Company Registration No. 9719480 (England and Wales)
RGB Properties Ltd
Unaudited accounts
for the year ended 31 March 2023
RGB Properties Ltd
Unaudited accounts
Contents
RGB Properties Ltd
Company Information
for the year ended 31 March 2023
Company Number
9719480 (England and Wales)
Registered Office
The Dairy
Flexcombe Lane
Liss
Hampshire
GU33 6LH
RGB Properties Ltd
Statement of financial position
as at 31 March 2023
Investment property
320,000
332,500
Cash at bank and in hand
695
1,343
Creditors: amounts falling due within one year
(237,683)
(243,706)
Net current liabilities
(234,484)
(239,982)
Total assets less current liabilities
85,516
92,518
Creditors: amounts falling due after more than one year
(53,254)
(53,818)
Provisions for liabilities
Deferred tax
(2,348)
(4,723)
Called up share capital
100
100
Revaluation reserve
10,009
20,134
Profit and loss account
19,805
13,743
Shareholders' funds
29,914
33,977
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 December 2023 and were signed on its behalf by
Ruth Bamford
Director
Company Registration No. 9719480
RGB Properties Ltd
Notes to the Accounts
for the year ended 31 March 2023
RGB Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 9719480. The registered office is The Dairy, Flexcombe Lane, Liss, Hampshire, GU33 6LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. This represents a change from previous years where the provisions of FRS 105 (Micro-entities) had been used as the basis of preparation. The change was made to allow for the company's investment properties to be valued at fair value rather than cost.
There were no material departures from the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents rent receivable for the year ending 31 March 2023 excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value as determined by the Director. No formal independent valuation has be carried out for the year ended 31 March 2023.
Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains and losses at the rate expected to apply when the property is sold.
Deferred tax arises as a result of timing differences on the fair value of investment property. The tax rate and method of calculation is based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Fair value at 1 April 2022
332,500
Net loss from fair value adjustments
(12,500)
The investment property valuations were reviewed as at 31 March 2023 and adjusted to reflect current market values for similar properties.
Amounts falling due within one year
Accrued income and prepayments
2,504
2,381
RGB Properties Ltd
Notes to the Accounts
for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
851
1,251
Taxes and social security
1,422
1,185
Loans from directors
235,230
241,270
7
Creditors: amounts falling due after more than one year
2023
2022
8
Deferred taxation
2023
2022
Revaluation of investment property
2,348
4,723
Provision at start of year
4,723
4,723
Credited to the profit and loss account
(2,375)
-
Provision at end of year
2,348
4,723
9
Transactions with related parties
The director, Mrs Ruth Bamford, has provided a loan of £235,230 (2022: £241,270) to the company. This loan is interest free and does not have a set repayment term.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).
