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

REGISTERED NUMBER: 08793669 (England and Wales)

Financial Statements

for the Year Ended 31 December 2020

for

Raidale Properties Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S Rai

Mrs K K Rai

SECRETARY:

S Rai

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

08793669 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Tangible assets

4

89

105

Investment property

5

833,580

634,524

833,669

634,629

CURRENT ASSETS

Debtors

2,535

3,883

Cash at bank and in hand

91,499

8,731

94,034

12,614

CREDITORS

Amounts falling due within one year

371,290

248,358

NET CURRENT LIABILITIES

(277,256

)

(235,744

)

TOTAL ASSETS LESS CURRENT LIABILITIES

556,413

398,885

CREDITORS

Amounts falling due after more than one year

6

(500,457

)

(360,572

)

PROVISIONS FOR LIABILITIES

(17

)

(20

)

NET ASSETS

55,939

38,293

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

55,839

38,193

SHAREHOLDERS' FUNDS

55,939

38,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 December 2021 and were signed on its behalf by:

S Rai - Director

1.	STATUTORY INFORMATION

Raidale 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is the amount derived from the letting of the company's property. Turnover is recognised when the company becomes entitled to the rental income due.

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

-

15% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the income statement.

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.

Going concern

The company's balance sheet shows net current liabilities of £277,256 (2020: £780,302). In the opinion of the directors, the company will have adequate cash resources available to finance activities and other obligations during the course of the twelve months from the date of approval of these financial statements. It is on this basis that the directors consider in appropriate to prepare the financial statement on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

525

DEPRECIATION

At 1 January 2020

420

Charge for year

16

At 31 December 2020

436

NET BOOK VALUE

At 31 December 2020

89

At 31 December 2019

105

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

634,524

Additions

199,056

At 31 December 2020

833,580

NET BOOK VALUE

At 31 December 2020

833,580

At 31 December 2019

634,524

Investment properties are initially recorded at cost including incidental costs in bringing the property into ownership. Investment properties are reviewed each year by the directors and stated at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these changes in fair value at the current rate.

In the directors opinion, there has been no material changes in their fair value at the reporting date based on his knowledge of the sector and similar properties within close proximity.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans - due after 5 years

456,483

318,488

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

510,140

369,613

Other loans

70,000

-

580,140

369,613

The company's liabilities to Lloyds Bank plc are secured by way of a fixed charge over the property, Granville Arms, Granville Street, Woodville, DE11 7QT.

The company's liabilities to Shawbrook Bank Limited are secured by way of a fixed charge over the properties, 33/33A Melbourne Street, Coalville, Leicestershire, LE67 3QU and 139 Swadlincote Road, Woodville, Swadlincote, Derbyshire, DE11 8DA.

The company's liabilities to Lendinvest BTL Limited are secured by way of a fixed charge over the property 141 Swadlincote Road, Woodville, Swadlincote, Derbyshire, DE11 8DA.

The company's liabilities to Harminder Lally and Dilveer Lally are secured by way of a fixed charge over the property 145 Swadlincote Road, Woodville, Swadlincote, Derbyshire, DE11 8DA.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50

Ordinary A

1

50

50

50

Ordinary B

1

50

50

100

100

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Raidale Properties Limited for the year ended 31 December 2020 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Raidale Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Raidale Properties Limited and state those matters that we have agreed to state to the Board of Directors of Raidale Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raidale Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Raidale Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Raidale Properties Limited. You consider that Raidale Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Raidale Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

23 December 2021