REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st October 2023 |
for |
Right Bell Investment Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st October 2023 |
for |
Right Bell Investment Ltd |
Right Bell Investment Ltd (Registered number: 11649817) |
Contents of the Financial Statements |
for the Year Ended 31st October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Right Bell Investment Ltd |
Company Information |
for the Year Ended 31st October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
272 Regents Park Road |
London |
N3 3HN |
Right Bell Investment Ltd (Registered number: 11649817) |
Statement of Financial Position |
31st October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their 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. |
Right Bell Investment Ltd (Registered number: 11649817) |
Statement of Financial Position - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Right Bell Investment Ltd (Registered number: 11649817) |
Notes to the Financial Statements |
for the Year Ended 31st October 2023 |
1. | STATUTORY INFORMATION |
Right Bell Investment Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 31 October 2023 are the first financial statements that comply with FRS 102. The date of transition is 1 November 2022. The effect of the transition to FRS 102 is detailed in note 12. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc - 25% on reducing balance. |
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 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Right Bell Investment Ltd (Registered number: 11649817) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st November 2022 |
Additions |
Reclassification/transfer | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Charge written back | (52,010 | ) | - | (52,010 | ) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 859,242 |
Reclassification/transfer | 4,479,920 |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
Fair value at 31st October 2023 is represented by: |
£ |
Valuation in 2023 | 859,242 |
Cost | 5,090,758 |
5,950,000 |
The investment properties were valued by the director based on market conditions at the year end |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Right Bell Investment Ltd (Registered number: 11649817) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Unlisted investments | 221,848 | - |
2023 | 2022 |
£ | £ |
Fair value 1 November 2022 | - | - |
Additions | 181,732 | - |
Disposal | - | - |
Net gains or losses from fair value adjustments | 40,116 | - |
Fair value at 31 October 2023 | 221,848 | - |
The current asset investments are valued at the market value at the balance sheet date. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans |
The bank loan is secured by fixed charges, dated 30 January 2020 & 22 September 2021, over the investment properties held by the company. |
Right Bell Investment Ltd (Registered number: 11649817) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
P&L transfer | 674,518 |
At 31st October 2023 |
This represents |
2023 |
£ |
Increase in value of investment property | 859242 |
Less provision for deferred tax at 25% | -214810 |
Increase in value of unlisted investment | 40,116 |
Less provision for deferred tax at 25% | -10,029 |
674,518 |
12. | EFFECT OF TRANSITION TO FRS 102 |
As a result of the transition to FRS 102 Section 1 A, it has been necessary to amend the revaluation reserve on the investment property as a fair value reserve. |
FRS 102 also requires that a provision for deferred tax should be made and applied against the fair value reserve. The relevant deferred tax of £224,839 was provided against this fair value reserve to give a net fair value reserve balance of £674,518. The revaluation of the investment property had been made in October 2023. |