Red Rocket Commercial Properties Limited 31/01/2019 iXBRL

Red Rocket Commercial Properties Limited 31/01/2019 iXBRL

RED ROCKET COMMERCIAL PROPERTIES LIMITED - Company Information

Print Friendly Version

31/01/2019 2019-01-31 false false false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2018-02-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 07499938 2018-02-01 2019-01-31 07499938 2019-01-31 07499938 2018-01-31 07499938 bus:RegisteredOffice 2018-02-01 2019-01-31 07499938 bus:LeadAgentIfApplicable 2018-02-01 2019-01-31 07499938 bus:Director1 2018-02-01 2019-01-31 07499938 bus:Director2 2018-02-01 2019-01-31 07499938 core:LandBuildings core:OwnedOrFreeholdAssets 2019-01-31 07499938 core:WithinOneYear 2019-01-31 07499938 core:WithinOneYear 2018-01-31 07499938 core:ShareCapital 2019-01-31 07499938 core:ShareCapital 2018-01-31 07499938 core:RetainedEarningsAccumulatedLosses 2019-01-31 07499938 core:RetainedEarningsAccumulatedLosses 2018-01-31 07499938 core:LandBuildings core:OwnedOrFreeholdAssets 2018-01-31 07499938 bus:SmallEntities 2018-02-01 2019-01-31 07499938 bus:AuditExemptWithAccountantsReport 2018-02-01 2019-01-31 07499938 bus:FullAccounts 2018-02-01 2019-01-31 07499938 bus:SmallCompaniesRegimeForAccounts 2018-02-01 2019-01-31 07499938 bus:PrivateLimitedCompanyLtd 2018-02-01 2019-01-31 07499938 core:LandBuildings core:OwnedOrFreeholdAssets 2018-02-01 2019-01-31
Company registration number: 07499938
Red Rocket Commercial Properties Limited
Unaudited filleted financial statements
31 January 2019
Red Rocket Commercial Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Red Rocket Commercial Properties Limited
Directors and other information
Directors Mr L O'Rafferty
Mr G A Wright
Company number 07499938
Registered office 5 Cricklade Court
Cricklade Street
Swindon
Wiltshire
SN1 3EY
Accountants Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Red Rocket Commercial Properties Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Red Rocket Commercial Properties Limited
Year ended 31 January 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red Rocket Commercial Properties Limited for the year ended 31 January 2019 which comprise the statement of financial position and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
3 October 2019
Red Rocket Commercial Properties Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 159,691 159,691
_______ _______
159,691 159,691
Current assets
Debtors 5 821 832
Cash at bank and in hand 19,583 13,494
_______ _______
20,404 14,326
Creditors: amounts falling due
within one year 6 ( 145,102) ( 145,184)
_______ _______
Net current liabilities ( 124,698) ( 130,858)
_______ _______
Total assets less current liabilities 34,993 28,833
_______ _______
Net assets 34,993 28,833
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 34,991 28,831
_______ _______
Shareholders funds 34,993 28,833
_______ _______
For the year ending 31 January 2019 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2019 , and are signed on behalf of the board by:
Mr G A Wright
Director
Company registration number: 07499938
Red Rocket Commercial Properties Limited
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Cricklade Court, Cricklade Street, Swindon, Wiltshire, SN1 3EY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - not provided
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 February 2018 and 31 January 2019 159,691 159,691
_______ _______
Depreciation
At 1 February 2018 and 31 January 2019 - -
_______ _______
Carrying amount
At 31 January 2019 159,691 159,691
_______ _______
At 31 January 2018 159,691 159,691
_______ _______
5. Debtors
2019 2018
£ £
Other debtors 821 832
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 1,408 1,425
Social security and other taxes 1,445 1,769
Other creditors 142,249 141,990
_______ _______
145,102 145,184
_______ _______