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REGISTERED NUMBER: 02323860 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Rakbest Limited

Rakbest Limited (Registered number: 02323860)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rakbest Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Miss K L Smith





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
LE1 3RW





REGISTERED NUMBER: 02323860 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Rakbest Limited (Registered number: 02323860)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 41,899 43,843
Investment property 5 5,760,000 5,255,159
5,801,899 5,299,002

CURRENT ASSETS
Debtors 6 13,951 41,013
Cash at bank 21,528 28,645
35,479 69,658
CREDITORS
Amounts falling due within one year 7 (21,074 ) (28,788 )
NET CURRENT ASSETS 14,405 40,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,816,304

5,339,872

CREDITORS
Amounts falling due after more than one
year

8

(2,271,538

)

(2,269,148

)

PROVISIONS FOR LIABILITIES (554,439 ) (428,228 )
NET ASSETS 2,990,327 2,642,496

CAPITAL AND RESERVES
Called up share capital 1,023,849 1,023,849
Fair value reserve 1,966,276 1,587,646
Retained earnings 202 31,001
SHAREHOLDERS' FUNDS 2,990,327 2,642,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Rakbest Limited (Registered number: 02323860)

Balance Sheet - continued
30 November 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 director and authorised for issue on 28 August 2024 and were signed by:





Miss K L Smith - Director


Rakbest Limited (Registered number: 02323860)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Rakbest Limited 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 as modified by the revaluation of certain assets.

These financial statements for the year ended 30 November 2023 are the first that are prepared in accordance with FRS Section 102 section 1A. The previous financial statements were prepared in accordance with FRS 105. The date of transition to FRS 102 Section 1A is 1 December 2021.

Investment properties have been restated at fair value.

Deferred tax has been provided on accelerated capital allowances and other timing differences, where appropriate.

The transition to FRS 102 Section 1A had the following effect on the financial statements:
- Retained earnings as at 1 December 2021 increased by £183,696
- Fair value reserve as at 1 December 2021 increased by £1,056,473
- Retained earnings as at 30 November 2022 increased by £248,482
- Fair value reserve as at 30 November 2022 increased by £1,587,646
- Profit/loss for the year ended 30 November 2022 increased by £595,959

The accounts have been prepared on the going concern basis as the directors have indicated their willingness to support the company for the foreseeable future.

Turnover
Turnover represents gross rental income receivable and the net invoiced sales of goods/services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


Rakbest Limited (Registered number: 02323860)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 45,233 14,449 476 60,158
DEPRECIATION
At 1 December 2022 8,143 7,839 333 16,315
Charge for year 905 991 48 1,944
At 30 November 2023 9,048 8,830 381 18,259
NET BOOK VALUE
At 30 November 2023 36,185 5,619 95 41,899
At 30 November 2022 37,090 6,610 143 43,843

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 5,255,159
Revaluations 504,841
At 30 November 2023 5,760,000
NET BOOK VALUE
At 30 November 2023 5,760,000
At 30 November 2022 5,255,159

Investment property was valued on an open market basis on 30 November 2023 by the director.

Rakbest Limited (Registered number: 02323860)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,350 4,135
Other debtors 12,601 36,878
13,951 41,013

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 4,062 12,710
Taxation and social security 10,412 9,778
Other creditors 6,600 6,300
21,074 28,788

Other creditors includes accruals and deferred income of £6,600 (2022 - £6,300).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Other creditors 2,271,538 2,269,148

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans due after more than 5 years 2,271,538 2,269,148

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Mortgage loan 2,271,538 2,269,148

Mortgage loan is secured against properties included within investment property.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
Miss K L Smith
Balance outstanding at start of year 27,572 13,954
Amounts advanced 7,504 16,985
Amounts repaid (31,781 ) (3,367 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,295 27,572

Rakbest Limited (Registered number: 02323860)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The loan is charged at the official HMRC rate and is repayable on demand.