Registration number:
RTP RE Chiswick Limited
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Brebners
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RTP RE Chiswick Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
RTP RE Chiswick Limited
Company Information
Directors |
M Krayukhina S Lomovtseva |
Registered office |
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Auditor |
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RTP RE Chiswick Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1 |
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Retained earnings |
(29,911) |
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Shareholders' deficit |
(29,910) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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S Lomovtseva
Director
Company registration number: 14313193
RTP RE Chiswick Limited
Notes to the Financial Statements for the Period from 23 August 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had a net deficiency of assets at 31 December 2023 of £29,910 and net current liabilities of £8,497,078. At that date an amount of £21,654,867 was due to group undertakings who have confirmed they will not call for repayment until such time as the company has sufficient working capital.
The company's investment property remains under development and is expected to be completed in 2025. The directors are confident that sufficient funding is in place to complete the development as the company has cash at bank of £11,760,288 at 31 December 2023 which is sufficient for the remaining expected development expenditure. Once complete, the property has been pre let at market rent to a third party. The group has committed its support to the company through the development phase.
On the basis of the above and after making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors will adopt the going concern basis in preparing the financial statements.
RTP RE Chiswick Limited
Notes to the Financial Statements for the Period from 23 August 2022 to 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rent receivable in the ordinary course of the company's activities. Turnover is shown net of future value added tax, rebates and discounts.
The company recognises rental income evenly over the period of the lease.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the period, was
RTP RE Chiswick Limited
Notes to the Financial Statements for the Period from 23 August 2022 to 31 December 2023
Investment properties |
Fair Value |
2023 |
Additions |
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At 31 December 2023 |
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Debtors |
2023 |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Financial commitments, guarantees and contingencies |
The company has committed to future construction costs at 31 December 2023 in the amount of £11,032,832. This commitment is secured by a fixed charge over the company's investment property shown in note 5.
Cash at bank includes an amount of £11,480,157 held in an escrow account which can only be attributed in respect of future constructive costs.
Related party transactions |
Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.