Involve Residential Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09572258 (England and Wales)

Involve Residential Property Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R R Jones

D A French

REGISTERED OFFICE:

Unit C

Upper Boat Business Centre

Pontypridd

Mid Glamorgan

CF37 5BP

REGISTERED NUMBER:

09572258 (England and Wales)

ACCOUNTANTS:

O'Brien and Partners

Chartered Accountants

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

FIXED ASSETS

Investment property

4

2,027,407

1,972,435

CURRENT ASSETS

Debtors

5

20,305

-

Cash at bank

5,212

6,861

25,517

6,861

CREDITORS

Amounts falling due within one year

6

410,320

507,964

NET CURRENT LIABILITIES

(384,803

)

(501,103

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,642,604

1,471,332

CREDITORS

Amounts falling due after more than one year

7

1,638,458

1,475,159

NET ASSETS/(LIABILITIES)

4,146

(3,827

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,046

(3,927

)

SHAREHOLDERS' FUNDS

4,146

(3,827

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 26 January 2022 and were signed on its behalf by:

D A French - Director

1.	STATUTORY INFORMATION

Involve Residential Property Ltd 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.

The company meets its working capital requirements through the ongoing support of its directors. If this support is removed, it may not be appropriate for the financial statements to be prepared on a going concern basis and as such the company's assets and liabilities may have to be restated.

Turnover

Turnover is measured at the value of rents invoiced, excluding discounts, rebates, value added tax and other sales tax.

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs.

Revenue is measured recognised when goods are delivered and legal title has passed. It is recognised at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

1,972,435

Additions

118,776

Disposals

(63,804

)

At 30 April 2021

2,027,407

NET BOOK VALUE

At 30 April 2021

2,027,407

At 30 April 2020

1,972,435

Fixed asset investments were valued on an open market basis on 30 April 2020 by the directors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Amounts owed by participating interests

20,305

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Amounts owed to participating interests

335,719

449,943

Taxation and social security

5,979

3,091

Other creditors

68,622

54,930

410,320

507,964

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Other creditors

1,638,458

1,475,159

Amounts falling due in more than five years:

Repayable by instalments

Mortgages

1,404,994

1,285,046

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Mortgages

1,696,824

1,522,689

The mortgages are secured over all properties held by the company.