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Registration number: 01502788

Rentadd Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Rentadd Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Rentadd Limited

Company Information

Directors

Ms C Atkins

V J Atkins

G F Atkins

Registered office

C/o Cannon and Company Accountants Limited
Unit 1A, Park Farm Road
Folkestone
Kent
CT19 5EY

Accountants

Cannon and Company Accountants Limited
Chartered Certified Accountants
Unit 1A Park Farm Industrial Estate
Folkestone
Kent
CT19 5EY

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rentadd 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 Rentadd Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Rentadd Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rentadd Limited and state those matters that we have agreed to state to the Board of Directors of Rentadd Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rentadd Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rentadd Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rentadd Limited. You consider that Rentadd Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rentadd Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Cannon and Company Accountants Limited
Chartered Certified Accountants
Unit 1A Park Farm Industrial Estate
Folkestone
Kent
CT19 5EY

14 October 2024

 

Rentadd Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

155,436

275,919

Deficit on revaluation of other assets

(244,834)

(321,355)

Total comprehensive income for the year

(89,398)

(45,436)

 

Rentadd Limited

(Registration number: 01502788)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

456

609

Other financial assets

5

1,107,243

1,565,524

 

1,107,699

1,566,133

Current assets

 

Cash at bank and in hand

 

729,026

349,161

Creditors: Amounts falling due within one year

6

(52,260)

(41,431)

Net current assets

 

676,766

307,730

Net assets

 

1,784,465

1,873,863

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

542,919

787,753

Retained earnings

1,241,446

1,086,010

Shareholders' funds

 

1,784,465

1,873,863

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
V J Atkins
Director

 

Rentadd Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

787,753

1,086,010

1,873,863

Profit for the year

-

-

155,436

155,436

Other comprehensive income

-

(244,834)

-

(244,834)

Total comprehensive income

-

(244,834)

155,436

(89,398)

At 31 March 2024

100

542,919

1,241,446

1,784,465

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

100

1,109,108

810,091

1,919,299

Profit for the year

-

-

275,919

275,919

Other comprehensive income

-

(321,355)

-

(321,355)

Total comprehensive income

-

(321,355)

275,919

(45,436)

At 31 March 2023

100

787,753

1,086,010

1,873,863

 

Rentadd Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Cannon and Company Accountants Limited
Unit 1A, Park Farm Road
Folkestone
Kent
CT19 5EY
United Kingdom

These financial statements were authorised for issue by the Board on 14 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rentadd Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Rentadd Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,990

1,990

At 31 March 2024

1,990

1,990

Depreciation

At 1 April 2023

1,381

1,381

Charge for the year

153

153

At 31 March 2024

1,534

1,534

Carrying amount

At 31 March 2024

456

456

At 31 March 2023

609

609

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1,565,524

1,565,524

Fair value adjustments

(244,834)

(244,834)

Disposals

(213,447)

(213,447)

At 31 March 2024

1,107,243

1,107,243

Impairment

Carrying amount

At 31 March 2024

1,107,243

1,107,243

6

Creditors

Creditors: amounts falling due within one year

 

Rentadd Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Due within one year

Taxation and social security

34,766

20,030

Accruals and deferred income

2,052

1,950

Other creditors

15,442

19,451

52,260

41,431

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(244,834)

(244,834)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(321,355)

(321,355)

9

Dividends

10

Related party transactions

 

Rentadd Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr J R Atkins

19,449

(26,753)

22,744

15,440

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr J R Atkins

16,520

2,929

19,449