017 - incorporating the International Valuation Standards 2017 and the UK National Supplement, and FRS 102, the Financial Reporting Standard applicable in the UK. It was assumed that investment properties would be sold subject to any existing leases. The Valuer’s opinion of Fair Value (UK GAAP) was primarily derived using comparable recent market transactions on arm’s length terms.
(b) The Freehold Properties in Hampshire were valued by External Valuers Stratfords Commercial, Chartered Surveyors as at 31 March 2022 on the basis of Fair Value (UK GAAP) in accordance with the RICS Valuation - Global Standards 2017 - incorporating the International Valuation Standards 2017 and the UK National Supplement, and FRS 102, the Financial Reporting Standard applicable in the UK. It was assumed that investment properties would be sold subject to any existing leases. The Valuer’s opinion of Fair Value (UK GAAP) was primarily derived using comparable recent market transactions on arm’s length terms.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,457
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
28,757
30,934
Other creditors
52,799
19,871
81,556
50,805
RADIX PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
10,000
2,000
10,000
Ordinary B shares of £1 each
8,000
-
8,000
-
10,000
10,000
10,000
10,000
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,626,516
2,626,516
Other movements
(342,709)
-
At the end of the year
2,283,807
2,626,516