IRIS Accounts Production v23.2.0.158 05130025 Board of Directors 1.4.22 31.3.23 31.3.23 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure051300252022-03-31051300252023-03-31051300252022-04-012023-03-31051300252021-03-31051300252021-04-012022-03-31051300252022-03-3105130025ns16:EnglandWales2022-04-012023-03-3105130025ns15:PoundSterling2022-04-012023-03-3105130025ns11:Director12022-04-012023-03-3105130025ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3105130025ns11:SmallEntities2022-04-012023-03-3105130025ns11:AuditExemptWithAccountantsReport2022-04-012023-03-3105130025ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105130025ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105130025ns11:FullAccounts2022-04-012023-03-3105130025ns11:Director22022-04-012023-03-3105130025ns11:CompanySecretary12022-04-012023-03-3105130025ns11:RegisteredOffice2022-04-012023-03-3105130025ns6:CurrentFinancialInstruments2023-03-3105130025ns6:CurrentFinancialInstruments2022-03-3105130025ns6:Non-currentFinancialInstruments2023-03-3105130025ns6:Non-currentFinancialInstruments2022-03-3105130025ns6:ShareCapital2023-03-3105130025ns6:ShareCapital2022-03-3105130025ns6:RetainedEarningsAccumulatedLosses2023-03-3105130025ns6:RetainedEarningsAccumulatedLosses2022-03-3105130025ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-03-3105130025ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-03-3105130025ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-03-3105130025ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-03-3105130025ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-03-3105130025ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3105130025ns6:DeferredTaxation2022-03-3105130025ns6:DeferredTaxation2023-03-3105130025ns6:RetainedEarningsAccumulatedLosses2022-03-3105130025ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-31
REGISTERED NUMBER: 05130025 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RESIDENTIAL PROPERTIES FUNDS LIMITED

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










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 2023







DIRECTORS: Mr. R M Pindoria
Mr R B Kerai



SECRETARY: Mr R B Kerai



REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH



REGISTERED NUMBER: 05130025 (England and Wales)



ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH



BANKERS: National Westminister Bank
567 Kingsbury Road
London
NW9 9EP



SOLICITORS: Percy Short & Cuthbert
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 2023 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 profit 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.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


5 October 2023

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 70,884 68,335
Investment property 5 7,103,000 7,103,000
7,173,884 7,171,335

CURRENT ASSETS
Debtors 6 474,970 474,970
Cash at bank 24,333 51,837
499,303 526,807
CREDITORS
Amounts falling due within one year 7 672,049 1,319,725
NET CURRENT LIABILITIES (172,746 ) (792,918 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,001,138

6,378,417

CREDITORS
Amounts falling due after more than one year 8 (3,841,001 ) (3,346,943 )

PROVISIONS FOR LIABILITIES 11 (525,944 ) (412,119 )
NET ASSETS 2,634,193 2,619,355

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 12 2,624,193 2,609,355
SHAREHOLDERS' FUNDS 2,634,193 2,619,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

BALANCE SHEET - continued
31 MARCH 2023


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





Mr R B Kerai - Director


RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Residential Properties Funds 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 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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.

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 2023


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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 5 ) .

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Cost/valuation b/f 68,335 69,701
Revaluations 2,549 (1,366 )
70,884 68,335

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 7,103,000
NET BOOK VALUE
At 31 March 2023 7,103,000
At 31 March 2022 7,103,000

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 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

In the opinion of the directors the fair value of the investment properties as at 31 March 2023 not significantly different to that stated above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related parties 474,970 474,970

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 10,648 8,874
Amounts owed to related parties 645,000 1,280,000
Accrued expenses 16,401 30,851
672,049 1,319,725

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 2,861,418 2,872,952
Other loans (see note 9) 950,000 450,000
Tax 29,583 23,991
3,841,001 3,346,943

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

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans < 1 year 10,648 8,874

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,038 22,572
Other loans 950,000 450,000
961,038 472,572

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

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.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
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
2023 2022
£    £   
Deferred tax 525,944 412,119

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 412,119
Movement during the year 113,825
Balance at 31 March 2023 525,944

12. RESERVES
Retained
earnings
£   

At 1 April 2022 2,609,355
Profit for the year 14,838
At 31 March 2023 2,624,193

Retained earnings is made of undistributable profit and loss reserves of £2,450,401(2022: £2,564,226).

13. RELATED PARTY DISCLOSURES

Included in creditors due within one year are the following amounts owed to companies in which Mr R B Kerai has a beneficial interest.

2023 2022
£ £

Regal Asset Managers Limited (95,000 ) (1,100,000 )
Regal Asset Managers Limited (Thailand) 474,970 474,970
Kerai Property Investments Limited (530,000 ) (180,000 )
Jay. K. Investments Ltd (20,000 )

Total (170,030 ) (805,030 )

The amounts due to Regal Asset Managers Limited, Jay. K. Investments Ltd 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.

14. ULTIMATE CONTROLLING PARTY

The director, Mr R B Kerai is the ultimate controller by virtue of his shareholding in Residential Properties Funds Ltd.