Real Spain Rentals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08767123 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2019

for

Real Spain Rentals Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Maria Del Pilar Rocafort-Varela

Mr Myles Scott Wright

REGISTERED OFFICE:

15 Montagu Square

Flat 1

London

W1H 2LD

REGISTERED NUMBER:

08767123 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,438

1,225

Investment property

5

1,927,124

1,927,124

1,929,562

1,928,349

CURRENT ASSETS

Cash in hand

5,424

6,167

CREDITORS

Amounts falling due within one year

6

1,190,097

1,132,186

NET CURRENT LIABILITIES

(1,184,673

)

(1,126,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

744,889

802,330

CREDITORS

Amounts falling due after more than one year

7

(715,654

)

(798,569

)

PROVISIONS FOR LIABILITIES

8

(9,681

)

(10,068

)

NET ASSETS/(LIABILITIES)

19,554

(6,307

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Fair value reserve

10

39,342

39,342

Retained earnings

10

(19,888

)

(45,749

)

SHAREHOLDERS' FUNDS

19,554

(6,307

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 and authorised for issue on 20 May 2020 and were signed on its behalf by:

Mr Myles Scott Wright - Director

1.	STATUTORY INFORMATION

Real Spain Rentals 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

-

25% on cost

Fixtures and fittings

-

25% 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial

position 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Art and

Plant and

and

Paintings

machinery

fittings

Totals

£

£

£

£

COST

At 1 December 2018

2,663

1,563

10,813

15,039

Additions

-

2,763

488

3,251

At 30 November 2019

2,663

4,326

11,301

18,290

DEPRECIATION

At 1 December 2018

1,998

1,242

10,574

13,814

Charge for year

665

1,012

361

2,038

At 30 November 2019

2,663

2,254

10,935

15,852

NET BOOK VALUE

At 30 November 2019

-

2,072

366

2,438

At 30 November 2018

665

321

239

1,225

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2018

and 30 November 2019

1,927,124

NET BOOK VALUE

At 30 November 2019

1,927,124

At 30 November 2018

1,927,124

Fair value at 30 November 2019 is represented by:

£

Valuation in 2016

34,177

Valuation in 2017

15,000

Cost

1,877,947

1,927,124

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Provision for Property Tax

27,315

27,315

Directors' current accounts

1,160,262

1,102,351

Accrued expenses

2,520

2,520

1,190,097

1,132,186

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Loan for Punta Seame

715,654

798,569

8.	PROVISIONS FOR LIABILITIES

30.11.19

30.11.18

£

£

Deferred tax

Accelerated capital allowances

9,681

10,772

Deferred tax

-

(704

)

9,681

10,068

Deferred

tax

£

Balance at 1 December 2018

10,068

Accelerated Capital Allowances

(387

)

Balance at 30 November 2019

9,681

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

£

£

100

Ordinary Shares

£1

100

100

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 December 2018

(45,749

)

39,342

(6,407

)

Profit for the year

25,861

25,861

At 30 November 2019

(19,888

)

39,342

19,454

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year ended 30 November 2019, Real Spain Rentals Ltd owed £1,160,262.45 to its Directors. This amount is

reflected in their respective director's loan accounts in credit balances, which is shown in Directors' Loan Accounts under

creditors due within one year. Please be advised that both the directors have agreed to provide this loan on an interest free basis

and the loan is repayable on demand.