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REGISTERED NUMBER: 10594545 (England and Wales)















RESOURCE R6 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RESOURCE R6 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: P G Hannah
C Bryan





SECRETARY: P G Hannah





REGISTERED OFFICE: c/o Resource Limited
The Maltings
East Tyndall Street
CARDIFF
CF24 5EA





REGISTERED NUMBER: 10594545 (England and Wales)





ACCOUNTANTS: MHA (trading name of MacIntyre Hudson LLP)
Limited liability partnership in England & Wales
Registered number OC312313
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,175 3,360
Investment property 5 4,022,723 2,800,000
4,023,898 2,803,360

CURRENT ASSETS
Debtors 6 1,353,419 2,828,202
Cash at bank 392 30
1,353,811 2,828,232
CREDITORS
Amounts falling due within one year 7 (3,384,285 ) (3,655,067 )
NET CURRENT LIABILITIES (2,030,474 ) (826,835 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,993,424

1,976,525

PROVISIONS FOR LIABILITIES (15,798 ) (251,486 )
NET ASSETS 1,977,626 1,725,039

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 833,588 597,900
Retained earnings 10 1,144,037 1,127,138
SHAREHOLDERS' FUNDS 1,977,626 1,725,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




C Bryan - Director


RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Resource R6 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There have been no material departures from Financial Reporting Standard 102 1A apart from those noted below.

Going concern
As at 29 February 2024 there were net current liabilities of £2,030,474. The directors consider the going concern basis adopted for these financial statements to be appropriate, based upon continued available financial support and working capital management.

Turnover
Turnover represents rental income, excluding value added tax accounted for on the accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 11,018
DEPRECIATION
At 1 March 2023 7,658
Charge for year 2,185
At 29 February 2024 9,843
NET BOOK VALUE
At 29 February 2024 1,175
At 28 February 2023 3,360

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 2,800,000
Additions 1,222,723
At 29 February 2024 4,022,723
NET BOOK VALUE
At 29 February 2024 4,022,723
At 28 February 2023 2,800,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2024 4,022,723

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,173,337 1,950,614

Investment property was valued on an open market basis on 17 April 2022 by appointed registered valuers .

In the opinion of the Directors, following the additional property works in 2024, the fair value reported of £4,022,723 is reasonable.

RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 981 31,349
Other debtors 1,313,701 2,796,401
Corporation tax recoverable 32,367 -
VAT 911 50
Prepayments and accrued income 5,459 402
1,353,419 2,828,202

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17 484
Corporation tax - 213,755
Secured loan 3,371,543 3,371,543
Accruals and deferred income 12,725 69,285
3,384,285 3,655,067

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Secured loan 3,371,543 3,371,543

The above loan is secured by way of a fixed and floating charge over the property and assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 1,127,138 597,900 1,725,038
Profit for the year 252,587 252,587
Deferred tax (235,688 ) 235,688 -
At 29 February 2024 1,144,037 833,588 1,977,625

A deferred tax liability of £15,798 (2023: £251,486) has been recognised in respect of the future gain on disposal of investment property at future rate of 25%.

RESOURCE R6 LIMITED (REGISTERED NUMBER: 10594545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. RELATED PARTY DISCLOSURES

At 28 February 2024 the following related party loan balances existed:

29.02.2428.02.23
£   £   
Other related parties
Debtors: Amounts falling due within one year (other debtors)1,313,7002,546,400

Creditors: Amounts falling due within one year (Secured loan)(3,371,543)(3,371,543)

No interest has been charged on the above loans.