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Registration number: 04302959

Prepared for the registrar

Read Maurice Residential Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Read Maurice Residential Limited

(Registration number: 04302959)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

4,821

6,523

Other financial assets

6

-

800

 

4,821

7,323

Current assets

 

Debtors

7

196,720

296,126

Cash at bank and in hand

 

226,689

200,109

 

423,409

496,235

Creditors: Amounts falling due within one year

8

(120,919)

(111,335)

Net current assets

 

302,490

384,900

Total assets less current liabilities

 

307,311

392,223

Deferred tax liabilities

 

(1,153)

(1,584)

Net assets

 

306,158

390,639

Capital and reserves

 

Called up share capital

110

110

Profit and loss account

306,048

390,529

Shareholders' funds

 

306,158

390,639

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

M Read
Company secretary and director

J Maurice
Director

 
     
 

Read Maurice Residential Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
48 Andover Road
Tivoli
Cheltenham
GL50 2TL

 

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 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 financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 and after eliminating sales within the company.

Tax

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

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Read Maurice Residential Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Computer equipment

33.3% reducing balance

Fixtures and fittings

33.3% reducing balance

Office equipment

33.3% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Read Maurice Residential Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.


Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

4

Intangible assets

Goodwill
 £

Cost

At 1 January 2023 and at 31 December 2022

17,000

Amortisation

At 1 January 2023 and at 31 December 2022

17,000

Carrying amount

At 1 January 2022 and at 31 December 2023

-

 

5

Tangible assets

 

Read Maurice Residential Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

31,509

Additions

499

At 31 December 2023

32,008

Depreciation

At 1 January 2023

24,985

Charge for the year

2,202

At 31 December 2023

27,187

Carrying amount

At 31 December 2023

4,821

At 31 December 2022

6,523

 

6

Other financial assets

Financial assets at cost less impairment
£

Non-current financial assets

Cost or valuation

At 1 January 2023

800

Disposals

(800)

At 31 December 2023

-

Carrying amount

At 31 December 2023

-

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

-

8,100

Amounts owed by related parties

10

191,037

282,958

Other debtors

 

270

-

Prepayments

 

5,413

5,068

 

196,720

296,126

 

Read Maurice Residential Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

3,617

2,946

Social security and other taxes

19,370

21,195

Outstanding defined contribution pension costs

488

437

Other creditors

27,158

14,540

Accrued expenses

3,000

3,600

Corporation tax liability

67,286

68,617

120,919

111,335

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £112,000 (2022 - £128,000).

 

10

Related party transactions

At 31 December 2023, the company was owed £191,037 (2022: £282,958) by its directors in the form of directors' loan accounts. Interest of £4,372 (2022: £4,801) was charged on the loan accounts, and there are no fixed repayment terms.