Release Capital Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03485265 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022

FOR

RELEASE CAPITAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Qadeer

REGISTERED OFFICE:

4 Clews Road

Redditch

Worcestershire

B98 7ST

REGISTERED NUMBER:

03485265 (England and Wales)

ACCOUNTANTS:

Hayward Wright Ltd

4 Clews Road

Redditch

Worcestershire

B98 7ST

FIXED ASSETS

Tangible assets

4

410,000

360,000

CURRENT ASSETS

Debtors

5

3,670

7,035

Cash at bank

835

2,855

4,505

9,890

CREDITORS

Amounts falling due within one year

6

380,036

384,609

NET CURRENT LIABILITIES

(375,531

)

(374,719

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,469

(14,719

)

PROVISIONS FOR LIABILITIES

7

6,656

-

NET ASSETS/(LIABILITIES)

27,813

(14,719

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Fair value reserve

9

40,500

-

Retained earnings

9

(12,689

)

(14,721

)

SHAREHOLDERS' FUNDS

27,813

(14,719

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st March 2023 and were signed by:

Mr A Qadeer - Director

1.	STATUTORY INFORMATION

Release Capital Ltd 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 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 each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1st July 2021

360,000

Revaluations

50,000

At 30th June 2022

410,000

NET BOOK VALUE

At 30th June 2022

410,000

At 30th June 2021

360,000

Cost or valuation at 30th June 2022 is represented by:

Freehold

property

£

Valuation in 2022

410,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/22

30/6/21

£

£

Other debtors

3,670

3,670

Deferred tax asset

-

3,365

3,670

7,035

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/22

30/6/21

£

£

Bank loans and overdrafts

297,530

306,509

Directors' current accounts

81,631

77,411

Accrued expenses

875

689

380,036

384,609

7.	PROVISIONS FOR LIABILITIES

30/6/22

£

Deferred tax

Tax losses carried forward

(2,844

)

Other timing differences

9,500

6,656

Deferred

tax

£

Balance at 1st July 2021

(3,365

)

Charge to Statement of Income and Retained Earnings during year

10,021

Balance at 30th June 2022

6,656

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/22

30/6/21

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st July 2021

(14,721

)

-

(14,721

)

Profit for the year

42,532

42,532

Revaluations

(40,500

)

40,500

-

At 30th June 2022

(12,689

)

40,500

27,811