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COMPANY REGISTRATION NUMBER: 09995643
Red Emerald Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Red Emerald Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investment Property
4
367,351
367,771
Investments
5
221,192
202,952
---------
---------
588,543
570,723
Current assets
Debtors
6
6,254
( 668)
Cash at bank and in hand
54,832
44,056
--------
--------
61,086
43,388
Creditors: amounts falling due within one year
7
181,427
177,442
---------
---------
Net current liabilities
120,341
134,054
---------
---------
Total assets less current liabilities
468,202
436,669
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
29,434
1,240
Profit and loss account
438,668
435,329
---------
---------
Shareholders funds
468,202
436,669
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Red Emerald Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr J Patel
Mrs D Patel
Director
Director
Company registration number: 09995643
Red Emerald Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Vale Drive, High Barnet, Hertfordshire, EN5 2ED.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investment property
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
365,443
4,205
369,648
---------
-------
---------
Depreciation
At 1 April 2023
1,877
1,877
Charge for the year
420
420
---------
-------
---------
At 31 March 2024
2,297
2,297
---------
-------
---------
Carrying amount
At 31 March 2024
365,443
1,908
367,351
---------
-------
---------
At 31 March 2023
365,443
2,328
367,771
---------
-------
---------
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
5. Investments
Shares in participating interests
Other investments other than loans
Total
£
£
£
Cost
At 1 April 2023
2
202,950
202,952
Additions
9,403
9,403
Disposals
( 11,030)
( 11,030)
Revaluations
25,650
25,650
Other movements
( 5,783)
( 5,783)
----
---------
---------
At 31 March 2024
2
221,190
221,192
----
---------
---------
Impairment
At 1 April 2023 and 31 March 2024
----
---------
---------
Carrying amount
At 31 March 2024
2
221,190
221,192
----
---------
---------
At 31 March 2023
2
202,950
202,952
----
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
6,254
( 668)
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
180,111
176,147
Corporation tax
414
393
Other creditors
902
902
---------
---------
181,427
177,442
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr J Patel
( 902)
( 902)
----
----
9. Related party transactions
The company was under the control of Mr J Patel throughout the current year. A loan at market value was received from a related party of £180,111 (2023 £176,148).