2 Red Desks Limited - Limited company accounts 20.1

REGISTERED NUMBER: 09483619 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020

FOR

2 RED DESKS LIMITED

Page

Company Information

1

Report of the Director

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

7

DIRECTOR:

A Hills

SECRETARY:

Exceed Cosec Services Limited

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

09483619 (England and Wales)

ACCOUNTANTS:

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The director presents his report with the financial statements of the company for the year ended 31st March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property investment.

DIRECTOR

A Hills held office during the whole of the period from 1st April 2019 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A Hills - Director

24th November 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 2 Red Desks Limited for the year ended 31st March 2020 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of 2 Red Desks Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 2 Red Desks Limited and state those matters that we have agreed to state to the director of 2 Red Desks Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 2 Red Desks Limited and its director for our work or for this report.

It is your duty to ensure that 2 Red Desks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 2 Red Desks Limited. You consider that 2 Red Desks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 2 Red Desks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

24th November 2020

REVENUE

3,066

3,449

Administrative expenses

8,195

3,621

OPERATING LOSS

(5,129

)

(172

)

Interest receivable and similar income

84

-

(5,045

)

(172

)

Interest payable and similar expenses

931

-

LOSS BEFORE TAXATION

(5,976

)

(172

)

Tax on loss

4

-

LOSS FOR THE FINANCIAL YEAR

(5,976

)

(172

)

FIXED ASSETS

Investment property

5

72,000

CURRENT ASSETS

Debtors

6

25,115

-

Cash at bank

2,360

1,495

27,475

1,495

CREDITORS

Amounts falling due within one year

7

80,337

78,381

NET CURRENT LIABILITIES

(52,862

)

(76,886

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

19,138

(4,886

)

CREDITORS

Amounts falling due after more than one year

8

30,000

-

NET LIABILITIES

(10,862

)

(4,886

)

CAPITAL AND RESERVES

Called up share capital

9

2

Revaluation reserve

10

14,500

Retained earnings

10

(25,364

)

(19,388

)

SHAREHOLDERS' FUNDS

(10,862

)

(4,886

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 24th November 2020 and were signed by:

A Hills - Director

1.	STATUTORY INFORMATION

2 Red Desks 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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.

Going concern

The directors have formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st March 2020 nor for the year ended 31st March 2019.

The company has carried forward losses of £25,364 to use against future profits.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

and 31st March 2020

72,000

NET BOOK VALUE

At 31st March 2020

72,000

At 31st March 2019

72,000

Fair value at 31st March 2020 is represented by:

£

Valuation in 2017

14,500

Cost

57,500

72,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Other debtors

25,115

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Other creditors

80,337

78,381

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2020

2019

£

Other creditors

30,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

2

Ordinary

£1

2

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1st April 2019

(19,388

)

14,500

(4,888

)

Deficit for the year

(5,976

)

(5,976

)

At 31st March 2020

(25,364

)

14,500

(10,864

)

11.	RELATED PARTY DISCLOSURES

Included under creditors is an amount due to Mr A Hills, the director, of £59,531 (2019 £56,492). This loan is interest free, unsecured and no fixed terms for repayment.

The ultimate controlling party was the company directors.