Regent Property Holdings Ltd 05734344 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true true 05734344 2022-06-01 2023-05-31 05734344 2023-05-31 05734344 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 05734344 core:CurrentFinancialInstruments 2023-05-31 05734344 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05734344 core:Non-currentFinancialInstruments 2023-05-31 05734344 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05734344 core:FurnitureFittingsToolsEquipment 2023-05-31 05734344 core:LandBuildings 2023-05-31 05734344 core:OtherPropertyPlantEquipment 2023-05-31 05734344 bus:SmallEntities 2022-06-01 2023-05-31 05734344 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05734344 bus:FullAccounts 2022-06-01 2023-05-31 05734344 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05734344 bus:RegisteredOffice 2022-06-01 2023-05-31 05734344 bus:Director1 2022-06-01 2023-05-31 05734344 bus:Director4 2022-06-01 2023-05-31 05734344 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-01 2023-05-31 05734344 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05734344 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05734344 core:LandBuildings 2022-06-01 2023-05-31 05734344 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 05734344 core:PlantMachinery 2022-06-01 2023-05-31 05734344 countries:EnglandWales 2022-06-01 2023-05-31 05734344 2022-05-31 05734344 core:FurnitureFittingsToolsEquipment 2022-05-31 05734344 core:LandBuildings 2022-05-31 05734344 core:OtherPropertyPlantEquipment 2022-05-31 05734344 2021-06-01 2022-05-31 05734344 2022-05-31 05734344 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-05-31 05734344 core:CurrentFinancialInstruments 2022-05-31 05734344 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05734344 core:Non-currentFinancialInstruments 2022-05-31 05734344 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05734344 core:FurnitureFittingsToolsEquipment 2022-05-31 05734344 core:LandBuildings 2022-05-31 05734344 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05734344

Regent Property Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Regent Property Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Regent Property Holdings Ltd

Company Information

Directors

Adrian Christopher Mortimer Burrows

Mrs Jennifer Colleen Burrows

Registered office

56 The Drive
Bognor Regis
West Sussex
PO21 4DT

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Regent Property Holdings Ltd

(Registration number: 05734344)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

89,768

90,605

Current assets

 

Stocks

5

1,025,754

1,022,114

Debtors

6

1,059,039

999,765

Cash at bank and in hand

 

(132)

(132)

 

2,084,661

2,021,747

Creditors: Amounts falling due within one year

7

(1,102,178)

(1,054,464)

Net current assets

 

982,483

967,283

Total assets less current liabilities

 

1,072,251

1,057,888

Creditors: Amounts falling due after more than one year

7

(2,522,390)

(2,405,451)

Net liabilities

 

(1,450,139)

(1,347,563)

Capital and reserves

 

Called up share capital

8

50,000

50,000

Retained earnings

(1,500,139)

(1,397,563)

Shareholders' deficit

 

(1,450,139)

(1,347,563)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

.........................................
Adrian Christopher Mortimer Burrows
Director

 

Regent Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
56 The Drive
Bognor Regis
West Sussex
PO21 4DT
England

These financial statements were authorised for issue by the Board on 5 February 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Regent Property Holdings Ltd

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

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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.

 

Regent Property Holdings Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Regent Property Holdings Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

115,587

55,684

7,087

178,358

At 31 May 2023

115,587

55,684

7,087

178,358

Depreciation

At 1 June 2022

28,331

52,464

6,958

87,753

Charge for the year

-

805

32

837

At 31 May 2023

28,331

53,269

6,990

88,590

Carrying amount

At 31 May 2023

87,256

2,415

97

89,768

At 31 May 2022

87,256

3,220

129

90,605

5

Stocks

2023
£

2022
£

Work in progress

1,025,754

1,022,114

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

1,024,039

964,765

Other debtors

 

35,000

35,000

   

1,059,039

999,765

7

Creditors

Creditors: amounts falling due within one year

 

Regent Property Holdings Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,933

3,197

Trade creditors

 

12

12

Taxation and social security

 

4,703

6,724

Accruals and deferred income

 

1,550

1,550

Other creditors

 

1,092,980

1,042,981

 

1,102,178

1,054,464

 

Regent Property Holdings Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,220,809

2,122,011

Other non-current financial liabilities

 

301,581

283,440

 

2,522,390

2,405,451

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

50,000

50,000

50,000

50,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

424,995

393,071

Other borrowings

1,795,814

1,728,940

2,220,809

2,122,011

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

4

218

Other borrowings

2,929

2,979

2,933

3,197