Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mrs Pollyanna Retallack 23/06/2017 Mr Justin Charles Retallack 23/06/2017 Mr J C Retallack 02 October 2024 The principal activity of the Company during the financial year was that of property letting. 10834497 2024-06-30 10834497 bus:Director1 2024-06-30 10834497 bus:Director2 2024-06-30 10834497 2023-06-30 10834497 core:CurrentFinancialInstruments 2024-06-30 10834497 core:CurrentFinancialInstruments 2023-06-30 10834497 core:ShareCapital 2024-06-30 10834497 core:ShareCapital 2023-06-30 10834497 core:RetainedEarningsAccumulatedLosses 2024-06-30 10834497 core:RetainedEarningsAccumulatedLosses 2023-06-30 10834497 bus:OrdinaryShareClass1 2024-06-30 10834497 2023-07-01 2024-06-30 10834497 bus:FilletedAccounts 2023-07-01 2024-06-30 10834497 bus:SmallEntities 2023-07-01 2024-06-30 10834497 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10834497 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10834497 bus:Director1 2023-07-01 2024-06-30 10834497 bus:Director2 2023-07-01 2024-06-30 10834497 bus:Director3 2023-07-01 2024-06-30 10834497 2022-07-01 2023-06-30 10834497 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 10834497 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10834497 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10834497 (England and Wales)

RETALLACK RENTALS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

RETALLACK RENTALS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

RETALLACK RENTALS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
RETALLACK RENTALS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 330,000 330,000
330,000 330,000
Current assets
Debtors 4 2,417 1,966
Cash at bank and in hand 8,273 11,065
10,690 13,031
Creditors: amounts falling due within one year 5 ( 214,515) ( 236,683)
Net current liabilities (203,825) (223,652)
Total assets less current liabilities 126,175 106,348
Provision for liabilities ( 852) ( 852)
Net assets 125,323 105,496
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 8 125,223 105,396
Total shareholders' funds 125,323 105,496

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Retallack Rentals Limited (registered number: 10834497) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

Mr J C Retallack
Director
RETALLACK RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
RETALLACK RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Retallack Rentals Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Porto Roxa, 4 Bothwicks Road, Newquay, TR7 1DY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 330,000
As at 30 June 2024 330,000

4. Debtors

2024 2023
£ £
Trade debtors 438 0
Prepayments and accrued income 1,243 1,230
Other debtors 736 736
2,417 1,966

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 192 1,128
Amounts owed to directors 208,607 230,607
Deferred income 996 1,259
Taxation and social security 4,720 3,689
214,515 236,683

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to director 208,607 230,607

8. Profit and loss account

2024 2023
£ £
Profit and loss account - distributable 3,632 3,722
Profit and loss account - non distributable 121,591 101,674
125,223 105,396

Profit and loss account - distributable

This reserve relates to the aggregate of distributable profits and losses generated to date.

Profit and loss account - non distributable

This reserve relates to the aggregate of fair value adjustments in respect of the investment properties, less the deferred tax charges on those fair value movements.