Registered number
03750061
REGAD PROPERTIES LIMITED
Unaudited Filleted Accounts
31 March 2024
REGAD PROPERTIES LIMITED
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Notes to the accounts 6
REGAD PROPERTIES LIMITED
Company Information
Director
Mr G Green
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered office
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered number
03750061
REGAD PROPERTIES LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of REGAD PROPERTIES LIMITED for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of REGAD PROPERTIES LIMITED for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
9 October 2024
REGAD PROPERTIES LIMITED
Registered number: 03750061
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 980,000 930,000
Current assets
Debtors 4 1,375 1,375
Cash at bank and in hand 924 2,775
2,299 4,150
Creditors: amounts falling due within one year 5 (40,491) (31,382)
Net current liabilities (38,192) (27,232)
Total assets less current liabilities 941,808 902,768
Creditors: amounts falling due after more than one year 6 (653,608) (655,452)
Net assets 288,200 247,316
Capital and reserves
Called up share capital 80,000 80,000
Revaluation reserve 8 66,324 16,324
Profit and loss account 141,876 150,992
Shareholder's funds 288,200 247,316
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Green
Director
Approved by the board on 9 October 2024
REGAD PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 930,000
Surplus on revaluation 50,000
At 31 March 2024 980,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 980,000
At 31 March 2023 930,000
3 Tangible fixed assets (cont.)
Freehold land and buildings: 2024 2023
£ £
Historical cost 756,780 756,780
Cumulative depreciation based on historical cost 128,652 113,517
628,128 643,263
The properties were revalued by the director as per below:
2015 £50,000
2017 £33,220
2019 £90,000
2024 £50,000
4 Debtors 2024 2023
£ £
Other debtors 1,375 1,375
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,703 29,218
Taxation and social security costs 2,788 2,164
40,491 31,382
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 500,852 496,937
Other creditors 152,756 158,515
653,608 655,452
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 505,038 510,499
Instalments falling due for payment after more than five years 176,233 181,694
681,271 692,193
Secured bank loans 538,555 526,155
The bank loans are secured against the properties.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 16,324 16,324
Gain on revaluation of land and buildings 50,000 -
At 31 March 2024 66,324 16,324
9 Related party transactions
At the year end, the company owed the director, Mr G Green, £149,180 (2023: £154,940).
10 Controlling party
The ultimate controlling party throughout the year was Mr G Green.
11 Other information
REGAD PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
13 Whitchurch Lane
Edgware
HA8 6JZ
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