Registered number
03179462
Regalmain Limited
Unaudited Filleted Accounts
31 March 2023
Registered number: 03179462
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,474,515 19,320,021
Investments 4 145,046 145,046
19,619,561 19,465,067
Current assets
Stocks 340,337 588,783
Debtors 5 6,278,513 5,750,540
Cash at bank and in hand 211,098 126,062
6,829,948 6,465,385
Creditors: amounts falling due within one year 6 (1,327,348) (1,366,699)
Net current assets 5,502,600 5,098,686
Total assets less current liabilities 25,122,161 24,563,753
Creditors: amounts falling due after more than one year 7 (6,907,000) (6,927,000)
Provisions for liabilities 11 (3,354,779) (2,519,992)
Net assets 14,860,382 15,116,761
Capital and reserves
Called up share capital 2 2
Profit and loss account 10 14,860,380 15,116,759
Shareholders' funds 14,860,382 15,116,761
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C A O' Callaghan
Director
Approved by the board on 28 March 2024
Regalmain Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue is generated in two ways: Sale of properties - Revenue generated from sale of properties is recognised at the point when the contract of exchange has been agreed and signed by both the parties. Rental Income - The rents receivable in the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate,adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided . Changes in fair value are reflected in the Income statement.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Freehold Investment properties Plant and machinery etc Total
£ £ £
Cost or Valuation
At 1 April 2022 19,313,999 17,384 19,331,383
Surplus on revaluation 155,999 - 155,999
At 31 March 2023 19,469,998 17,384 19,487,382
Depreciation
At 1 April 2022 - 11,362 11,362
Charge for the year - 1,505 1,505
At 31 March 2023 - 12,867 12,867
Net book value
At 31 March 2023 19,469,998 4,517 19,474,515
At 31 March 2022 19,313,999 6,022 19,320,021
Freehold land and buildings: 2023 2022
£ £
Historical cost 5,020,664 5,051,424
5,020,664 5,051,424
Cost or valuation at 31 March 2023 is represented by :
£
Valuation in 2023 19,469,998
The director is satisfied that the value of the propertieswithin th e accounts fairly reflect their open
market value. The investment properties were valued on an open market basis on 31 March 2023
by Chris O Callaghan, a director of the company.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 145,046
At 31 March 2023 145,046
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,855,011 5,314,548
Other debtors 423,502 435,992
6,278,513 5,750,540
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 118,181 72,000
Other taxes and social security costs 2,632 2,450
Other creditors 1,206,535 1,292,249
1,327,348 1,366,699
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,907,000 6,927,000
The bank loans of £6,907,000 is secured by a charge over the properties held by the company.
8 Other Operating Income 2023 2022
£ £
Other 10,800 11,120
Dividend from Foreign Company 198,000
Dividend from UK Company 125,000 125,000
333,800 136,120
9 Other information
Regalmain Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Canterbury Mansions
Lymington Road
London
NW6 1SE
10 Retained earnings
The retained earnings of £14,860,380 comprise distributable reserve of £3,921,753
and non- distributable reserves of £10,938,627
11 Deferred tax 2023 2022
£ £
Included in provisions 3,354,779 2,519,992
The deferred tax relates to an estimate of the tax liability that would crystalise on the
disposal of revalued investement properties.
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