Read Maurice Residential Limited 04302959 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of residential estate and letting agents. Digita Accounts Production Advanced 6.30.9574.0 true 04302959 2024-01-01 2024-12-31 04302959 2024-12-31 04302959 core:CurrentFinancialInstruments 2024-12-31 04302959 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 04302959 core:Goodwill 2024-12-31 04302959 core:FurnitureFittingsToolsEquipment 2024-12-31 04302959 bus:SmallEntities 2024-01-01 2024-12-31 04302959 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04302959 bus:FilletedAccounts 2024-01-01 2024-12-31 04302959 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04302959 bus:RegisteredOffice 2024-01-01 2024-12-31 04302959 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 04302959 bus:Director2 2024-01-01 2024-12-31 04302959 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04302959 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 04302959 core:OtherRelatedParties 2024-01-01 2024-12-31 04302959 countries:EnglandWales 2024-01-01 2024-12-31 04302959 core:Goodwill 2023-12-31 04302959 core:FurnitureFittingsToolsEquipment 2023-12-31 04302959 2023-01-01 2023-12-31 04302959 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-12-31 04302959 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-12-31 04302959 core:FurnitureFittingsToolsEquipment 2023-12-31 04302959 core:PreviouslyStatedAmount 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 04302959

Prepared for the registrar

Read Maurice Residential Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Read Maurice Residential Limited

(Registration number: 04302959)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

4,577

4,821

 

4,577

4,821

Current assets

 

Debtors

6

224,674

196,720

Cash at bank and in hand

 

205,148

226,689

 

429,822

423,409

Creditors: Amounts falling due within one year

7

(119,779)

(120,919)

Net current assets

 

310,043

302,490

Total assets less current liabilities

 

314,620

307,311

Deferred tax liabilities

 

(1,117)

(1,153)

Net assets

 

313,503

306,158

Capital and reserves

 

Called up share capital

110

110

Profit and loss account

313,393

306,048

Shareholders' funds

 

313,503

306,158

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

M Read
Company secretary and director

J Maurice
Director

 
     
 

Read Maurice Residential Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
48 Andover Road
Tivoli
Cheltenham
GL50 2TL

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Read Maurice Residential Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33.3% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Read Maurice Residential Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.


Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

4

Intangible assets

Goodwill
 £

Cost

At 1 January 2024 and at 31 December 2024

17,000

Amortisation

At 1 January 2024 and at 31 December 2024

17,000

Carrying amount

At 1 January 2024 and at 31 December 2024

-

 

Read Maurice Residential Limited

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

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2024

32,008

Additions

1,763

At 31 December 2024

33,771

Depreciation

At 1 January 2024

27,186

Charge for the year

2,008

At 31 December 2024

29,194

Carrying amount

At 31 December 2024

4,577

At 31 December 2023

4,821

 

6

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

4,257

-

Amounts owed by related parties

8

215,284

191,037

Other debtors

 

-

270

Prepayments

 

5,133

5,413

 

224,674

196,720

 

7

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

3,215

3,617

Social security and other taxes

14,850

19,370

Outstanding defined contribution pension costs

-

488

Other creditors

30,020

27,158

Accrued expenses

3,150

3,000

Corporation tax liability

68,544

67,286

119,779

120,919

 

8

Related party transactions

At 31 December 2024, the company was owed £215,284 (2023: £191,037) by its directors in the form of directors' loan accounts. Interest of £4,329 (2023: £4,372) was charged on the loan accounts, and there are no fixed repayment terms.