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COMPANY REGISTRATION NUMBER: 00667842
RPU GROUP Limited
Filleted Unaudited Financial Statements
31 March 2023
RPU GROUP Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
18,250,000
18,055,000
Investments
6
957,500
-------------
-------------
19,207,500
18,055,000
Current assets
Debtors
7
2,137,338
841,620
Cash at bank and in hand
881,046
2,571,701
------------
------------
3,018,384
3,413,321
Creditors: amounts falling due within one year
8
844,859
812,351
------------
------------
Net current assets
2,173,525
2,600,970
-------------
-------------
Total assets less current liabilities
21,381,025
20,655,970
Creditors: amounts falling due after more than one year
9
10,159,804
9,317,474
Provisions
78,310
265,376
-------------
-------------
Net assets
11,142,911
11,073,120
-------------
-------------
Capital and reserves
Called up share capital
171,000
171,000
Capital redemption reserve
150,000
150,000
Profit and loss account
10,821,911
10,752,120
-------------
-------------
Shareholders funds
11,142,911
11,073,120
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RPU GROUP Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
P P F Upton
Director
Company registration number: 00667842
RPU GROUP Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Revenue recognition
Turnover represents the income (excluding VAT) derived from the rental and management of properties. Rental income is recognised on a straight line basis over the term of the lease. Other income representing service charge and insurance is recognised on a receivable basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 1 April 2022
18,055,000
Additions
473,508
Revaluations
( 278,508)
-------------
At 31 March 2023
18,250,000
-------------
Depreciation
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
18,250,000
-------------
At 31 March 2022
18,055,000
-------------
Investment properties were valued by the directors at 31 March 2023 at an open market valuation based on an independent valuation.
6. Investments
Shares in participating interests
Other investments other than loans
Total
£
£
£
Cost
At 1 April 2022
Additions
50
757,500
757,550
Revaluations
199,950
199,950
---------
---------
---------
At 31 March 2023
200,000
757,500
957,500
---------
---------
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
---------
---------
Carrying amount
At 31 March 2023
200,000
757,500
957,500
---------
---------
---------
At 31 March 2022
---------
---------
---------
Investments in associates/participating interests were revalued by the directors at 31 March 2023 based on the underlying value of their assets.
7. Debtors
2023
2022
£
£
Trade debtors
114,259
66,188
Amounts owed by group undertakings and undertakings in which the company has a participating interest
665,000
Other debtors
1,358,079
775,432
------------
---------
2,137,338
841,620
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
185,060
185,060
Trade creditors
155,288
77,780
Social security and other taxes
67,240
91,926
Other creditors
437,271
457,585
---------
---------
844,859
812,351
---------
---------
Bank loans totalling £185,060 (2022: £185,060) are secured by a charge over the company's investment properties.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,084,019
9,269,079
Other creditors
1,075,785
48,395
-------------
------------
10,159,804
9,317,474
-------------
------------
Bank loans totalling £9,084,019 (2022: £9,269,079) are secured by a charge over the company's investment properties.
Included within creditors: amounts falling due after more than one year is an amount of £8,343,779 (2022: £8,528,839) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.