Company registration number 03226613 (England and Wales)
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
289
547
Investment property
4
5,875,000
5,575,000
5,875,289
5,575,547
Current assets
Debtors falling due after more than one year
5
103,500
219,086
Debtors falling due within one year
5
133,277
340,093
Cash at bank and in hand
425,765
324,564
662,542
883,743
Creditors: amounts falling due within one year
6
(265,502)
(297,744)
Net current assets
397,040
585,999
Total assets less current liabilities
6,272,329
6,161,546
Creditors: amounts falling due after more than one year
7
(2,366,172)
(2,366,316)
Provisions for liabilities
(174,754)
(105,292)
Net assets
3,731,403
3,689,938
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,478,835
1,447,757
Distributable profit and loss reserves
2,252,468
2,242,081
Total equity
3,731,403
3,689,938

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Mr N K Platts
Director
Company registration number 03226613 (England and Wales)
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Retail & Residential Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

1.1
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.

1.2
Turnover

Turnover represents gross rents receivable from tenants of the company's freehold investment properties.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

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
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.

RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2023 and 31 July 2024
3,949
Depreciation and impairment
At 1 August 2023
3,402
Depreciation charged in the year
258
At 31 July 2024
3,660
Carrying amount
At 31 July 2024
289
At 31 July 2023
547
4
Investment properties
2024
£
Fair value
At 1 August 2023
5,575,000
Additions
258,690
Disposals
-
0
Revaluations
41,310
At 31 July 2024
5,875,000

The investment properties were revalued on an open market basis by the director as at 31 July 2024.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
4,184,979
3,926,289
Accumulated depreciation
-
-
Carrying amount
4,184,979
3,926,289
RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,716
33,077
Other debtors
71,561
307,016
133,277
340,093
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
103,500
219,086
Total debtors
236,777
559,179
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
869
3,617
Taxation and social security
28,918
90,040
Other creditors
235,715
204,087
265,502
297,744
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
2,000,000
2,000,000
Other creditors
366,172
366,316
2,366,172
2,366,316

The loan is secured on the various investment properties and via a fixed and floating charge.

RETAIL & RESIDENTIAL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark Magrath
Statutory Auditor:
Harrisons
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