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REGISTERED NUMBER: 12516751 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Red23 Property Ltd

Red23 Property Ltd (Registered number: 12516751)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Red23 Property Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Littler
J M R Keary





REGISTERED OFFICE: F5 The Cotton Mill
Mather Lane
Leigh
Lancashire
WN7 2PW





REGISTERED NUMBER: 12516751 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Red23 Property Ltd (Registered number: 12516751)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investments 4 68,583 -
Investment property 5 1,887,000 1,887,218
1,955,583 1,887,218

CURRENT ASSETS
Debtors 6 43,713 16,706
Cash at bank and in hand 21,824 18,375
65,537 35,081
CREDITORS
Amounts falling due within one year 7 (671,084 ) (457,380 )
NET CURRENT LIABILITIES (605,547 ) (422,299 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,350,036

1,464,919

CREDITORS
Amounts falling due after more than one year 8 (1,200,414 ) (1,201,981 )

PROVISIONS FOR LIABILITIES (53,304 ) (53,304 )
NET ASSETS 96,318 209,634

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 96,218 209,534
96,318 209,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Red23 Property Ltd (Registered number: 12516751)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





D Littler - Director


Red23 Property Ltd (Registered number: 12516751)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Red23 Property Ltd 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.

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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 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 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.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS

Red23 Property Ltd (Registered number: 12516751)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
Other
loans
£   
New in year 68,583
At 31 March 2024 68,583

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,887,219
Additions (1 )
Revaluations (218 )
At 31 March 2024 1,887,000
NET BOOK VALUE
At 31 March 2024 1,887,000
At 31 March 2023 1,887,219

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (218 )
Cost 1,887,218
1,887,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,477 12,487
VAT 22,416 3,474
Prepayments 820 745
43,713 16,706

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 25,390 13,767
Deposit 18,000 7,900
Inter Company balances 214,009 84,009
Directors' current accounts 412,223 350,369
Accrued expenses 1,462 1,335
671,084 457,380

Red23 Property Ltd (Registered number: 12516751)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 1,200,414 1,201,981

9. RESERVES
Retained
earnings
£   

At 1 April 2023 209,534
Deficit for the year (113,316 )
At 31 March 2024 96,218

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No dividends were paid to the directors throughout the year ended 31st March 2024 (2023-NIL). The Company owed the directors £412,223 as at 31st March 2024 (2023-£350,369).

11. RELATED PARTY DISCLOSURES

As of 31 March 2024, included within inter company balances was £214,009 (2023 - £84,008) owed to a business with a participating interest. During the year advances received totalling £130,000 (2023 - Repayments totalling £12,273) were made.