Raidale Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08793669 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

Raidale Properties Limited

Previously known as

Raidale Developments

Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S Rai

Mrs K K Rai

SECRETARY:

S Rai

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

08793669 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Tangible assets

4

214

331

Investment property

5

573,481

573,481

573,695

573,812

CURRENT ASSETS

Stocks

90,484

-

Debtors

1,657

5,205

Cash at bank and in hand

19,866

16,579

112,007

21,784

CREDITORS

Amounts falling due within one year

317,381

206,775

NET CURRENT LIABILITIES

(205,374

)

(184,991

)

TOTAL ASSETS LESS CURRENT LIABILITIES

368,321

388,821

CREDITORS

Amounts falling due after more than one year

6

(369,613

)

(376,537

)

PROVISIONS FOR LIABILITIES

(36

)

(56

)

NET (LIABILITIES)/ASSETS

(1,328

)

12,228

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(1,428

)

12,128

SHAREHOLDERS' FUNDS

(1,328

)

12,228

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

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 Balance Sheet for the year ended 31 December 2018 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 on 27 September 2019 and were signed on its behalf by:

S Rai - Director

1.	STATUTORY INFORMATION

Raidale Properties 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.

The company has adopted FRS 102 at 31 December 2018, its date of transition being 1 January 2017.

Turnover

Turnover is the amount derived from the letting of the company's property. Turnover is recognised

when the company becomes entitled to the rental income due.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value

recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Going concern

The company's balance sheet shows net current liabilities of £205,374 (2017: £184,991) and net

liabilities of £1,328 (2017: Net assets of £12,228). In the opinion of the directors, the company will

have adequate cash resources available to finance activities and other obligations during the course of

the twelve months from the date of approval of these financial statements. It is on this basis that the

directors consider in appropriate to prepare the financial statement on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

and 31 December 2018

525

DEPRECIATION

At 1 January 2018

194

Charge for year

117

At 31 December 2018

311

NET BOOK VALUE

At 31 December 2018

214

At 31 December 2017

331

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

573,481

NET BOOK VALUE

At 31 December 2018

573,481

At 31 December 2017

573,481

Investment properties are initially recorded at cost including incidental costs in bringing the property

into ownership. Investment properties are reviewed each year by the directors and stated at fair value.

Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these changes in fair value at the current rate.

In the directors opinion, there has been no material changes in their fair value at the reporting date

based on his knowledge of the sector and similar properties within close proximity.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable by instalments

Bank loans - due after 5 years

329,799

338,991

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

378,200

384,637

The company's liabilities to Lloyds Bank plc are secured by way of a fixed charge over the property,

Granville Arms, Granville Street, Woodville, DE11 7QT.

The company's liabilities to Shawbrook Bank Limited are secured by way of a fixed charge over the

property, 33/33A Melbourne Street, Coalville, Leicestershire, LE67 3QU.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

50

Ordinary A

1

50

50

50

Ordinary B

1

50

50

100

100

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Raidale Properties Limited for the year ended 31 December 2018 which comprise

the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Raidale Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Raidale Properties Limited and state those matters that we have agreed to state to the Board of Directors of Raidale Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raidale Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Raidale Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Raidale Properties Limited. You consider that Raidale Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Raidale Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

27 September 2019