REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
RESIDENTIAL PROPERTIES FUNDS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
RESIDENTIAL PROPERTIES FUNDS LIMITED |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
RESIDENTIAL PROPERTIES FUNDS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
BANKERS: |
567 Kingsbury Road |
London |
NW9 9EP |
SOLICITORS: |
Solicitors |
Second Floor |
402 Holloway Road |
London |
N7 6PZ |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
RESIDENTIAL PROPERTIES FUNDS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Residential Properties Funds Limited for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Residential Properties Funds Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residential Properties Funds Limited and state those matters that we have agreed to state to the Board of Directors of Residential Properties Funds Limited, as a body, 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 Residential Properties Funds Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Residential Properties Funds 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 Residential Properties Funds Limited. You consider that Residential Properties Funds 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 Residential Properties Funds 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. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Residential Properties Funds Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents rental income receivable. Turnover is recognised when the company has a right to consideration. |
Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. |
Subsequent to initial recognition: |
investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognised in the Statement of Comprehensive Income. |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Interest receivable and Interest payable |
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2022 | 2021 |
£ | £ |
Cost/valuation b/f | 69,701 | 73,955 |
Revaluations | (1,366 | ) | (4,254 | ) |
68,335 | 69,701 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
Additions |
Revaluations | 421,975 |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2015 | 370,000 |
Valuation in 2016 | 387,720 |
Valuation in 2017 | 84,410 |
Valuation in 2018 | (520,000 | ) |
Valuation in 2019 | 160,717 |
Valuation in 2021 | 500,037 |
Valuation in 2022 | 421,975 |
Cost | 5,698,141 |
7,103,000 |
The valuations for the investment properties for the year ending 31 March 2022 were updated by the directors based on advice from their property agent and their knowledge of the local property and rental markets. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by related parties | 474,970 | 474,970 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Amounts owed to related parties | 1,280,000 | 914,727 |
Directors' current accounts | - | 297,604 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) | ( |
) |
Tax |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 21,667 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans < 1 year | 8,874 | - |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans | 450,000 | (54,499 | ) |
( |
) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 2,839,732 | 2,839,732 |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 21,667 |
The company had an agreement with National Westminster Bank plc related to bounce bank loan of £50,000. The loan term is 5 years. The interest rate is fixed at 2.5 per cent per annum. The loan is 100% guaranteed by HM Government and 12 months of interest paid by HM Government. |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans | 2,839,732 | 2,839,732 |
The bank loans are secured by a legal charge over the investment properties and by personal guarantee of the directors. The loans are interest only, fully repayable between 17 to 24 years period and the rates of interest charged are between 0.95% and 4.20% above the bank base rate. |
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 412,119 | 331,944 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Movement during the year | 80,175 |
Balance at 31 March 2022 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2021 |
Deficit for the year | ( |
) |
At 31 March 2022 |
Retained earnings is made of undistributable profit and loss reserves of £2,564,226 (2021: £2,222,426). |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within creditors amounts falling due within one year is a balance of £NIL (2021: £297,604) due to Mr R B Kerai, a director of the company. |
RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
14. | RELATED PARTY DISCLOSURES |
Included in creditors due within one year are the following amounts owed to companies in which Mr R B Kerai and Mr R M Pindoria have beneficial interest. |
2022 | 2021 |
£ | £ |
Regal Asset Managers Limited | (1,100,000 | ) | (824,999 | ) |
Regal Asset Managers Limited (Thailand) | 474,970 | 474,970 |
Kerai Property Investments Limited | (180,000 | ) | (89,728 | ) |
Total | (805,030 | ) | (399,759 | ) |
The amounts due to Regal Asset Managers Limited and Kerai Property Investments Limited are unsecured and with no specific terms for repayment and the rate of interest charged is 5% per annum payable on a quarterly basis. |