Residential Land Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02188605 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RESIDENTIAL LAND LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B W Ritchie

Mr J S D A Rust

SECRETARY:

Mr J S D A Rust

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

02188605 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

79,854

74,569

CURRENT ASSETS

Debtors

5

6,031,299

5,768,680

Cash at bank

2,207

8,126

6,033,506

5,776,806

CREDITORS

Amounts falling due within one year

67,069,042

64,460,925

NET CURRENT LIABILITIES

(61,035,536

)

(58,684,119

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(60,955,682

)

(58,609,550

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(60,955,782

)

(58,609,650

)

SHAREHOLDERS' FUNDS

(60,955,682

)

(58,609,550

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 May 2025 and were signed on its behalf by:

Mr J S D A Rust - Director

1.	STATUTORY INFORMATION

Residential Land Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Assessment of going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due, due to the support of the other companies within the group.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are valued at cost less provision for impairment.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Use of judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from the estimates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2023

2,215,089

Additions

31,776

At 31 December 2023

2,246,865

DEPRECIATION

At 1 January 2023

2,140,520

Charge for year

26,491

At 31 December 2023

2,167,011

NET BOOK VALUE

At 31 December 2023

79,854

At 31 December 2022

74,569

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

as restated

£

Other debtors

437,564

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

As referred to in note 8 to the accounts, included in the Income Statement in the current year and within prior year adjustments is expenditure that is part of a long term detailed review. The process in still ongoing and the precise classification of some of the expenditure is still subject to change. We therefore will be unable to confirm, until the review has been finalised, that it has been correctly disclosed in the accounts. Whilst the expenditure that is being referred to is material to the financial statements, we are not able to finally quantify the associated value until the review has been completed.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements

section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of

the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our qualified opinion.

Matters required to report by exception

Arising solely from the limitation on the scope of our work relating to expenditure, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

Mr Adam Moody FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, the company was owed £34,816 (2022 - £109,550) by Saxonchart Limited, a company in which Residential Land Holdings Limited owns 50% of the issued share capital. Additionally, costs of £19,163 (2022 - £23,785) were recharged during the year to Saxonchart Limited.

8.	POST BALANCE SHEET EVENTS

The company is in the process of carrying out a long term detailed review of its previous income and expenditure which may lead to further adjustments.

9.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by Mr B W Ritchie, a director, by virtue of his ownership of the entire issued share capital of the parent company, Residential Land Holdings Limited.

10.	FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

11.	CASH AT BANK IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

12.

ASSETS

Assets, including property stock, are shown at historical cost which could be below their actual market value.