Real-X (Developments) Limited - Period Ending 2022-09-30

Real-X (Developments) Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 5

Real-X (Developments) Limited

Company Information

Directors

G R Warr C J Warr A V Warr M B Warr A G Warr

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Real-X (Developments) Limited

Statement of Financial Position as at 30 September 2022

	Note	2022 £	2021 £
Current assets
Stocks	4	1,445,736	2,062,686
Debtors	5	8,204	204
Cash at bank and in hand		38,244	139,233
		1,492,184	2,202,123
Creditors: Amounts falling due within one year	6	(285,467)	(1,191,732)
Net assets		1,206,717	1,010,391
Capital and reserves
Called up share capital		100	100
Retained earnings		1,206,617	1,010,291
Shareholders' funds		1,206,717	1,010,391

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 29 June 2023 and signed on its behalf by:
 

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

G R Warr

Director

Company registration number: 11284034

Real-X (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of a property development company.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

At 30 September 2022 the statement of financial position showed net assets of £1,224,960 with cash balances of £38,244 and development properties for sale valued at £1,445,736. These development properties were completed in this year with 3 being sold during the year. The final plot on the current development site was sold for more than its carrying value post year end and the company has obtained new land for development in the current year.

The company holds cash balances, maintains minimal overheads and continues to trade in cooperation with its building contractors to complete all the development projects in progress. Future costs to be incurred on development projects are being funded by property sales noted above.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Real-X (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Development Stock

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2021 - 0).

4

Stocks

	2022 £	2021 £
Development stock	1,445,736	2,062,686

5

Debtors

	2022 £	2021 £
Other debtors	8,204	204
	8,204	204

Real-X (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Trade creditors	-	29,560
Taxation and social security	46,051	181,371
Other creditors	239,416	980,801
	285,467	1,191,732

7	Related party transactions

Included within debtors are amounts due from Real-X Limited £8,000 (2021: other creditor of £655,400). These are related parties as they are under common control with G R Warr, M B Warr, A G Warr, A V Warr and C J Warr all being directors and shareholders. No interest is chargeable and there are no set repayment terms in place.