REGENTS DEVELOPMENTS LIMITED - Filleted accounts

REGENTS DEVELOPMENTS LIMITED - Filleted accounts

REGENTS DEVELOPMENTS LTD - Company Information

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Registered number
04135723
REGENTS DEVELOPMENTS LIMITED
Unaudited Filleted Accounts
31 January 2020
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
REGENTS DEVELOPMENTS LIMITED
Registered number: 04135723
Balance Sheet
as at 31 January 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 1,468 1,726
Current assets
Stocks 656,960 656,960
Debtors 4 10,000 58,451
Cash at bank and in hand 30,360 29,826
697,320 745,237
Creditors: amounts falling due within one year 5 (73,992) (53,732)
Net current assets 623,328 691,505
Total assets less current liabilities 624,796 693,231
Creditors: amounts falling due after more than one year 6 (416,712) (452,529)
Net assets 208,084 240,702
Capital and reserves
Called up share capital 90 90
Profit and loss account 207,994 240,612
Shareholders' funds 208,084 240,702
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A C M Grant
Director
Approved by the board on 17 October 2020
REGENTS DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 January 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes revenue earned from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% Written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2019 16,203
At 31 January 2020 16,203
Depreciation
At 1 February 2019 14,477
Charge for the year 258
At 31 January 2020 14,735
Net book value
At 31 January 2020 1,468
At 31 January 2019 1,726
4 Debtors 2020 2019
£ £
Trade debtors - 7,576
Other debtors 10,000 50,875
10,000 58,451
5 Creditors: amounts falling due within one year 2020 2019
£ £
Bank loan ( see note 5 below) 17,900 -
Trade creditors 192 706
Taxation and social security costs 6,439 8,207
Other creditors 49,461 44,819
73,992 53,732
6 Creditors: amounts falling due after one year 2020 2019
£ £
Bank loan 416,712 452,529
The loan is secured by a debenture over the assets owned by the company.
7 Related party transactions
Shirade Properties Limited 2020 2019
An associated company £ £
The company is incorporated in United Kingdom. The balance
relates to the transactions between the two companies. 10,000 -
Total (as disclosed in other debtors in note 3 above) 10,000 -
8 Controlling party
There is no ultimate control party in the company throughout the year.
9 Other information
REGENTS DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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