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REGISTERED NUMBER: 07092621 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

R2 Developments Ltd

R2 Developments Ltd (Registered number: 07092621)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R2 Developments Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D W Wilson
C V McLeod
R W H Wilson
R E C Wilson





SECRETARY: D E Norman





REGISTERED OFFICE: The Mills
Canal Street
Derby
Derbyshire
DE1 2RJ





BUSINESS ADDRESS: C/O Wilson Enterprises Ltd
Wilson House
207 Leicester Road
Ibstock
Leicestershire
LE67 6HP





REGISTERED NUMBER: 07092621 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

R2 Developments Ltd (Registered number: 07092621)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,873 26,118
Investments 5 85 170
19,958 26,288

CURRENT ASSETS
Stocks 3,991,227 3,440,986
Debtors 6 16,768,170 14,951,034
Cash at bank 157,996 3,548,109
20,917,393 21,940,129
CREDITORS
Amounts falling due within one year 7 3,840,373 5,115,719
NET CURRENT ASSETS 17,077,020 16,824,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,096,978

16,850,698

PROVISIONS FOR LIABILITIES 8 5,000 6,500
NET ASSETS 17,091,978 16,844,198

CAPITAL AND RESERVES
Called up share capital 9 13,100,100 13,100,100
Retained earnings 3,991,878 3,744,098
SHAREHOLDERS' FUNDS 17,091,978 16,844,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R2 Developments Ltd (Registered number: 07092621)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2024 and were signed on its behalf by:





R E C Wilson - Director


R2 Developments Ltd (Registered number: 07092621)

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

1. STATUTORY INFORMATION

R2 Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about R2 Developments Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover and profit on sales of residential properties are included within the financial statements where legal completion has taken place by the end of the financial period.

Turnover and profit in relation to development contracts are recognised where the profitable outcome of the contract can be assessed with reasonable certainty. The turnover and profit recognised reflects that part of the total turnover and profit currently estimated to arise over the duration of the contract that fairly represents the turnover and profit attributable to work performed at the accounting date. Full provision is made for losses on all contracts in the period in which they are first forseen.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance

Investments in associates
(i) Subsidiary undertakings
Investments in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an impairment loss is identified, this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly.

(ii) Joint ventures
Investments in joint ventures are stated at cost less provision for impairment.

R2 Developments Ltd (Registered number: 07092621)

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

2. ACCOUNTING POLICIES - continued

Stocks
The cost of work in progress includes direct costs. Where necessary, provisions are made against work in progress to value it at the lower of cost and net realisable value. Net realisable value is based on normal selling price less further costs expected to be incurred on completion and disposal.

Investments in sites where planning has not yet been granted are initially included at cost. Regular reviewed for impairment are performed considering the existing use value of the site and the likelihood of obtaining planning permission. Provisions are made against cost where necessary.

Direct pre-development costs have been recognised as an asset in stocks and work in progress. Where it is probable that the site will be developed and provided that is in accordance with FRS102, such costs meet the definition of an asset. Such costs are reviewed regularly for evidence of impairment.

Options purchased in respect of land are capitalised initially at cost and included within work in progress. Regular reviews are carried out for impairment in the value of these options, and provisions made accordingly to reflect the loss of value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

R2 Developments Ltd (Registered number: 07092621)

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

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 38,750 7,669 46,419
Additions 379 - 379
At 31 December 2023 39,129 7,669 46,798
DEPRECIATION
At 1 January 2023 16,953 3,348 20,301
Charge for year 5,544 1,080 6,624
At 31 December 2023 22,497 4,428 26,925
NET BOOK VALUE
At 31 December 2023 16,632 3,241 19,873
At 31 December 2022 21,797 4,321 26,118

5. FIXED ASSET INVESTMENTS
Investments
Investments in
in joint subsidiary
ventures companies Totals
£    £    £   
COST
At 1 January 2023 95 75 170
Disposals (85 ) - (85 )
At 31 December 2023 10 75 85
NET BOOK VALUE
At 31 December 2023 10 75 85
At 31 December 2022 95 75 170

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 10,706 4,506
Amounts owed by group undertakings - 1,950,000
Amounts owed by associates 7,752,379 -
Other debtors 260,134 3,085,511
Prepayments and accrued income 4,531 12,962
8,027,750 5,052,979

Amounts falling due after more than one year:
Amounts owed by group undertakings 8,740,420 9,898,055

Aggregate amounts 16,768,170 14,951,034

R2 Developments Ltd (Registered number: 07092621)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 151,928 531,706
Amounts owed to group undertakings - 213,854
Tax 19,105 164,764
Social security and other taxes 4,723 13,137
Other creditors 77,526 577,526
Directors' current accounts 3,457,470 2,707,470
Accrued expenses 129,621 907,262
3,840,373 5,115,719

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,000 6,500

Deferred
tax
£   
Balance at 1 January 2023 6,500
Utilised during year (1,500 )
Balance at 31 December 2023 5,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A £1 50 50
3,100,050 Ordinary B £1 3,100,050 3,100,050
4,000,000 Ordinary C £1 4,000,000 4,000,000
3,000,000 Ordinary D £1 3,000,000 3,000,000
3,000,000 Redeemable preference £1 3,000,000 3,000,000
13,100,100 13,100,100

R2 Developments Ltd (Registered number: 07092621)

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

10. RELATED PARTY DISCLOSURES

During the year the company has recorded turnover of £1,828,059 (2022: £3,158,971) and loans of £nil (2022: £3,374,172) to a subsidiary. At the year end the subsidiary owed R2 Developments Limited £7,360,698 (2022: £10,647,932). Interest on the loan has been charged of £239,598 (2022: £396,732). Total loan interest of £1,379,723 (2022: £1,140,123) remained outstanding at the year end and is included in debtors. Interest was charged at 4.5% on £3,000,000 of the loan, . Interest has been charged at 5.5% on £2,392,340 (2022: £5,739,575) of the loan. The remaining element of the loan is repayable on demand and does not attract any interest.

During the previous year the company claimed corporation tax group loss relief from a subsidiary company of £75,824. £213,854 was outstanding at the previous year end in relation to group loss relief and was included within creditors.

The company has made loans to joint ventures. At the year end a total of £240,173 (2022: £1,329,233) was included in debtors relating to loans and accrued interest on the loans to joint ventures. Interest has been charged to the borrowers during the year of £49,397 (2022: £15,158).

At the year end the company owed £nil (2022: £500,000) to a related party in relation to an amount loaned in a prior year. Interest was charged at a rate of 12%. Interest of £nil (2022: £60,000) was accrued during the year.

At the year end the company owed the directors £3,346,492 (2022: £2,707,470).