R Bude Property Limited Filleted accounts for Companies House (small and micro)

R Bude Property Limited Filleted accounts for Companies House (small and micro)

R BUDE PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11058700
R Bude Property Limited
Unaudited Financial Statements
30 November 2021
R Bude Property Limited
Director's Report
Year ended 30 November 2021
The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2021 .
Director
The director who served the company during the year was as follows:
Mr R Bude
Dividends
The director does not recommend the payment of a dividend.
This report was approved by the board of directors on 3 January 2023 and signed on behalf of the board by:
Mr R Bude
Director
Registered office:
12 Gloucester Gardens
London
NW11 9AB
R Bude Property Limited
Statement of Income and Retained Earnings
Year ended 30 November 2021
2021
2020
Note
£
£
Rents receivable
4
81,804
61,181
Property outgoings
39,694
9,136
--------
--------
Gross profit
42,110
52,045
Administrative expenses
1,822
1,801
--------
--------
Operating profit
40,288
50,244
Other interest receivable and similar income
5
–
1
Interest payable and similar expenses
6
54,801
47,174
--------
--------
(Loss)/profit before taxation
( 14,513)
3,071
Tax on (loss)/profit
7
–
584
--------
-------
(Loss)/profit for the financial year and total comprehensive income
( 14,513)
2,487
--------
-------
All the activities of the company are from continuing operations.
R Bude Property Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
8
1,592,564
1,592,564
Current assets
Debtors
9
1,800
157
Cash at bank and in hand
23,524
20,548
--------
--------
25,324
20,705
Creditors: amounts falling due within one year
10
104,380
8,138
---------
--------
Net current (liabilities)/assets
( 79,056)
12,567
------------
------------
Total assets less current liabilities
1,513,508
1,605,131
Creditors: amounts falling due after more than one year
11
1,514,405
1,591,515
------------
------------
Net (liabilities)/assets
( 897)
13,616
------------
------------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
( 898)
13,615
----
--------
Shareholders (deficit)/funds
( 897)
13,616
----
--------
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 3 January 2023 , and are signed on behalf of the board by:
Mr R Bude
Director
Company registration number: 11058700
R Bude Property Limited
Statement of Cash Flows
Year ended 30 November 2021
2021
2020
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 14,513)
2,487
Adjustments for:
Other interest receivable and similar income
–
( 1)
Interest payable and similar expenses
54,801
47,174
Tax on (loss)/profit
–
584
Accrued expenses
98,039
2,183
Changes in:
Trade and other debtors
( 1,643)
( 95)
---------
--------
Cash generated from operations
136,684
52,332
Interest paid
( 54,801)
( 47,174)
Interest received
–
1
Tax paid
( 1,735)
–
---------
--------
Net cash from operating activities
80,148
5,159
---------
--------
Cash flows from investing activities
Purchase of tangible assets
–
( 888,070)
---------
---------
Net cash used in investing activities
–
( 888,070)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 77,172)
900,623
---------
---------
Net cash (used in)/from financing activities
( 77,172)
900,623
---------
---------
Net increase in cash and cash equivalents
2,976
17,712
Cash and cash equivalents at beginning of year
20,548
2,836
--------
--------
Cash and cash equivalents at end of year
23,524
20,548
--------
--------
R Bude Property Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Gloucester Gardens, London, NW11 9AB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Rents receivable
Rents receivable arises from:
2021
2020
£
£
Rents receivable
81,804
61,181
--------
--------
The whole of the rents receivable is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other interest receivable and similar income
2021
2020
£
£
Interest on cash and cash equivalents
–
1
----
----
6. Interest payable and similar expenses
2021
2020
£
£
Interest on banks loans and overdrafts
54,801
47,147
Other interest payable and similar charges
–
27
--------
--------
54,801
47,174
--------
--------
7. Tax on (loss)/profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
–
584
----
----
Tax on (loss)/profit
–
584
----
----
8. Tangible assets
Freehold property
£
Cost
At 1 December 2020 and 30 November 2021
1,592,564
------------
Depreciation
At 1 December 2020 and 30 November 2021
–
------------
Carrying amount
At 30 November 2021
1,592,564
------------
At 30 November 2020
1,592,564
------------
9. Debtors
2021
2020
£
£
Other debtors
1,800
157
-------
----
10. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
–
62
Accruals and deferred income
103,796
5,757
Corporation tax
584
2,319
---------
-------
104,380
8,138
---------
-------
11. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,514,405
1,591,515
------------
------------
12. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Analysis of changes in net debt
At 1 Dec 2020
Cash flows
At 30 Nov 2021
£
£
£
Cash at bank and in hand
20,548
2,976
23,524
Debt due within one year
(62)
62
–
Debt due after one year
(1,591,515)
77,110
(1,514,405)
------------
--------
------------
( 1,571,029)
80,148
( 1,490,881)
------------
--------
------------