RESOURCE R7 LIMITED - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07298017 (England and Wales)

RESOURCE R7 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W G Oram

C Bryan

REGISTERED OFFICE:

c/o Resource Limited

The Maltings

East Tyndall Street

CARDIFF

County of Cardiff

CF24 5EA

REGISTERED NUMBER:

07298017 (England and Wales)

ACCOUNTANTS:

MHA (trading name of MacIntyre Hudson LLP)

Limited liability partnership in England & Wales

Registered number OC312313

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Investment property

4

-

180,000

CURRENT ASSETS

Debtors

5

127,301

2,343

Cash at bank

1,272

32

128,573

2,375

CREDITORS

Amounts falling due within one year

6

(318,654

)

(269,886

)

NET CURRENT LIABILITIES

(190,081

)

(267,511

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(190,081

)

(87,511

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(190,082

)

(87,512

)

SHAREHOLDERS' FUNDS

(190,081

)

(87,511

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:

W G Oram - Director

1.	STATUTORY INFORMATION

RESOURCE R7 LIMITED 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 company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

There have been no material departures from Financial Reporting Standard 102.

Going concern

As at 30 June 2023 there were net current liabilities and net liabilities of £190,081. The directors consider the going concern basis adopted for these financial statements to be appropriate, based upon available continued support.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

180,000

Disposals

(180,000

)

At 30 June 2023

-

NET BOOK VALUE

At 30 June 2023

-

At 30 June 2022

180,000

Investment property was valued on a fair value basis on 17 April 2022 by appointed Registered Valuers at £180,000.

The property was sold in September 2022.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

114,300

-

Called up share capital not paid

1

1

Prepayments and accrued income

13,000

2,342

127,301

2,343

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other creditors

-

1,800

Secured loan

267,366

267,366

Accruals and deferred income

51,288

720

318,654

269,886

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Secured loan

267,366

267,366

The borrowings are secured by way of fixed and floating charges over the property and assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary

£1

1

1

9.	RELATED PARTY DISCLOSURES

At 30 June 2023 the following related party loan balances existed:

30.06.23

30.06.22

£

£

Other related parties

Debtors: Amounts falling due within one year (other debtors)

114,300

-

Creditors: Amounts falling due within one year (other creditors)

-

1,800

No interest has been charged on the above loan.