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REGISTERED NUMBER: 13717538 (England and Wales)















Report of the Directors and

Financial Statements for the Period 2 November 2021 to 31 March 2023

for

Regatta FS 1 Limited

Regatta FS 1 Limited (Registered number: 13717538)






Contents of the Financial Statements
for the Period 2 November 2021 to 31 March 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


Regatta FS 1 Limited

Company Information
for the Period 2 November 2021 to 31 March 2023







DIRECTORS: C J Burrows
P J Easterbrook





SECRETARY: Winchley Secretarial Ltd





REGISTERED OFFICE: First Floor
11 Argyll Street
London
W1F 7TH





REGISTERED NUMBER: 13717538 (England and Wales)





AUDITORS: Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

Regatta FS 1 Limited (Registered number: 13717538)

Report of the Directors
for the Period 2 November 2021 to 31 March 2023

The directors present their report with the financial statements of the company for the period 2 November 2021 to 31 March 2023.

INCORPORATION
The company was incorporated on 2 November 2021 .

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 2 November 2021 to the date of this report are as follows:

C J Burrows - appointed 25 April 2022
J E G Davies - appointed 2 November 2021 - resigned 25 April 2022
P J Easterbrook - appointed 25 April 2022
B D Hobbs - appointed 2 November 2021 - resigned 25 April 2022
H R Saunders - appointed 2 November 2021 - resigned 25 April 2022

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Evolve Accounting and Tax Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Regatta FS 1 Limited (Registered number: 13717538)

Report of the Directors
for the Period 2 November 2021 to 31 March 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C J Burrows - Director


29 September 2023

Report of the Independent Auditors to the Members of
Regatta FS 1 Limited

Opinion
We have audited the financial statements of Regatta FS 1 Limited (the 'company') for the period ended 31 March 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Regatta FS 1 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Regatta FS 1 Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

- Enquiring of directors and inspection of policy documentation at the company's high level policies and procedures to prevent and detect fraud including the company's channel for whistle blowing as well as whether they have knowledge of any actual or alleged fraud.
- Reading board minutes

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation, these included unusual journals posted to cash and borrowing accounts.

Identifying and responding to risks of material misstatement due to non compliance with laws and regulations.

We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management for policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements.

Report of the Independent Auditors to the Members of
Regatta FS 1 Limited


Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non compliance or fraud and cannot be expected to detect non compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul O'Rourke FCA (Senior Statutory Auditor)
for and on behalf of Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

29 September 2023

Regatta FS 1 Limited (Registered number: 13717538)

Income Statement
for the Period 2 November 2021 to 31 March 2023

£   

TURNOVER 8,878

Administrative expenses 8,763
OPERATING PROFIT and
PROFIT BEFORE TAXATION 115

Tax on profit 22
PROFIT FOR THE FINANCIAL PERIOD 93

Regatta FS 1 Limited (Registered number: 13717538)

Balance Sheet
31 March 2023

Notes £   
CURRENT ASSETS
Debtors 4 203,878
Cash at bank 5,100
208,978
CREDITORS
Amounts falling due within one year 5 8,785
NET CURRENT ASSETS 200,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

200,193

CAPITAL AND RESERVES
Called up share capital 196,300
Share premium 3,800
Retained earnings 93
SHAREHOLDERS' FUNDS 200,193

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





C J Burrows - Director


Regatta FS 1 Limited (Registered number: 13717538)

Notes to the Financial Statements
for the Period 2 November 2021 to 31 March 2023

1. STATUTORY INFORMATION

Regatta FS 1 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents income receivable on loans provided and is recognised on an accruals basis.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Regatta FS 1 Limited (Registered number: 13717538)

Notes to the Financial Statements - continued
for the Period 2 November 2021 to 31 March 2023

2. ACCOUNTING POLICIES - continued

Redeemable shares
Redeemable shares issued are treated as equity capital as the holders of these shares are entitled to participate in the growth in net asset value of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4. DEBTORS
£   
Amounts falling due within one year:
Other debtors 8,878

Amounts falling due after more than one year:
Other debtors 195,000

Aggregate amounts 203,878

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Taxation and social security 22
Other creditors 8,763
8,785

6. POST BALANCE SHEET EVENTS

Since the end of the period, a further 328,108 £1 Redeemable shares have been issued at a premium of £0.066701 per share,

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C J Burrows by virtue of his 100% shareholding in P1 Capital Group Limited.