Redcliffe Developments Limited - Period Ending 2019-06-30

Redcliffe Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2019

Registration number: 01380170

Redcliffe Developments Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Redcliffe Developments Limited

Balance Sheet

30 June 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	35
Investment property	5	-	1,238,444
		-	1,238,479
Current assets
Debtors	6	-	16,996
Cash at bank and in hand		810,744	38,345
		810,744	55,341
Creditors: Amounts falling due within one year	7	(24,653)	(52,210)
Net current assets		786,091	3,131
Total assets less current liabilities		786,091	1,241,610
Creditors: Amounts falling due after more than one year	7	(3,000)	(3,200)
Net assets		783,091	1,238,410
Capital and reserves
Called up share capital		100	100
Revaluation reserve		-	905,360
Profit and loss account		782,991	332,950
Total equity		783,091	1,238,410

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Redcliffe Developments Limited

Balance Sheet

30 June 2019

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 February 2020 and signed on its behalf by:
 

......................................... Mr G L Johnson Director

Company Registration Number: 01380170

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Redcliffe Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
PL4 0RA

These financial statements were authorised for issue by the Board on 23 February 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for ground rents and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue based on its value of the service provided to date.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Page 3

Redcliffe Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2019

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:

Asset class	Depreciation method and rate
Fixtures & Fittings	20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

Page 4

Redcliffe Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2019

4	Tangible assets

	Furniture, fittings and equipment  £
Cost or valuation
At 1 July 2018	1,986
Disposals	(1,986)
At 30 June 2019	-
Depreciation
At 1 July 2018	1,951
Eliminated on disposal	(1,951)
At 30 June 2019	-
Carrying amount
At 30 June 2019	-
At 30 June 2018	35

5	Investment properties

	2019 £
At 1 July	1,238,444
Additions	13,199
Disposals	(1,251,643)
At 30 June	-

6

Debtors

	2019  £	2018  £
Trade debtors	-	458
Other debtors	-	16,538
	-	16,996

Page 5

Redcliffe Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2019

7

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Trade creditors		8,419	-
Other creditors		14,722	14,708
Corporation tax		-	10,990
Accrued expenses		1,512	26,512
		24,653	52,210
Due after one year
Other creditors		3,000	3,200

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other creditors	3,000	3,200

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary share of £1 each	100	100	100	100

Page 6