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REGISTERED NUMBER: 03304620 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

THE REMET PROPERTY COMPANY LIMITED

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

THE REMET PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: P J Brewer
S Cohen
W Reid





SECRETARY: R Joseph





REGISTERED OFFICE: Remet Works
9a Cody Business Centre
South Crescent
London
E16 4TL





REGISTERED NUMBER: 03304620 (England and Wales)





ACCOUNTANTS: MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
Middlesex
HA8 7LW

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

STATEMENT OF FINANCIAL POSITION
30TH JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 26,285,665 26,340,665
26,285,666 26,340,666

CURRENT ASSETS
Debtors 6 5,996,419 6,009,020
Cash at bank 2,652,833 2,031,480
8,649,252 8,040,500
CREDITORS
Amounts falling due within one year 7 (1,663,081 ) (1,435,990 )
NET CURRENT ASSETS 6,986,171 6,604,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,271,837

32,945,176

CREDITORS
Amounts falling due after more than one year 8 (12,700,000 ) (13,100,000 )

PROVISIONS FOR LIABILITIES (1,215,306 ) (1,215,306 )
NET ASSETS 19,356,531 18,629,870

CAPITAL AND RESERVES
Called up share capital 10 300 300
Other reserves 11 1,079,235 1,079,235
Fair value reserve 11 4,122,865 4,122,865
Retained earnings 11 14,154,131 13,427,470
SHAREHOLDERS' FUNDS 19,356,531 18,629,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

STATEMENT OF FINANCIAL POSITION - continued
30TH JUNE 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th March 2024 and were signed on its behalf by:





P J Brewer - Director


THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

The Remet Property Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Monetary amounts are rounded to the nearest pound (£).

Turnover
Turnover represents income receivable from letting of the investment properties.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment. Profits or losses arising from disposals of fixed asset investments are treated as part of the results from ordinary activities.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Interest receivable
Interest payable is charged to the profit and loss account on an accruals basis.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1st July 2022 814,650 1 814,651
Disposals (814,650 ) - (814,650 )
At 30th June 2023 - 1 1
PROVISIONS
At 1st July 2022 814,650 - 814,650

Eliminated on disposal (814,650 ) - (814,650 )
At 30th June 2023 - - -
NET BOOK VALUE
At 30th June 2023 - 1 1
At 30th June 2022 - 1 1

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


4. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated company

Chaleworth Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 369,637 216,677
Profit for the year 152,960 151,961

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2022 26,340,665
Impairments (55,000 )
At 30th June 2023 26,285,665
NET BOOK VALUE
At 30th June 2023 26,285,665
At 30th June 2022 26,340,665

Fair value at 30th June 2023 is represented by:
£   
Valuation in 2016 4,940,190
Valuation in 2022 1,703,342
Valuation in 2023 (55,000 )
Cost 19,697,133
26,285,665

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 19,697,133 19,697,133

Freehold land and buildings were valued on an open market basis on 30th June 2023 by W Reid, a director .

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 231,961 229,525
Amounts owed by group undertakings 2,384,015 2,582,588
Other debtors 3,380,443 3,196,907
5,996,419 6,009,020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 400,093 400,093
Trade creditors 10,340 13,116
Taxation and social security 206,782 220,872
Other creditors 1,045,866 801,909
1,663,081 1,435,990

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 12,700,000 13,100,000

Amounts falling due in more than five years:

Repayable by instalments
Bank Loans 11,100,000 11,500,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 13,100,000 13,500,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,000 Ordinary 10p 300 300

THE REMET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03304620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


11. RESERVES
Fair
Retained Other value
earnings reserves reserve Totals
£    £    £    £   

At 1st July 2022 13,427,470 1,079,235 4,122,865 18,629,570
Profit for the year 726,661 726,661
At 30th June 2023 14,154,131 1,079,235 4,122,865 19,356,231

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th June 2023 and 30th June 2022:

2023 2022
£    £   
W Reid
Balance outstanding at start of year 81,932 -
Amounts advanced 346,335 428,715
Amounts repaid (310,283 ) (346,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 117,984 81,932

The interest is charged at 2% for this year. The loan is repayable on demand.

13. RELATED PARTY DISCLOSURES

Chaleworth Limited

An associated company


The loan is interest free and repayable on demand

2023 2022
£    £   
Amount due from related party at the balance sheet date 2,384,015 2,582,588

Mrs R Joseph

Owner holding a participating interest


The loan is interest free and repayable on demand

2023 2022
£    £   
Amount due to related party at the balance sheet date 42,206 36,545

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE REMET PROPERTY COMPANY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Remet Property Company Limited for the year ended 30th June 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Remet Property Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Remet Property Company Limited and state those matters that we have agreed to state to the Board of Directors of The Remet Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Remet Property Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Remet Property Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Remet Property Company Limited. You consider that The Remet Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Remet Property Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
Middlesex
HA8 7LW


14th March 2024