Red Reef Property Services Limited 10711766 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is 68209 Digita Accounts Production Advanced 6.30.9574.0 true true 10711766 2023-05-01 2024-04-30 10711766 2024-04-30 10711766 core:RetainedEarningsAccumulatedLosses 2024-04-30 10711766 core:RevaluationReserve 2024-04-30 10711766 core:ShareCapital 2024-04-30 10711766 core:CurrentFinancialInstruments 2024-04-30 10711766 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 10711766 core:Non-currentFinancialInstruments 2024-04-30 10711766 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 10711766 core:FurnitureFittingsToolsEquipment 2024-04-30 10711766 bus:SmallEntities 2023-05-01 2024-04-30 10711766 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10711766 bus:FullAccounts 2023-05-01 2024-04-30 10711766 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10711766 bus:RegisteredOffice 2023-05-01 2024-04-30 10711766 bus:Director1 2023-05-01 2024-04-30 10711766 bus:Director2 2023-05-01 2024-04-30 10711766 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10711766 core:RevaluationReserve core:LandBuildings 2023-05-01 2024-04-30 10711766 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 10711766 core:LandBuildings 2023-05-01 2024-04-30 10711766 countries:EnglandWales 2023-05-01 2024-04-30 10711766 2023-04-30 10711766 core:FurnitureFittingsToolsEquipment 2023-04-30 10711766 2022-05-01 2023-04-30 10711766 2023-04-30 10711766 core:RetainedEarningsAccumulatedLosses 2023-04-30 10711766 core:RevaluationReserve 2023-04-30 10711766 core:ShareCapital 2023-04-30 10711766 core:CurrentFinancialInstruments 2023-04-30 10711766 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 10711766 core:Non-currentFinancialInstruments 2023-04-30 10711766 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 10711766 core:FurnitureFittingsToolsEquipment 2023-04-30 10711766 core:RevaluationReserve core:LandBuildings 2022-05-01 2023-04-30 10711766 core:LandBuildings 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 10711766

Red Reef Property Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Red Reef Property Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Red Reef Property Services Limited

Company Information

Directors

Mrs Louise Mary Carter

Mr Paul Michael Carter

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Red Reef Property Services Limited

(Registration number: 10711766)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,479

2,920

Investment property

6

2,484,000

2,454,455

 

2,485,479

2,457,375

Current assets

 

Debtors

7

510

-

Cash at bank and in hand

 

8,566

33,733

 

9,076

33,733

Creditors: Amounts falling due within one year

8

(370)

(2,233)

Net current assets

 

8,706

31,500

Total assets less current liabilities

 

2,494,185

2,488,875

Creditors: Amounts falling due after more than one year

8

(1,791,409)

(1,848,024)

Provisions for liabilities

(94,752)

(89,138)

Net assets

 

608,024

551,713

Capital and reserves

 

Called up share capital

10

10

Revaluation reserve

403,941

380,010

Retained earnings

204,073

171,693

Shareholders' funds

 

608,024

551,713

For the financial year ending 30 April 2024 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.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

 

Red Reef Property Services Limited

(Registration number: 10711766)
Balance Sheet as at 30 April 2024 (continued)

.........................................
Mrs Louise Mary Carter
Director

.........................................
Mr Paul Michael Carter
Director

 

Red Reef Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 12 August 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 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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

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.

 

Red Reef Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,440

1,098

 

Red Reef Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

8,378

8,378

At 30 April 2024

8,378

8,378

Depreciation

At 1 May 2023

5,458

5,458

Charge for the year

1,441

1,441

At 30 April 2024

6,899

6,899

Carrying amount

At 30 April 2024

1,479

1,479

At 30 April 2023

2,920

2,920

6

Investment properties

2024
£

At 1 May

2,454,455

Fair value adjustments

29,545

At 30 April

2,484,000

The fair value of the property at 30 April 2024 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in the location the properties are situated.

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

7

Debtors

Current

2024
£

2023
£

Prepayments

510

-

 

510

-

 

Red Reef Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

370

2,233

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,791,409

1,848,024

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

23,931

23,931

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

380,010

380,010

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,479,003

1,484,386

Other borrowings

312,406

363,638

1,791,409

1,848,024