REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 24 March 2023 |
for |
Royel Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 24 March 2023 |
for |
Royel Investments Limited |
Royel Investments Limited (Registered number: 01342232) |
Contents of the Financial Statements |
for the year ended 24 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Royel Investments Limited (Registered number: 01342232) |
Balance Sheet |
24 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Merger reserve |
Fair value reserve | 14 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
Royel Investments Limited (Registered number: 01342232) |
Balance Sheet - continued |
24 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Royel Investments Limited (Registered number: 01342232) |
Notes to the Financial Statements |
for the year ended 24 March 2023 |
1. | STATUTORY INFORMATION |
Royel Investments Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. |
Preparation of consolidated financial statements |
The financial statements contain information about Royel Investments 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. |
Turnover |
Turnover is the amount derived from ordinary activities and is comprised of rental income on the investment property. Turnover is measured at the fair value of the consideration received or receivable and is stated net of VAT. |
Revenue from rentals is recognised in the period to which the rentals received relates to. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties, which are properties held to earn rental income and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
Royel Investments Limited (Registered number: 01342232) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Loans and borrowings |
Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the income statement using the effective interest method. |
Borrowing costs |
Borrowing costs are recognised as an expense in the period in which they are incurred. |
Going concern |
In assessing whether the going concern assumption is appropriate, the directors have evaluated current and forecasted operational results, and the solvency of the company. Given the company is in a net asset position, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Royel Investments Limited (Registered number: 01342232) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 25 March 2022 |
and 24 March 2023 |
DEPRECIATION |
At 25 March 2022 |
and 24 March 2023 |
NET BOOK VALUE |
At 24 March 2023 |
At 24 March 2022 |
6. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | in other |
group | participating | Unlisted |
undertakings | interests | investments | Totals |
£ | £ | £ | £ |
COST |
At 25 March 2022 | 1,165,263 | 1,304,564 |
Additions | 16,845 | 16,845 |
Share of profit/(loss) | - | (8,463 | ) | - | (8,463 | ) |
At 24 March 2023 | 1,173,645 | 1,312,946 |
NET BOOK VALUE |
At 24 March 2023 | 1,173,645 | 1,312,946 |
At 24 March 2022 | 1,165,263 | 1,304,564 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 25 March 2022 |
and 24 March 2023 |
NET BOOK VALUE |
At 24 March 2023 |
At 24 March 2022 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 24 March 2023 by the director on an open market basis. |
The directors contributed £47,000 towards the cost of the purchase of an investment property, and the percentage this represents is held on trust for the director. |
Royel Investments Limited (Registered number: 01342232) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2023 |
7. | INVESTMENT PROPERTY - continued |
Fair value at 24 March 2023 is represented by: |
£ |
Valuation in 1993 | 303,867 |
Valuation in 1997 | (50,000 | ) |
Valuation in 2020 | 4,460,808 |
Valuation in 2021 | 4,465,000 |
Cost | 2,824,475 |
12,004,150 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Royel Investments Limited (Registered number: 01342232) |
Notes to the Financial Statements - continued |
for the year ended 24 March 2023 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge over investment properties held by the company and other related companies under Common Control. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
14. | RESERVES |
Fair |
value |
reserve |
£ |
At 25 March 2022 |
and 24 March 2023 |
15. | CONTINGENT LIABILITIES |
The company has, together with two connected companies, entered into a loan agreement, the details of which are given in note 12. Each company is jointly and severally liable up to the total amount outstanding. At 24 March 2023, total loans outstanding amounted to £3,357,522 (2022: £2,976,299). |
The company has provided security for a bank loan for its subsidiary, Royel Hotels Limited. At 24 March 2023, the balance due to the bank was £nil (2022: £3,854,823). |