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REGISTERED NUMBER: 12343621 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Red Hot Balloon Limited

Red Hot Balloon Limited (Registered number: 12343621)






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


Red Hot Balloon Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Ms R Richards





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 12343621 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Red Hot Balloon Limited (Registered number: 12343621)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 350,000 330,000

CURRENT ASSETS
Debtors 5 46,971 41,871
Cash at bank and in hand 1,819 945
48,790 42,816
CREDITORS
Amounts falling due within one year 6 86,595 70,426
NET CURRENT LIABILITIES (37,805 ) (27,610 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

312,195

302,390

CREDITORS
Amounts falling due after more than
one year

7

(261,333

)

(268,273

)

PROVISIONS FOR LIABILITIES (11,961 ) (6,075 )
NET ASSETS 38,901 28,042

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 35,666 25,899
Retained earnings 3,135 2,043
38,901 28,042

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 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.

Red Hot Balloon Limited (Registered number: 12343621)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





Ms R Richards - Director


Red Hot Balloon Limited (Registered number: 12343621)

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

1. STATUTORY INFORMATION

Red Hot Balloon 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

At the time of approving the financial statements and having due regard to the impact of covid-19, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt a going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover, derived from ordinary activities, represents rental income that is recognised as it is received and excludes VAT.

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.

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Red Hot Balloon Limited (Registered number: 12343621)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 330,000
Additions 4,347
Revaluations 15,653
At 31 December 2023 350,000
NET BOOK VALUE
At 31 December 2023 350,000
At 31 December 2022 330,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 21,691
Valuation in 2021 10,000
Valuation in 2022 283
Valuation in 2023 15,653
Cost 302,373
350,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by participating interests 46,971 41,871

Red Hot Balloon Limited (Registered number: 12343621)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to participating interests 82,672 67,672
Taxation and social security 452 303
Other creditors 3,471 2,451
86,595 70,426

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 35,693 41,593
Other creditors 225,640 226,680
261,333 268,273

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other loans 227,090 228,130

9. RESERVES
Fair
value
reserve
£   
At 1 January 2023 25,899
Transfer in year 9,767

At 31 December 2023 35,666