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COMPANY REGISTRATION NUMBER: 10024161
RADFORD WAY HOMES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
RADFORD WAY HOMES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
CONTENTS
PAGES
Officers and professional advisers
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
RADFORD WAY HOMES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr H Bondi
Mr P Heitner
REGISTERED OFFICE
479 Holloway Road
London
N7 6LE
RADFORD WAY HOMES LIMITED
BALANCE SHEET
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
4,245,000
4,245,000
CURRENT ASSETS
Debtors
6
79,133
30,590
Cash at bank and in hand
8,914
5,142
---------
---------
88,047
35,732
CREDITORS: amounts falling due within one year
7
( 1,388,117)
( 3,708,203)
-------------
-------------
NET CURRENT LIABILITIES
( 1,300,070)
( 3,672,471)
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,944,930
572,529
CREDITORS: amounts falling due after more than one year
8
( 2,469,028)
( 15,926)
PROVISIONS
9
( 254,000)
( 254,000)
-------------
----------
NET ASSETS
221,902
302,603
-------------
----------
CAPITAL AND RESERVES
Called up share capital
400
400
Profit and loss account
221,502
302,203
----------
----------
SHAREHOLDERS FUNDS
221,902
302,603
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RADFORD WAY HOMES LIMITED
BALANCE SHEET (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr H Bondi
Director
Company registration number: 10024161
RADFORD WAY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 479 Holloway Road, London, N7 6LE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Notwithstanding the deficiency in net current assets of the company, the financial statements have been prepared in accordance with the accounting principles applicable to a going concern, on the basis of continuing financial support being provided by the shareholders of the company and ongoing availability of finance.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Taxation
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Basic financial instruments Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment. If the arrangement constitutes a financing transaction, for example, if payment is deferred beyond normal business terms, then they are measured at the present value of of future payments discounted at a market rate for a similar debt instrument. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid. If the arrangement constitutes a financing transaction, for example, if payment is deferred beyond normal business terms, then they are measured at the present value of future payments discounted at a market rate for a similar debt instrument.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period, including the directors, amounted to nil. (2023: nil)
5. TANGIBLE ASSETS
Investment properties
Fixtures and fittings
Total
£
£
£
Fair value
At 1 March 2023 and 29 February 2024
4,245,000
18,895
4,263,895
-------------
---------
-------------
Depreciation
At 1 March 2023 and 29 February 2024
18,895
18,895
-------------
---------
-------------
Carrying amount
At 29 February 2024
4,245,000
4,245,000
-------------
---------
-------------
At 28 February 2023
4,245,000
4,245,000
-------------
---------
-------------
Investment properties are stated at directors' estimate of open market value. The historical cost of investment properties at 29 February 2024 is £3,151,642 (2023: £3,151,642)
6. DEBTORS
2024
2023
£
£
Trade debtors
15,833
15,651
Other debtors
63,300
14,939
---------
---------
79,133
30,590
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,548
2,433,386
Trade creditors
532,561
535,837
Other creditors
853,008
738,980
-------------
-------------
1,388,117
3,708,203
-------------
-------------
Other creditors include an amount of £738,980 due to the shareholders of the company and £111,388 due to companies with common directors.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,469,028
15,926
-------------
---------
The bank loan is secured over the investment properties of the company and a personal guarantee provided by the directors.
9. PROVISIONS
Deferred tax
£
At 1 March 2023 and 29 February 2024
254,000
----------
Deferred tax arises from the revaluation of investment properties.
10. CONTROLLING PARTY
The company has no controlling party.