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REGISTERED NUMBER: 03451269 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

REGAL ASSET MANAGERS LIMITED

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


REGAL ASSET MANAGERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr R B Kerai
Mr S K Sharma
Mr. R M Pindoria



SECRETARY: Mr. R M Pindoria



REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH



REGISTERED NUMBER: 03451269 (England and Wales)



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



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
REGAL ASSET MANAGERS 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 Regal Asset Managers 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 Regal Asset Managers 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 Regal Asset Managers Limited and state those matters that we have agreed to state to the Board of Directors of Regal Asset Managers 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 Regal Asset Managers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Regal Asset Managers 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 Regal Asset Managers Limited. You consider that Regal Asset Managers 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 Regal Asset Managers 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

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 250,864 202,371
Investments 5 1,174,054 10,860
1,424,918 213,231

CURRENT ASSETS
Debtors 6 549,954 1,127,442
Cash at bank and in hand 712,127 672,146
1,262,081 1,799,588
CREDITORS
Amounts falling due within one year 7 1,659,205 1,207,505
NET CURRENT (LIABILITIES)/ASSETS (397,124 ) 592,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,027,794

805,314

CREDITORS
Amounts falling due after more than one year 8 (156,232 ) (112,201 )

PROVISIONS FOR LIABILITIES 9 (48,405 ) (32,268 )
NET ASSETS 823,157 660,845

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Retained earnings 793,157 630,845
SHAREHOLDERS' FUNDS 823,157 660,845

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.

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


1. STATUTORY INFORMATION

Regal Asset Managers 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.

Preparation of consolidated financial statements
The financial statements contain information about Regal Asset Managers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition
Revenue is recognised at the point of collection of rent and other charges from the tenants. Other income is recognised on a rent receivable basis to the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold - Straight line over 10 years
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investments
Investments in shares are included at cost less impairment fair value.

Deferred tax
Deferred tax is recognised in respect of temporary 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


2. ACCOUNTING POLICIES - continued

Trade and other debtors/creditors
Interest receivable and Interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Government grants
Grants provided by the government in respect of Covid-19 are recognised in the accounting period in which they are received, under accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 192,852 99,862 110,002 79,139 481,855
Additions - 5,586 102,241 - 107,827
At 31 March 2023 192,852 105,448 212,243 79,139 589,682
DEPRECIATION
At 1 April 2022 77,141 44,430 81,094 76,819 279,484
Charge for year 19,285 6,102 32,787 1,160 59,334
At 31 March 2023 96,426 50,532 113,881 77,979 338,818
NET BOOK VALUE
At 31 March 2023 96,426 54,916 98,362 1,160 250,864
At 31 March 2022 115,711 55,432 28,908 2,320 202,371

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2022 10,860
Additions 1,163,194
At 31 March 2023 1,174,054
NET BOOK VALUE
At 31 March 2023 1,174,054
At 31 March 2022 10,860

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 385,532 -
Amounts owed by connected companies 113,889 1,117,000
Other debtors 40,431 340
Tax 2,602 2,602
Accrued income 7,500 7,500
549,954 1,127,442

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 44,363 43,318
Trade creditors 6,639 4,604
Clients' money 627,373 576,924
Amounts owed to group undertakings 346,844 18,000
Social security and other taxes 3,022 3,332
Pension liability 774 771
VAT 14,350 22,741
Other creditors - 21,232
Wages control 12,173 13,302
Directors' current accounts 600,667 500,281
Accrued expenses 3,000 3,000
1,659,205 1,207,505

REGAL ASSET MANAGERS LIMITED (REGISTERED NUMBER: 03451269)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 27,492 25,187
Bank loans - 2-5 years 57,690 87,014
Hire purchase contracts 71,050 -
156,232 112,201

Included within creditors is a Coronavirus Business Interruption Loan which is repayable in 6 years with interest charge at 2.5% per annum.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 48,405 32,268

Deferred
tax
£   
Balance at 1 April 2022 32,268
Accelerated capital allowances 16,137
Balance at 31 March 2023 48,405

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors due within one year is amount due of £600,667 (2022: £500,281) to Mr R B Kerai.

11. RELATED PARTY DISCLOSURES

Included within debtors due within one year is amount due of £95,000 (2022: £1,100,000) by Residential Properties Funds Limited in which Mr R B Kerai has a beneficial interest. The amounts due are unsecured with no specific terms of repayments.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R B Kerai.