Company No:
Contents
DIRECTORS | Mr C J Eccles |
Mr G F Eccles | |
Mrs L S Eccles |
SECRETARY | Mrs L S Eccles |
REGISTERED OFFICE | Northcombe Farm |
Salcombe Regis | |
Sidmouth | |
EX10 0JQ | |
England | |
United Kingdom |
COMPANY NUMBER | 02907318 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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6,507,209 | 6,507,759 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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2,682,371 | 2,676,709 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 2,528,134 | 2,511,848 | ||
Total assets less current liabilities | 9,035,343 | 9,019,607 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Residential Trust Limited (registered number:
Mr C J Eccles
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Residential Trust Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Northcombe Farm, Salcombe Regis, Sidmouth, EX10 0JQ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
The company recognises revenue when the amount of revenue can be reliably measured.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Fixtures and fittings |
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Office equipment |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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As at 31 March 2024 |
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Valuation
The directors confirmed that there had been no material movement in the valuation of investment properties during the year. This confirmation is given when considering an open market valuation based on existing use.
Included within the net book value of investment properties is £1,129,838 in respect of long leasehold investment properties and £5,376,270 in respect of freehold investment properties.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 3,269,822 | 3,269,822 |
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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102 | 102 |
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 April 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Accruals |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (repayable by instalments) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
The total amount of financial commitments not included in the balance sheet in respect of an operating lease is £16,073. (2023 - £Nil).
Other financial commitments
The total amount of guarantees not included in the balance sheet totals £709,271 (2023 - £779,728) which is the maximum amount guaranteed over bank borrowing of Charterbank Capital Limited.
Included in the balance sheet are financial commitments of £299,916 (2023 - £326,682). This commitment is the company's 50% share of funds borrowed to finance investment property jointly owned with a third party and is included within bank loans. The borrowing is jointly and severally secured on the assets to which this loan relates.
Other related party transactions
A company in which the Residential Trust Limited has a minority shareholding and under common control.
Included in other debtors is a loan to a related party of £2,004,510 (2023 - £1,980,060). Interest of £203,313 (2023 - £216,582) was charged by the company for this loan.
Fees of £10,000 (2023 - £10,000) were charged by the company on this loan.