ACCOUNTS - Final Accounts

RENEWED PROPERTIES LIMITED - Company Information

Registered number: 05544080

RENEWED PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019


RENEWED PROPERTIES LIMITED

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 6


RENEWED PROPERTIES LIMITED REGISTERED NUMBER:05544080

BALANCE SHEET

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	5	2,114		2,114
Cash at bank and in hand	6	3,410,943		3,729,473
		3,413,057		3,731,587
Creditors: amounts falling due within one year	7	(2,866,001)		(3,175,602)
Net current assets			547,056		555,985
Total assets less current liabilities			547,057		555,986

Net assets			547,057		555,986

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		546,957	555,886
		547,057	555,986


RENEWED PROPERTIES LIMITED REGISTERED NUMBER:05544080

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2019

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2020.

................................................

R I De Wynter

Director

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


RENEWED PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Renewed Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 05544080.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London W1W 8BE.
The principal activity of the company was that of the acquisition of property for development, investment and resale.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

2.2

Going concern

Whilst the director appreciates there is significant uncertainty surrounding the future economic climate, the director is of the opinion that the impact on the company is minimal due to the fact that the company has not fully traded in the last couple of years. The director is assessing the future of the company, and is satisfied that the company will be able to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements, which have been prepared on the going concern basis.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


RENEWED PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).


RENEWED PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2018	379
	At 31 March 2019	379
	Depreciation
	At 1 April 2018	378
	At 31 March 2019	378
	Net book value
	At 31 March 2019	1
	At 31 March 2018	1

5.	Debtors - amount falling the with one year

					2019	2018
					£	£


Other debtors	2,114	2,114
	2,114	2,114

6.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank	3,410,943	3,729,473

7.	Creditors: amounts falling due within one year
		2019	2018
		£	£

Other creditors	2,860,721	3,170,442
Accruals and deferred income	5,280	5,160
	2,866,001	3,175,602


RENEWED PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

8.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

100 (2018 - 100) Ordinary shares of £1.00 each	100	100

9.	Related party transactions
	Included in other creditors is an amount owed to the director of £2,860,721 (2018 - £3,170,442). The loan is interest free.