RP Real Estate Limited 11809654 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 11809654 2022-04-01 2023-03-31 11809654 2023-03-31 11809654 core:CurrentFinancialInstruments 2023-03-31 11809654 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11809654 core:Non-currentFinancialInstruments 2023-03-31 11809654 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11809654 core:MoreThanFiveYears 1 2023-03-31 11809654 core:FurnitureFittingsToolsEquipment 2023-03-31 11809654 bus:SmallEntities 2022-04-01 2023-03-31 11809654 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11809654 bus:FullAccounts 2022-04-01 2023-03-31 11809654 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11809654 bus:RegisteredOffice 2022-04-01 2023-03-31 11809654 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 11809654 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11809654 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 11809654 core:ParentEntities 2022-04-01 2023-03-31 11809654 countries:EnglandWales 2022-04-01 2023-03-31 11809654 2022-03-31 11809654 2021-04-01 2022-03-31 11809654 2022-03-31 11809654 core:CurrentFinancialInstruments 2022-03-31 11809654 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11809654 core:Non-currentFinancialInstruments 2022-03-31 11809654 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11809654 core:MoreThanFiveYears 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 11809654

Prepared for the registrar

RP Real Estate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

RP Real Estate Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

RP Real Estate Limited

Company Information

Director

R A Patel

Company secretary

R A Patel

Registered office

560 Westhorne Avenue
Eltham
London
SE9 6DR

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

RP Real Estate Limited

(Registration number: 11809654)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,515

-

Investment property

5

1,830,236

1,830,236

 

1,857,751

1,830,236

Current assets

 

Debtors

6

9,730

9,231

Cash at bank and in hand

 

40,987

368,311

 

50,717

377,542

Creditors: Amounts falling due within one year

7

(632,697)

(933,059)

Net current liabilities

 

(581,980)

(555,517)

Total assets less current liabilities

 

1,275,771

1,274,719

Creditors: Amounts falling due after more than one year

7

(1,286,640)

(1,286,640)

Net liabilities

 

(10,869)

(11,921)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(10,870)

(11,922)

Shareholders' deficit

 

(10,869)

(11,921)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 November 2023
 


R A Patel
Company secretary and director

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
560 Westhorne Avenue
Eltham
London
SE9 6DR
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on bank loans totalling £1,286,640 and intercompany loans of £629,500. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

Additions

29,332

29,332

At 31 March 2023

29,332

29,332

Depreciation

Charge for the year

1,817

1,817

At 31 March 2023

1,817

1,817

Carrying amount

At 31 March 2023

27,515

27,515

 

5

Investment properties

£

At 1 April 2022

1,830,236

At 31 March 2023

1,830,236

The investment properties have not been valued by an external surveyor. The director is of the opinion that the market value of the properties is not significantly different from the carrying value.

 

6

Debtors

2023
 £

2022
 £

Other debtors

1,125

566

Prepayments

8,605

8,665

 

9,730

9,231

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Amounts due to related parties

9

629,500

930,000

Other creditors

 

1,067

1,067

Accrued expenses

 

2,130

1,992

 

632,697

933,059

The loans are secured over the assets of the company.

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,286,640

1,286,640

 

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,286,640

1,286,640

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

1,286,640

1,286,640

-

-

 

RP Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

9

Related party transactions

Summary of transactions with key management
Key management personnel is the director of the company.

As at the year end, the company was owed £1,125 by the director (2022 - £566), included within other debtors. There are no fixed repayment terms and no interest is charged.

Summary of transactions with parent

RP Healthcare Ltd
 
(The director is also a director and shareholder of RP Healthcare Ltd)
As at the year end, the company owed £629,500 (2022 - £930,000) to RP Healthcare Limited. There are no fixed repayment terms and no interest is charged.