Real Refurbs Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC685452 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Real Refurbs Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L Duncan

A Robertson

C Tracey

REGISTERED OFFICE:

REWD Group HQ

Unit 4 Barons Court

Grangemouth

FK3 8BH

REGISTERED NUMBER:

SC685452 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

93,914

89,858

Investments

5

30,000

-

123,914

89,858

CURRENT ASSETS

Stocks

23,332

21,344

Debtors

6

371,051

205,645

Cash at bank and in hand

1,516

17,189

395,899

244,178

CREDITORS

Amounts falling due within one year

7

790,636

354,796

NET CURRENT LIABILITIES

(394,737

)

(110,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(270,823

)

(20,760

)

CREDITORS

Amounts falling due after more than one year

8

37,987

15,102

NET LIABILITIES

(308,810

)

(35,862

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(309,010

)

(36,062

)

SHAREHOLDERS' FUNDS

(308,810

)

(35,862

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 31 December 2023 and were signed on its behalf by:

L Duncan - Director

1.	STATUTORY INFORMATION

Real Refurbs Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 accounts have been prepared on the going concern basis on the understanding that the lenders will continue to financially support the business.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2022

55,439

7,510

6,216

Additions

33,041

787

3,757

Disposals

(55,439

)

-

-

At 31 March 2023

33,041

8,297

9,973

DEPRECIATION

At 1 April 2022

5,544

1,502

932

Charge for year

3,304

1,659

1,357

Eliminated on disposal

(5,544

)

-

-

At 31 March 2023

3,304

3,161

2,289

NET BOOK VALUE

At 31 March 2023

29,737

5,136

7,684

At 31 March 2022

49,895

6,008

5,284

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2022

35,404

2,648

107,217

Additions

59,128

557

97,270

Disposals

(24,211

)

-

(79,650

)

At 31 March 2023

70,321

3,205

124,837

DEPRECIATION

At 1 April 2022

8,851

530

17,359

Charge for year

13,722

535

20,577

Eliminated on disposal

(1,469

)

-

(7,013

)

At 31 March 2023

21,104

1,065

30,923

NET BOOK VALUE

At 31 March 2023

49,217

2,140

93,914

At 31 March 2022

26,553

2,118

89,858

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

30,000

At 31 March 2023

30,000

NET BOOK VALUE

At 31 March 2023

30,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

61,584

34,804

Other debtors

309,467

170,841

371,051

205,645

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Finance leases

14,455

6,475

Trade creditors

170,489

121,802

Taxation and social security

85,149

35,777

Other creditors

520,543

190,742

790,636

354,796

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Finance leases

37,987

15,102

9.	RELATED PARTY DISCLOSURES

At 31/03/2023, Real Refurbs Ltd was owed £72,487 by REWD Training Ltd. The companies have directors in common.

At 31/03/2023, REWD Building Co Ltd was owed £3,720 by Fairdeal Kitchens & Bathrooms Ltd. Fairdeal Kitchens & Bathrooms Ltd is a subsidiary of Real Refurbs Ltd

At 31/03/2023, Real Refurbs Ltd owed Real Estate Wealth Development Holdings Ltd £162,896. The companies have directors in common.

At 31/03/2023, Real Refurbs Ltd owed Real Estate Wealth Development Ltd £33,000. The companies

have directors in common.

At 31/03/2023, Real Refurbs Ltd owed REWD Developments Ltd £102,916. The companies have directors in common.

At 31/03/2023, Real Refurbs Ltd owed REWD Manors Ltd £2000. The companies have directors in common.

At 31/03/2023, Real Refurbs Ltd owed REWD LPB Ltd £50,000. The companies have directors in common.