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Registered number: 14514154














RED RE LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
RED RE LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 5


 
RED RE LTD
REGISTERED NUMBER:14514154

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
533,195
-

Current assets
  

Debtors: amounts falling due within one year
 5 
-
27,360

Cash at bank and in hand
  
8,831
200,004

  
8,831
227,364

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(358,893)
(227,360)

Net current (liabilities)/assets
  
 
 
(350,062)
 
 
4

Total assets less current liabilities
  
183,133
4

Creditors: amounts falling due after more than one year
 7 
(178,894)
-

  

Net assets
  
4,239
4


Capital and reserves
  

Called up share capital 
 9 
4
4

Profit and loss account
  
4,235
-

  
4,239
4


Page 1

 
RED RE LTD
REGISTERED NUMBER:14514154
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




B Van Dyke
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
RED RE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Red Re Limited is a limited liability company registered in England and Wales. The registered office address is 128 City Road, London, United Kingdom, EC1V 2NX.
The accounts are prepared in £ sterling, which is the functional currency.
The principal activity of the Company during the period was that of real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue received by the Company in respect of rental income in the period exclusive of trade discounts and value added tax.
Revenue is recognised over the rental period.

 
2.3

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 the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
RED RE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Basic Financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
 
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. 


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Investment property


Investment property

£



Valuation


Additions at cost
533,194



At 31 March 2024
533,194

The 2024 valuations were made by the Directors, on an open market value for existing use basis.






Page 4

 
RED RE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Prepayments and accrued income
-
27,360



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
993
-

Other creditors
357,900
227,360

358,893
227,360



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (secured)
178,894
-



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans (secured)
178,894
-



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary shares of £1.00 each
4
4


 
Page 5