Registration number:
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Real-X Limited
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Real-X Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Real-X Limited
Company Information
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Directors |
A G Warr A V Warr C J Warr G R Warr M B Warr |
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Company secretary |
G R Warr |
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Registered office |
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Accountants |
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Real-X Limited
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
2,826,137 |
2,615,657 |
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Shareholders' funds |
2,826,237 |
2,615,757 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Real-X Limited
Statement of Financial Position as at 30 September 2024
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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G R Warr
Director
Company registration number: 05697868
Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company during the year was the rental of properties and property development.
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Accounting policies |
Statement of compliance
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' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Group accounts not prepared
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
Going concern
At the year end the company had net assets of £2,826,237 and maintains minimal overheads. It owns investment properties that are fully let under lease agreements and continues to receive rental income from them. With the available resources and minimal overheads that are needed to operate the company, together with the directors' current actions to monitor the continuing situation and maintain ongoing discussions with tenants, the company is better positioned than most to weather current cost of living crisis.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report.
Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment properties in the ordinary course of the company's activities on a time apportioned basis. Turnover is shown net of the value of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
15% straight line |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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 services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
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.
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Staff numbers |
The average number of persons employed by the company during the year, was
Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Investment properties |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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- |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Included within the net book value of investment properties above is £4,620,438 in respect of freehold land and buildings. The historical cost of these properties was £4,060,172 (2023: £4,050,338).
These investment properties are held at fair value based upon the directors' valuation of the local property market and recent acquisitions.
Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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- |
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Subsidiaries |
£ |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 September 2024 |
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Debtors |
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2024 |
2023 |
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Other debtors |
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Real-X Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
- |
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Other creditors |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 October 2023 |
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Increase (decrease) in existing provisions |
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At 30 September 2024 |
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Reserves |
The profit and loss account includes all current and prior retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £510,194 (2023: £489,995) is not distributable in accordance with the Companies Act 2006.
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Related Party Transactions |
Included within 'Other creditors' is an amount of £1,717,013 (2023: £1,568,978) due to Hire Services (Southern) Limited, a company in which G R Warr, M B Warr, A G Warr, A V Warr and C J Warr are directors and shareholders. During the year the company received rent of £190,000 (2023: £190,000) from Hire Services (Southern) Limited.
Included within 'Other creditors' is an amount of £325,219 (2023: £250,000) due to G R Warr & M B Warr.
Included within 'Other debtors' is an amount of £Nil (2023: £17,379) due from A G Warr. During the year repayments of £17,379 were made. Interest of £252 was charged in the year.