RARB Properties Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 11391309 (England and Wales)
RARB Properties Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RARB Properties Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
54,103
62,102
Current assets
Stock
980,540
832,806
Cash at bank and in hand
92,742
14,460
1,073,282
847,266
Creditors: amounts falling due within one year
3
(613,065)
(479,908)
Net current assets
460,217
367,358
Net assets
514,320
429,460
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
514,220
429,360
Total equity
514,320
429,460

The directors of the company have 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 directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
2024-08-28
R G Baldwin
Director
Company Registration No. 11391309
RARB Properties Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information

RARB Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

1.2
Going concern

The directors have assessed whether the use of going concern is appropriate and have considered financial information for the current year to date, projections and possible events, including the impact of the cost of living crisis, or conditions that might cast significant doubt on the ability of the company to continue as a going concern and concluded that going concern is an appropriate basis on which to draw up the accounts.true

1.3
Turnover

Turnover represents the gross proceeds from property sales during the year. Turnover from property sales is recognised at the date of exchange of contract unless conditions are placed upon a contract until completion.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

RARB Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.5
Stock

Stock comprises properties held for re-sale.

 

Stock are stated at the lower of cost, which includes the costs of improvements, and net realisable value.

 

Net realisable value is based on the estimated selling price less further costs expected to be incurred on disposal.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RARB Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
2
Fixed asset investments
2024
2023
£
£
Investment in Trio Partnership
54,103
62,102

 

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023 & 31 March 2024
62,102
At 31 March 2024
62,102
Impairment
At 1 April 2023
-
Disposals
7,999
At 31 March 2024
7,999
Carrying amount
At 31 March 2024
54,103
At 31 March 2023
62,102
3
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
64,271
36,935
Other creditors
544,354
438,713
Accruals and deferred income
4,440
4,260
613,065
479,908
4
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
RARB Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
5
Related party transactions

Included within other creditors is an amount of £Nil (2023 : £59,355) due to R Baldwin, a director of

the company, and £Nil (2023: £59,358) due to R Albrow , a director of the company. Also included

in other creditors is £149,355 (2023: £120,000) due to G Holmes White Limited, a company in which R Baldwin and R Albrow are directors and £395,000 (2023: £200,000) due to Silverbridge Properties Limited. All loans are unsecured and interest free.

 

During the year £25,000 (2023: £nil) was recharged to Silverbridge Properties Limited.

During the year dividends of £50,000 each (2023: £nil) were paid to the directors.

 

6
Control
In the opinion of the directors there is no one controlling party.
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