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R.P. Cunningham & Co Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 01378996
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 315,000 315,000
315,000 315,000
CURRENT ASSETS
Debtors 5 162 270
Cash at bank and in hand 1,874 3,918
2,036 4,188
Creditors: Amounts Falling Due Within One Year 6 (184,699 ) (168,624 )
NET CURRENT ASSETS (LIABILITIES) (182,663 ) (164,436 )
TOTAL ASSETS LESS CURRENT LIABILITIES 132,337 150,564
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,681 ) (14,681 )
NET ASSETS 117,656 135,883
CAPITAL AND RESERVES
Called up share capital 7 2 2
Fair value reserve 8 117,395 117,395
Income Statement 259 18,486
SHAREHOLDERS' FUNDS 117,656 135,883
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Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Income Statement.
On behalf of the board
V A Cunningham
Director
3 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
R.P. Cunningham & Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01378996 . The registered office is C/O Bwbca Limited Dukes Court, Duke Street, Woking, Surrey, GU21 5BH.
The presentation currency of the financial statements is the Pound Sterling (£).
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. Investment Properties
The investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.3. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
3. Average Number of Employees
Average number of employees during the year was: NIL (2023: NIL)
- -
4. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 315,000
The investment property was last revalued on an open market basis on 31 March 2023 by the director. As at 31 March 2024, this valuation is still considered to be materially accurate.
Fair value at 31 March 2024 is represented by:
£
Cost
182,923
Valuation in 2016
87,077
Valuation in 2021
30,000
Valuation in 2023
15,000
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315,000
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors 162 270
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 182,549 167,010
Taxation and social security 2,150 1,614
184,699 168,624
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
8. Reserves
Fair Value Reserve
£
As at 1 April 2023 117,395
As at 31 March 2024 117,395
The fair value reserve reflects the cumulative gain on revaluation of investment properties, less the deferred tax provision for the gain on disposal. The fair value movement on the investment property is recognised in the profit and loss account and then transferred to the non-distributable fair value reserve.
9. Related Party Transactions
At the year end date the company owed the director £181,541 (2023: £166,001). The loan is interest free and repayable on demand.
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