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Registration number: 11090026

2R Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 December 2023

 

2R Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

2R Property Ltd

Company Information

Directors

Mrs N T Ramsay

Mr D Rhind

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

2R Property Ltd

(Registration number: 11090026)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,583

-

Investment property

5

138,000

138,000

 

151,583

138,000

Current assets

 

Debtors

6

29,105

23,795

Cash at bank and in hand

 

15,218

33,213

 

44,323

57,008

Creditors: Amounts falling due within one year

7

(42,943)

(21,281)

Net current assets

 

1,380

35,727

Total assets less current liabilities

 

152,963

173,727

Creditors: Amounts falling due after more than one year

7

(119,757)

(128,654)

Provisions for liabilities

(4,526)

(6,411)

Net assets

 

28,680

38,662

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,580

38,562

Shareholders' funds

 

28,680

38,662

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

2R Property Ltd

(Registration number: 11090026)
Balance Sheet as at 30 December 2023

.........................................
Mr D Rhind
Director

   
     
 

2R Property Ltd

Statement of Changes in Equity for the Year Ended 30 December 2023

Share capital
£

Profit and loss account
£

Total
£

At 31 December 2022

100

38,562

38,662

Loss for the year

-

(9,982)

(9,982)

Total comprehensive income

-

(9,982)

(9,982)

At 30 December 2023

100

28,580

28,680

Share capital
£

Retained earnings
£

Total
£

At 31 December 2021

100

36,680

36,780

Profit for the year

-

1,882

1,882

At 30 December 2022

100

38,562

38,662

 

2R Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from investment property rental, sublet rental income and commissions receivable in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

2R Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Investment property

Investment property is measured at cost on initial purchase. Subsequently, investment property is measured at fair value at the reporting date with any changes recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

2R Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and 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 or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

16,979

16,979

At 30 December 2023

16,979

16,979

Depreciation

Charge for the year

3,396

3,396

At 30 December 2023

3,396

3,396

Carrying amount

At 30 December 2023

13,583

13,583

5

Investment properties

2023
£

At 31 December 2022

138,000

At 30 December 2023

138,000

6

debtors

 

2R Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

2023
£

2022
£

Prepayments

202

191

Other debtors

28,903

23,604

29,105

23,795

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and borrowings

8

35,203

18,586

Trade creditors

 

618

1,020

Accruals and deferred income

 

7,122

1,231

Other creditors

 

-

444

 

42,943

21,281

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

119,757

128,654

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

119,757

128,654

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,992

-

Director's loan account

29,211

18,586

35,203

18,586

The director's loan account is non-interest bearing and has no formal repayment terms.

Bank borrowings of £82,826 (2022: £82,826) are secured against the company’s assets.