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Registered number: 12146205
Redbrick Residential Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12146205
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 64 312
Investment Properties 5 440,000 370,000
440,064 370,312
CURRENT ASSETS
Cash at bank and in hand 2,965 9,188
2,965 9,188
Creditors: Amounts Falling Due Within One Year 6 (139,087 ) (148,664 )
NET CURRENT ASSETS (LIABILITIES) (136,122 ) (139,476 )
TOTAL ASSETS LESS CURRENT LIABILITIES 303,942 230,836
Creditors: Amounts Falling Due After More Than One Year 7 (144,280 ) (144,280 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (38,360 ) (20,860 )
NET ASSETS 121,302 65,696
CAPITAL AND RESERVES
Called up share capital 10 2,200 2,200
Fair Value Reserve 11 115,080 62,580
Profit and Loss Account 4,022 916
SHAREHOLDERS' FUNDS 121,302 65,696
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Adrian Buchanan
Director
23 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Redbrick Residential Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12146205 . The registered office is 47 Lightburne Avenue, Lytham, St. Annes, FY8 1JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to rental income and ancillary income for srevices provided. Rental income from investment property leased out under operating leases is recognised in the statement of comprehensive income on a straight-line basis over the rental term of the lease. Income is deferred when received in advance.

The rental term is non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will excercise this option. Costs incurred in earning the rental income are recognised as an expense in the statement of comprehensive income.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 20% straight line
Computer Equipment 20% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and market value of comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on th ecarrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.7. Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 September 2023 938 1,043 1,981
As at 31 August 2024 938 1,043 1,981
...CONTINUED
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Depreciation
As at 1 September 2023 681 988 1,669
Provided during the period 193 55 248
As at 31 August 2024 874 1,043 1,917
Net Book Value
As at 31 August 2024 64 - 64
As at 1 September 2023 257 55 312
5. Investment Property
2024
£
Fair Value
As at 1 September 2023 370,000
Revaluations 70,000
As at 31 August 2024 440,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 741 179
Director's loan account 138,346 148,485
139,087 148,664
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 144,280 144,280
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of a mortgage over the freehold properties of the company.
2024 2023
£ £
Bank loans and overdrafts 144,280 144,280
Other Creditors 94,246 94,246
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9. Deferred Taxation
The provision for deferred taxation is made up of deferred tax on surplus on fair value movement of investment properties.
2024 2023
£ £
Other timing differences 38,360 20,860
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,200 2,200
11. Reserves
Fair Value Reserve
£
As at 1 September 2023 62,580
Investment property fair value movement 52,500
As at 31 August 2024 115,080
12. Related Party Transactions
Included within creditors due within one year is an amount of £138,346 (2023: £148,485) due to the director of the company. Of this an amount of £93,246 is secured by way of a charge over the freehold property owned by the company.
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