Company registration number 14501638 (England and Wales)
ROZENBURGLAAN REAL ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROZENBURGLAAN REAL ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ROZENBURGLAAN REAL ESTATE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
2,797,636
Current assets
Debtors
4
17,927
Cash at bank and in hand
1,177,899
1,195,826
Creditors: amounts falling due within one year
5
(4,057,418)
Net current liabilities
(2,861,592)
Net liabilities
(63,956)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(64,056)
Total equity
(63,956)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
Mr W Peteri
Director
Company registration number 14501638 (England and Wales)
ROZENBURGLAAN REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Rozenburglaan Real Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beaumont Buildings, 22 Mirabel Street, Great Ducie Street, Manchester, M3 1PQ.
1.1
Reporting period
The company was incorporated on 23 November 2022. Its accounting period was extended so as to end on 31 December 2023 to be co-terminus with that of its parent company, hence these financial statements are for a period in excess of one year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is a recent start up, initially established to acquire and develop suitable real estate assets for use by related companies. The first site acquired is not yet ready for tenant occupation. The company has received funding from its parent company to acquire and develop a first site in Manchester. Whilst this funding is repayable on demand the directors have received assurances from the parent company that there is no expectation that the funding will be withdrawn for the foreseeable future. true
Hence, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
No depreciation is charged on assets in the course of construction. Once completed these assets will be transferred to the relevant assets categories and accounted for accordingly.
Any gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ROZENBURGLAAN REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
ROZENBURGLAAN REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Auditor's limitation of liability
The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor for the period ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and has been approved by the shareholders.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
Number
Total
2
ROZENBURGLAAN REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings under construction
£
Cost
At 23 November 2022
Additions
2,797,636
At 31 December 2023
2,797,636
Depreciation and impairment
At 23 November 2022 and 31 December 2023
Carrying amount
At 31 December 2023
2,797,636
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
17,927
5
Creditors: amounts falling due within one year
2023
£
Other creditors
4,057,418
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Martin Chatten
Statutory Auditor:
Royce Peeling Green Limited
Date of audit report:
19 March 2024
ROZENBURGLAAN REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Loans
Interest charges
2023
2023
£
£
Entities with control, joint control or significant influence over the company
3,999,900
20,211
Fellow group undertakings
2,810,306
-
2023
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
4,020,111
Other information
During the period the company received a loan of £2,810,306 from Quooker UK Limited, a fellow wholly owned subsidiary whose ultimate controlling company is Rozenburglaan Beheer B.V which is registered in the Netherlands. This loan was unsecured, interest free and repayable on demand. The loan was repaid in full on 25 September 2023.
During the period the company received a loan of £3,999,900 from Rozenburglaan Vastgoed B.V, the parent undertaking, which is also registered in the Netherlands. The loan is interest bearing but unsecured and repayable on demand.
9
Parent company
The company is a wholly owned subsidiary of Rozenburglaan Vastgoed B.V. and the ultimate controlling company is Rozenburglaan Beheer B.V. Both of these companies are registered in the Netherlands.