Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr C J Eccles 01/08/1995 Mr G F Eccles 04/07/2018 Mrs L S Eccles 10/10/1995 27 August 2024 The principal activity of the Company during the financial year was other letting and operating of own or leased real estate. 02907318 2024-03-31 02907318 bus:Director1 2024-03-31 02907318 bus:Director2 2024-03-31 02907318 bus:Director3 2024-03-31 02907318 2023-03-31 02907318 core:CurrentFinancialInstruments 2024-03-31 02907318 core:CurrentFinancialInstruments 2023-03-31 02907318 core:Non-currentFinancialInstruments 2024-03-31 02907318 core:Non-currentFinancialInstruments 2023-03-31 02907318 core:ShareCapital 2024-03-31 02907318 core:ShareCapital 2023-03-31 02907318 core:RetainedEarningsAccumulatedLosses 2024-03-31 02907318 core:RetainedEarningsAccumulatedLosses 2023-03-31 02907318 core:FurnitureFittings 2023-03-31 02907318 core:OfficeEquipment 2023-03-31 02907318 core:FurnitureFittings 2024-03-31 02907318 core:OfficeEquipment 2024-03-31 02907318 core:CostValuation 2023-03-31 02907318 core:CostValuation 2024-03-31 02907318 core:MoreThanFiveYears 2024-03-31 02907318 core:MoreThanFiveYears 2023-03-31 02907318 bus:OrdinaryShareClass1 2024-03-31 02907318 2023-04-01 2024-03-31 02907318 bus:FilletedAccounts 2023-04-01 2024-03-31 02907318 bus:SmallEntities 2023-04-01 2024-03-31 02907318 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02907318 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02907318 bus:Director1 2023-04-01 2024-03-31 02907318 bus:Director2 2023-04-01 2024-03-31 02907318 bus:Director3 2023-04-01 2024-03-31 02907318 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 02907318 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 02907318 2022-04-01 2023-03-31 02907318 core:FurnitureFittings 2023-04-01 2024-03-31 02907318 core:OfficeEquipment 2023-04-01 2024-03-31 02907318 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 02907318 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02907318 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02907318 (England and Wales)

RESIDENTIAL TRUST LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RESIDENTIAL TRUST LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RESIDENTIAL TRUST LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
RESIDENTIAL TRUST LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
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
RESIDENTIAL TRUST LIMITED

BALANCE SHEET

As at 31 March 2024
RESIDENTIAL TRUST LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 999 1,549
Investment property 4 6,506,108 6,506,108
Investments 5 102 102
6,507,209 6,507,759
Current assets
Debtors 6 2,471,907 2,507,473
Cash at bank and in hand 210,464 169,236
2,682,371 2,676,709
Creditors: amounts falling due within one year 7 ( 154,237) ( 164,861)
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 ( 1,304,386) ( 1,366,613)
Provision for liabilities ( 562,762) ( 562,899)
Net assets 7,168,195 7,090,095
Capital and reserves
Called-up share capital 9 5 5
Profit and loss account 7,168,190 7,090,090
Total shareholders' funds 7,168,195 7,090,095

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Residential Trust Limited (registered number: 02907318) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

Mr C J Eccles
Director
RESIDENTIAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RESIDENTIAL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

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 instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2023 5,894 5,591 11,485
At 31 March 2024 5,894 5,591 11,485
Accumulated depreciation
At 01 April 2023 5,412 4,524 9,936
Charge for the financial year 200 350 550
At 31 March 2024 5,612 4,874 10,486
Net book value
At 31 March 2024 282 717 999
At 31 March 2023 482 1,067 1,549

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 6,506,108
As at 31 March 2024 6,506,108

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

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 100 100
Other investments and loans 2 2
102 102

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 100
At 31 March 2024 100
Carrying value at 31 March 2024 100
Carrying value at 31 March 2023 100

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 2 2
At 31 March 2024 2 2
Carrying value at 31 March 2024 2 2
Carrying value at 31 March 2023 2 2

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 383,671 378,672
Prepayments 6,126 8,522
Other debtors 2,082,110 2,120,279
2,471,907 2,507,473

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 72,826 83,424
Accruals 14,537 11,643
Taxation and social security 49,164 53,093
Other creditors 17,710 16,701
154,237 164,861

Security has been given by the company over all loans and borrowings from Lloyds Bank PLC as a fixed and floating charge over the assets on which the loans relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,304,386 1,366,613

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 1,013,084 1,078,361

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5 Ordinary shares of £ 1.00 each 5 5

10. Financial commitments

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.

11. Related party transactions

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.