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REGISTERED NUMBER: 04277551 (England and Wales)



















REGALPRIME LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






REGALPRIME LTD (REGISTERED NUMBER: 04277551)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


REGALPRIME LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr Z Hirsch
S Seidenfeld





SECRETARY: Mr Z Hirsch





REGISTERED OFFICE: First Floor
94 Stamford Hill
London
N16 6XS





REGISTERED NUMBER: 04277551 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS

REGALPRIME LTD (REGISTERED NUMBER: 04277551)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 548 645
Investment property 6 348,327 343,759
348,875 344,404

CURRENT ASSETS
Debtors 7 25,000 25,000
Cash at bank 8,038 9,394
33,038 34,394
CREDITORS
Amounts falling due within one year 8 128,499 120,298
NET CURRENT LIABILITIES (95,461 ) (85,904 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

253,414

258,500

CREDITORS
Amounts falling due after more than one
year

9

74,951

89,071
NET ASSETS 178,463 169,429

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 178,461 169,427
178,463 169,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

REGALPRIME LTD (REGISTERED NUMBER: 04277551)

BALANCE SHEET - continued
28 FEBRUARY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





S Seidenfeld - Director


REGALPRIME LTD (REGISTERED NUMBER: 04277551)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Regalprime Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates
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. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


REGALPRIME LTD (REGISTERED NUMBER: 04277551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022
and 28 February 2023 3,099
DEPRECIATION
At 1 March 2022 2,454
Charge for year 97
At 28 February 2023 2,551
NET BOOK VALUE
At 28 February 2023 548
At 28 February 2022 645

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 343,759
Additions 4,568
At 28 February 2023 348,327
NET BOOK VALUE
At 28 February 2023 348,327
At 28 February 2022 343,759

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's directors who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 28 February 2023 is £348,327.

REGALPRIME LTD (REGISTERED NUMBER: 04277551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 25,000 25,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,401 12,682
Taxation and social security 16,460 13,556
Other creditors 98,638 94,060
128,499 120,298

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 74,951 89,071

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
instalments

21,347

38,343

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 88,352 101,753

The bank loan is secured by a legal charge over the company's investment properties.

11. RELATED PARTY DISCLOSURES

Other creditors include amounts aggregating £50,677 (2022: £50,677) due to a related company under common control.