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COMPANY REGISTRATION NUMBER: 03958950
Reginald Wellington Limited
Filleted Unaudited Financial Statements
26 June 2023
Reginald Wellington Limited
Statement of Financial Position
26 June 2023
26 Jun 23
30 Mar 22
Note
£
£
£
Fixed assets
Tangible assets
3
9,074
Current assets
Debtors
4
203,852
Cash at bank and in hand
15,807
9,025
--------
---------
15,807
212,877
Creditors: amounts falling due within one year
5
37,843
8,064
--------
---------
Net current (liabilities)/assets
( 22,036)
204,813
--------
---------
Total assets less current liabilities
( 22,036)
213,887
Creditors: amounts falling due after more than one year
6
423,529
746,933
---------
---------
Net liabilities
( 445,565)
( 533,046)
---------
---------
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss account
( 446,565)
( 534,046)
---------
---------
Shareholders deficit
( 445,565)
( 533,046)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 26 June 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Reginald Wellington Limited
Statement of Financial Position (continued)
26 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Ms K Shaw
Director
Company registration number: 03958950
Reginald Wellington Limited
Accounting Policies
Period from 31 March 2022 to 26 June 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Yacht
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Reginald Wellington Limited
Notes to the Financial Statements
Period from 31 March 2022 to 26 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadgate Tower, 7th Floor, 20 Primrose Street, London, EC2A 2EW, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Tangible assets
"Temptress of C"
Total
£
£
Cost
At 31 March 2022
84,500
84,500
Disposals
( 84,500)
( 84,500)
--------
--------
At 26 June 2023
--------
--------
Depreciation
At 31 March 2022
75,426
75,426
Charge for the period
1,815
1,815
Disposals
( 77,241)
( 77,241)
--------
--------
At 26 June 2023
--------
--------
Carrying amount
At 26 June 2023
--------
--------
At 30 March 2022
9,074
9,074
--------
--------
The yacht 'Temptress of C' was sold on 8th May 2023.
4. Debtors
26 Jun 23
30 Mar 22
£
£
Other debtors
203,852
----
---------
5. Creditors: amounts falling due within one year
26 Jun 23
30 Mar 22
£
£
Accruals and deferred income
9,990
4,700
Corporation tax
3,114
Other creditors
24,739
3,364
--------
-------
37,843
8,064
--------
-------
6. Creditors: amounts falling due after more than one year
26 Jun 23
30 Mar 22
£
£
Amounts owed to associate undertakings
423,529
662,383
Other creditors
84,550
---------
---------
423,529
746,933
---------
---------
The loan from group undertakings is from Naya Investments Holdings Inc, a company incorporated in the British Virgin Islands.The loan is unsecured and interest free with no fixed repayment terms.
7. Called up share capital
Authorised share capital
26 Jun 23
30 Mar 22
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
26 Jun 23
30 Mar 22
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Shares are owned by Ocere Limited.