Company registration number 14237616 (England and Wales)
RC TRAFFORD ROAD LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RC TRAFFORD ROAD LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RC TRAFFORD ROAD LTD
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
6,740,811
Current assets
Debtors
4
62,413
Cash at bank and in hand
365,101
427,514
Creditors: amounts falling due within one year
5
(4,178,896)
Net current liabilities
(3,751,382)
Total assets less current liabilities
2,989,429
Creditors: amounts falling due after more than one year
6
(4,028,194)
Net liabilities
(1,038,765)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(1,038,865)
Total equity
(1,038,765)
For the financial period ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
Mr E Castle
Director
Company registration number 14237616 (England and Wales)
RC TRAFFORD ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
RC Trafford Road Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 555-557 Cranbrook Road, Gants Hill, Ilford, Essex, United Kingdom, IG2 6HE.
1.1
Reporting period
This set of accounts covers period from 15 July 2022 to 30 December 2023.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Ecx Investments Ltd. These consolidated financial statements are available from its registered office, 2 Leman Street, London, United Kingdom, E1W 9US.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income from investment properties. The fair value of consideration takes into account any discounts and rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
RC TRAFFORD ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
RC TRAFFORD ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Investment property
2023
£
Fair value
At 15 July 2022
Additions
6,740,811
At 30 December 2023
6,740,811
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
20,059
Other debtors
42,354
62,413
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
40,618
Taxation and social security
43,544
Deferred income
237,941
Other creditors
3,853,993
Accruals
2,800
4,178,896
6
Creditors: amounts falling due after more than one year
2023
Notes
£
Other borrowings
4,028,194
RC TRAFFORD ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
The company has loans of £ 3.02m from Together Commercial Finance Limited, which have been secured over all the assets of the company. The directors have given a personal guarantee against the loan. The loan from Together Commercial Finance Limited are repayable at a variable monthly interest rate.