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

REGISTERED NUMBER: 10802278 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

REDAK PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K Gnyla

A J S Gnyla

REGISTERED OFFICE:

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

REGISTERED NUMBER:

10802278 (England and Wales)

ACCOUNTANTS:

LDP Luckmans

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Investment property

3

1,544,714

892,539

CURRENT ASSETS

Debtors

4

749,145

710,473

Cash at bank

1,628

65,517

750,773

775,990

CREDITORS

Amounts falling due within one year

5

2,078,277

1,716,389

NET CURRENT LIABILITIES

(1,327,504

)

(940,399

)

TOTAL ASSETS LESS CURRENT LIABILITIES

217,210

(47,860

)

CREDITORS

Amounts falling due after more than one year

6

308,478

-

NET LIABILITIES

(91,268

)

(47,860

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(91,368

)

(47,960

)

SHAREHOLDERS' FUNDS

(91,268

)

(47,860

)

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 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.

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 31 March 2020 and were signed on its behalf by:

A J S Gnyla - Director

1.	STATUTORY INFORMATION

Redak 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.

The company has net liabilities at the balance sheet date. The directors and shareholders have

provided assurance that they will be able to provide sufficient resource to the company until at least 31

March 2021 and therefore the financial statements are prepared on the going concern basis.

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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

892,539

Additions

652,175

At 30 June 2019

1,544,714

NET BOOK VALUE

At 30 June 2019

1,544,714

At 30 June 2018

892,539

A mortgage charge was created 4 June 2019 over one of the company's investment properties.

The company is currently constructing a number of rental units to be rented out. At the year end the

directors have valued the investment property at cost being an appropriate market value.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

749,145

710,473

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

43

-

Other creditors

126,470

-

Directors' current accounts

1,948,104

1,713,629

Accruals and deferred income

3,660

2,760

2,078,277

1,716,389

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

48

-

Bank loans - 2-5 years

815

-

Bank loans more 5 yr by instal

307,615

-

308,478

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

307,615

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

In the year the directors introduced funds into the company totalling £171,743 (2018: £1,687,114) with

interest being levied of £62,732 (2018: £26,515) resulting in amounts being owed to the directors at the

year end of £1,948,104 (2018: £1,713,629). The balances are repayable on demand.