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REGISTERED NUMBER: 00879589 (England and Wales)















RICH INVESTMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


RICH INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Peter C Rich
Edward I Rich
Suzanne H Rich
John D McNamara



SECRETARY: Caroline A Hall



REGISTERED OFFICE: 43 Portland Road
London
W11 4LJ



REGISTERED NUMBER: 00879589 (England and Wales)



SENIOR STATUTORY AUDITOR: Theo Banos BA FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,554,707 3,568,739
Investments 5 244,789 244,789
Investment properties 6 27,415,000 26,140,000
31,214,496 29,953,528

CURRENT ASSETS
Debtors 7 16,158,240 14,473,969
Cash at bank 1,522,224 1,035,671
17,680,464 15,509,640
CREDITORS
Amounts falling due within one year 8 14,855,757 280,147
NET CURRENT ASSETS 2,824,707 15,229,493
TOTAL ASSETS LESS CURRENT LIABILITIES 34,039,203 45,183,021

CREDITORS
Amounts falling due after more than one year 9 (1,050,000 ) (13,600,000 )

PROVISIONS FOR LIABILITIES (859,662 ) (696,848 )
NET ASSETS 32,129,541 30,886,173

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Fair value adjustment reserve 11 3,841,855 2,757,160
Other reserve 1,565,869 1,565,869
Retained earnings 26,621,817 26,463,144
SHAREHOLDERS' FUNDS 32,129,541 30,886,173

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 30 July 2024 and were signed on its behalf by:





Edward I Rich - Director


RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Rich Investments 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies of the company have remained unchanged from the previous year and are set out below.

Functional and presentation currency
The company's functional and presentational currency is British Pound Sterling (GBP).

Group accounts
The financial statements contain information about Rich Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK', not to disclose related party transactions with wholly owned subsidiaries within the group.

Rental income
Rental income, which excludes value added tax, represents rent from investment properties leased out under operating lease agreements and is measured at the fair value of the consideration received or receivable. Rental income from operating leases is recognised in the Income Statement on a straight line basis over the lease term. The lease term is the non-cancellable period of the lease. Where income is received in advance for a period beyond the accounting year end, income is deferred and a liability is recognised on the Balance Sheet.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor Vehicles - 25% on cost
Fixtures and Fittings - 20% on cost

Freehold property is held at valuation and is not depreciated as the directors believe that the property is maintained to a high standard such that the residual value is not materially different to the carrying value.

Paintings are held at fair value. Other property, plant and equipment is recognised at cost less depreciation.

The directors consider that these accounting policies are necessary for the financial statements to give a true and fair view.

Investments in subsidiaries
Investments in subsidiary companies are valued at cost less impairment.

Investment properties
Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted if necessary for differences in the nature, location or condition of the specific asset. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Valuations are performed at the year-end internally by the directors who have experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the Financial Statements.

RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 taxation
The payment of taxation is deferred or accelerated because of timing differences in the treatment of certain items for taxation and accounting purposes. Full provision for deferred taxation is made under the liability method, without discounting, on all timing differences that have arisen but not reversed by the balance sheet date. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.

Deferred taxation is provided on property gains at the rate expected to apply when the property is sold.

Income and expenses
Income and expenses are accounted for on an accrual basis in the income statement.

Share capital
Ordinary shares are classified as equity where there is no obligation to transfer cash or other assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 3,400,000 350,995 3,750,995
Additions - 6,965 6,965
Disposals - (33,605 ) (33,605 )
At 31 March 2024 3,400,000 324,355 3,724,355
DEPRECIATION
At 1 April 2023 - 182,256 182,256
Charge for year - 8,497 8,497
Eliminated on disposal - (21,105 ) (21,105 )
At 31 March 2024 - 169,648 169,648
NET BOOK VALUE
At 31 March 2024 3,400,000 154,707 3,554,707
At 31 March 2023 3,400,000 168,739 3,568,739

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 3,400,000 324,355 3,724,355

Freehold properties were subject to valuation by the directors, who are not qualified valuers, on an open market basis. The methods and assumptions used to ascertain the fair values are as follows:

The valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 244,789
NET BOOK VALUE
At 31 March 2024 244,789
At 31 March 2023 244,789

RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 April 2023 26,140,000
Additions 66,796
Revaluations 1,208,204
At 31 March 2024 27,415,000
NET BOOK VALUE
At 31 March 2024 27,415,000
At 31 March 2023 26,140,000

At 31 March 2024, an internal valuation was prepared which resulted in a market valuation for the investment properties of £27,415,000. Critical assumptions made relating to the valuation are yields between 2.33% and 8.00%.

The directors have reviewed the calculation undertaken as at 31 March 2024 and have concluded that there is no material change in the key valuation inputs used and assumptions utilised relative to those that applied at 31 March 2023. Accordingly, the directors consider it appropriate to adopt the 31 March 2024 investment property valuation in the preparation of these financial statements.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 14,827,479 -
Other debtors 112,275 95,436
Tax - 13,649
Prepayments and accrued income 17,311 10,000
14,957,065 119,085

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,201,175 14,354,884

Aggregate amounts 16,158,240 14,473,969

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 59,086 33,170
Amounts owed to group undertakings 13,450,000 -
Other taxation and social
security 24,709 25,745
Other creditors 143,061 40,324
Accruals and deferred income 1,178,901 180,908
14,855,757 280,147

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 1,050,000 13,600,000

RICH INVESTMENTS LIMITED (REGISTERED NUMBER: 00879589)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary 10p 100,000 100,000

11. RESERVES
Fair
value
adjustment
reserve
£   
At 1 April 2023 2,757,160
Movement on deferred tax (123,509 )
Revaluation of investment
property 1,208,204

At 31 March 2024 3,841,855

The aggregate surplus on re-measurement of investment properties and freehold properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.

The other reserve represents a non-distributable reserve, from which the fair value reserve associated with fixed assets which have been transferred from Rich Investments Limited to other group companies is held. When the transferred properties are ultimately disposed of outside the group, this amount will be realised.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Theo Banos BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor