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Company Registration No. 09541699 (England and Wales)
Red Cloud Properties Ltd UNAUDITED ACCOUNTS for the year ended 31 August 2024
Red Cloud Properties Ltd UNAUDITED ACCOUNTS Contents
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Red Cloud Properties Ltd Company Information for the year ended 31 August 2024
Directors
Jonathan Craig Simmonds Paul Michael Soper
Company Number
09541699 (England and Wales)
Registered Office
476 Topsham Road Exeter Devon EX2 7AJ England
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Red Cloud Properties Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
212,000 
190,000 
Current assets
Cash at bank and in hand
686 
3,844 
Creditors: amounts falling due within one year
(24,234)
(24,569)
Net current liabilities
(23,548)
(20,725)
Total assets less current liabilities
188,452 
169,275 
Creditors: amounts falling due after more than one year
(143,763)
(142,963)
Provisions for liabilities
Deferred tax
(9,701)
(5,521)
Net assets
34,988 
20,791 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
34,888 
20,691 
Shareholders' funds
34,988 
20,791 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2024 and were signed on its behalf by
Paul Michael Soper Director Company Registration No. 09541699
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Red Cloud Properties Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Red Cloud Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 09541699. The registered office is 476 Topsham Road, Exeter, Devon, EX2 7AJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value of rental income from investment properties plus any work carried out in respect of services provided to tenants and other customers.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
4
Investment property
2024 
£ 
Fair value at 1 September 2023
190,000 
Net gain from fair value adjustments
22,000 
At 31 August 2024
212,000 
The directors have valued the property at a fair value of £212,000 on 31st August 2024. This is based on the available data from comparable property sell prices in the same area, the current observable asking prices in the market of similar properties and also takes in to account the condition of the properties held by the Company.
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
1 
2 
Other creditors
- 
567 
Loans from directors
24,233 
24,000 
24,234 
24,569 
The value for taxes is given is in respect of payments which become due to HRMC in the following financial year. The loans from directors are repayable on demand, however at present the directors have agreed not to seek repayment until the Company has sufficient funds to pay the amounts outstanding.
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Red Cloud Properties Ltd Notes to the Accounts for the year ended 31 August 2024
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
118,963 
118,963 
Other creditors
12,400 
12,000 
Loans from directors
12,400 
12,000 
143,763 
142,963 
Bank loans and mortgages are secured with a fixed and floating charge over the assets of the Company. 'Other creditors' includes interest-only loans from investors that have not yet been repaid. For director's loans, it has currently been agreed not to seek repayment of the capital or interest until the Company has sufficient funds to pay the amounts outstanding.
7
Transactions with related parties
A loan with a value of £10,000, provided at market rates of interest is owed to the creditor Vivienne Simmonds (the spouse of Jonathan Simmonds, a director of this Company). The amount owing, including interest, at year end stands at £12,400 (2023: £12,000) In 2015, loans with a value of £10,000 were provided at market rates of interest by Paul Soper, a director of this Company. The amount owing, including interest, at year end stands at £12,400 (2023: £12,000) In 2015, loans with a value of £12,000 were provided by Jonathan Simmonds, a director of this Company. These loans are interest free, but are repayable on demand. The full amount is still due. In 2015, loans with a value of £12,000 were provided by Paul Soper, a director of this Company. These loans are interest free, but are repayable on demand. The full amount is still due. During 2017-2018, a capital and interest loan of £2940 was provided at market rates of interest by Claire Soper (the spouse of Paul Soper, a director of this Company). The value of this loan at year end 2024 stands at £0 (2023: £567) and the loan is settled.
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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