REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Rinde Group Property Ltd. |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Rinde Group Property Ltd. |
Rinde Group Property Ltd. (Registered number: 10894251) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Rinde Group Property Ltd. |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Wynyard Business Park |
Wynyard Avenue |
Billingham |
Cleveland |
TS22 5TB |
Rinde Group Property Ltd. (Registered number: 10894251) |
Report of the Directors |
for the Year Ended 31 August 2023 |
Introduction |
Rinde Group invests primarily in residential property , with assets grown organically over decades. |
With the onset of increased regulation and the rapid changes in attitudes in the political environment to the Private Rental Sector in the UK , we believe there are opportunities that the group can position itself to substantially leverage for income growth, then invest to enable a burgeoning community of UK entrepreneurs to drive new investment and social disruption in positive ways, yet to be fully determined in the 21st cent world economy. We primarily take a risk-based approach to investing, however we are interested in property technology, or PropTech, and a variety of technological innovations to enable more efficient asset management. |
We pride ourselves in being known for our service in delivering Proud Working Homes. And we now believe the time is right to seek ways to move from Proud Working Homes to Smart Working Homes, investing in sustainable energy solutions that will increase the energy efficiency and lower the overall consumption and therefore carbon footprint of our homes. |
Our aim is to represent investors from diverse local communities in the UK, who want to drive the potential for innovation in the UK property sector, and build a community of Landlords, Developers and Property Investors to power our growth. |
Review of Business |
Overview |
Rinde Group Property has achieved a 20% growth in organic rental income during his fiscal period, whilst laying the foundations for investment in key projects that will take the group to the next level. Rinde Group will be the foundation of the group's operation capability and is the engine that powers scoping and agreeing new projects. |
We are accelerating the investment and we are building partnerships in investment and also in the ecosystem of the local communities around our properties. |
Our investments continue to grow in value, despite wider threats to asset values and high interest rates during the period. We have historically purchased efficiently and at very good investment levels, and we continue to seeks ways to add value to our stock of properties, as well as management of properties not directly owned by the company. |
Whilst investing and returns continue to grow, we do not anticipate a corresponding increase in the retained profit in the company until the next fiscal, at which point we expect the completion of the larger projects and we can expect more income as an agent acting on behalf of other entities to boost our profits. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of letting of real estate. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Rinde Group Property Ltd. (Registered number: 10894251) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 100 | 100 |
Other reserves | 11 | 446,002 | 264,329 |
Retained earnings | 11 | (35,046 | ) | (21,593 | ) |
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. |
Rinde Group Property Ltd. (Registered number: 10894251) |
Balance Sheet - continued |
31 August 2023 |
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 |
Rinde Group Property Ltd. (Registered number: 10894251) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
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 balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
Rinde Group Property Ltd. (Registered number: 10894251) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Additions |
Revaluations | 202,500 |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2020 | 5,845 |
Valuation in 2021 | 97,217 |
Valuation in 2022 | 218,506 |
Valuation in 2023 | 202,500 |
Cost | 1,306,979 |
1,831,047 |
Properties are required to be disclosed within the financial statements at fair value. |
The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Rinde Group Property Ltd. (Registered number: 10894251) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Unlisted investments | 6,200 | - |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Other loans (see note 9) |
Trade creditors |
Other creditors |
Client deposits | 2,680 | 7,184 |
Directors' current accounts | 23,831 | 54,759 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 14,468 | - |
Other loans more 5yrs instal | 804,280 | 802,069 |
818,748 | 802,069 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 47,447 |
Rinde Group Property Ltd. (Registered number: 10894251) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 14,468 | - |
Other loans more 5yrs instal | 804,280 | 802,069 |
818,748 | 802,069 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other Creditors | 228,116 | 228,116 |
Bank loans | 1,118,386 | 1,033,646 |
11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 September 2022 | (21,593 | ) | 264,329 | 242,736 |
Profit for the year | 168,220 | 168,220 |
Transfer to other reserves | (181,673 | ) | 181,673 | - |
At 31 August 2023 | (35,046 | ) | 446,002 | 410,956 |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any |
distributions made to the company's shareholders. This is a distributable reserve. |
FAIR VALUE RESERVES |
The Company uses the revaluation model for the measurement of its investment properties. The reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve. |
12. | RELATED PARTY DISCLOSURES |
Included within other creditors is £228,116 (2022: £228,116) due to Rinde Group Pension. |