Red Lynch Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05115917 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

Red Lynch Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J K Taylor

SECRETARY:

J K Taylor

REGISTERED OFFICE:

15 Sea Lane

Ferring

West Sussex

BN12 5DP

REGISTERED NUMBER:

05115917 (England and Wales)

ACCOUNTANTS:

Reeves Wilkinson Limited trading as Botting & Co

Chartered Certified Accountants

41b Beach Road

Littlehampton

West Sussex

BN17 5JA

FIXED ASSETS

Tangible assets

3

64,509

77,100

Investment property

4

4,133,861

4,130,961

4,198,370

4,208,061

CURRENT ASSETS

Debtors

5

22,333

28,071

Cash at bank

64,349

1,357

86,682

29,428

CREDITORS

Amounts falling due within one year

6

1,066,294

1,553,332

NET CURRENT LIABILITIES

(979,612

)

(1,523,904

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,218,758

2,684,157

CREDITORS

Amounts falling due after more than one year

7

(1,484,164

)

(1,099,691

)

PROVISIONS FOR LIABILITIES

(111,092

)

(114,035

)

NET ASSETS

1,623,502

1,470,431

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

1,623,492

1,470,421

SHAREHOLDERS' FUNDS

1,623,502

1,470,431

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 November 2019 and were signed by:

J K Taylor - Director

1.	STATUTORY INFORMATION

Red Lynch 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

at varying rates on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

89,950

Additions

302

At 30 June 2019

90,252

DEPRECIATION

At 1 July 2018

12,850

Charge for year

12,893

At 30 June 2019

25,743

NET BOOK VALUE

At 30 June 2019

64,509

At 30 June 2018

77,100

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

4,130,961

Additions

2,900

At 30 June 2019

4,133,861

NET BOOK VALUE

At 30 June 2019

4,133,861

At 30 June 2018

4,130,961

Fair value at 30 June 2019 is represented by:

£

Valuation in 2017

398,084

Valuation in 2018

449,322

Cost

3,286,455

4,133,861

If the investment properties had not been revalued they would have been included at the following historical cost:

30.6.19

30.6.18

£

£

Cost

3,286,455

3,283,555

Investment properties were valued on an open market basis on 30 June 2019 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

2,833

8,571

Other debtors

19,500

19,500

22,333

28,071

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

115,000

112,000

Trade creditors

28,551

28,422

Taxation and social security

45,526

4,826

Other creditors

877,217

1,408,084

1,066,294

1,553,332

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans

1,484,164

1,099,691

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5

years by instalments

401,203

514,678

401,203

514,678

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Bank loans

1,599,164

1,211,691

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J K Taylor.