Real Estate Balance Limited
Unaudited Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 14751897 (England and Wales)
Real Estate Balance Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Real Estate Balance Limited
Balance Sheet
As at 31 March 2024
Page 1
31 March
2024
Notes
£
£
Fixed assets
Investments
3
1
Current assets
Debtors
5
12,334
Cash at bank and in hand
349,274
361,608
Creditors: amounts falling due within one year
6
(378,072)
Net current liabilities
(16,464)
Net liabilities
(16,463)
Reserves
Income and expenditure account
(16,463)
Members' funds
(16,463)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial period 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 period 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 23 September 2024 and are signed on its behalf by:
S Brown
Director
Company Registration No. 14751897
Real Estate Balance Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information
Real Estate Balance Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is British Property Federation, St Albans House, 57-59 Haymarket, London, United Kingdom, SW1Y 4QX.
1.1
Reporting period
The extension of the reporting period is due to the fact that these are the first set of accounts prepared since the company's incorporation on 23 March 2023. As a result, the accounts cover the period from the date of incorporation up to the extended reporting date.
1.2
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 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Memberships run for a period of one year. Revenue is recognised evenly over the annual membership period with any amounts received in the current financial year that relate to the following financial year treated as deferred income at the balance sheet date.
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 surplus or deficit.
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.
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
Real Estate Balance Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.7
Taxation
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 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
4
Real Estate Balance Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 4
3
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 23 March 2023
-
Additions
1
At 31 March 2024
1
Carrying amount
At 31 March 2024
1
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Real Estate Balance (Shareco) Limited
England and Wales
Ordinary
100.00
5
Debtors
2024
Amounts falling due within one year:
£
Prepayments and accrued income
12,334
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
7,670
Taxation and social security
112,503
Other creditors
625
Accruals and deferred income
257,274
378,072
Real Estate Balance Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 5
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.