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Registered number: 13542432
Red Mullet Properties Ltd
Unaudited Financial Statements
For The Year Ended 29 August 2023
THB-Accountants
49 Barn Park
Buckfastleigh
TQ11 0AT
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13542432
29 August 2023 29 August 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 134,000 134,000
134,000 134,000
CURRENT ASSETS
Debtors 5 2,466 410
Cash at bank and in hand 1,779 1,219
4,245 1,629
Creditors: Amounts Falling Due Within One Year 6 (56,840 ) (56,326 )
NET CURRENT ASSETS (LIABILITIES) (52,595 ) (54,697 )
TOTAL ASSETS LESS CURRENT LIABILITIES 81,405 79,303
Creditors: Amounts Falling Due After More Than One Year 7 (97,232 ) (97,232 )
NET LIABILITIES (15,827 ) (17,929 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account (16,827 ) (18,929 )
SHAREHOLDERS' FUNDS (15,827) (17,929)
Page 1
Page 2
For the year ending 29 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Collins
Director
19 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Red Mullet Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13542432 . The registered office is 1 St. Lawrence Lane, Ashburton, Newton Abbot, Devon, TQ13 7DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 30 August 2022 134,000
As at 29 August 2023 134,000
Net Book Value
As at 29 August 2023 134,000
As at 30 August 2022 134,000
5. Debtors
29 August 2023 29 August 2022
£ £
Due within one year
Other debtors 2,466 410
2,466 410
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Page 4
6. Creditors: Amounts Falling Due Within One Year
29 August 2023 29 August 2022
£ £
Trade creditors 456 456
Other creditors 56,384 55,870
56,840 56,326
7. Creditors: Amounts Falling Due After More Than One Year
29 August 2023 29 August 2022
£ £
Bank loans 97,232 97,232
97,232 97,232
8. Share Capital
29 August 2023 29 August 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 4