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REGISTERED NUMBER: 10894251 (England and Wales)










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: O A Babarinde
J Babarinde





REGISTERED OFFICE: Eshton Suite 2
Wynyard Business Park
Wynyard Avenue
Billingham
Cleveland
TS22 5TB





REGISTERED NUMBER: 10894251 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
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.

O A Babarinde
J Babarinde

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:





O A Babarinde - Director


30 August 2024

Rinde Group Property Ltd. (Registered number: 10894251)

Balance Sheet
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 3 774 1,419
Investment property 4 1,831,047 1,487,000
1,831,821 1,488,419

CURRENT ASSETS
Debtors 5 60,236 -
Investments 6 6,200 -
Cash at bank 2,299 151,247
68,735 151,247
CREDITORS
Amounts falling due within one year 7 (352,729 ) (528,115 )
NET CURRENT LIABILITIES (283,994 ) (376,868 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,547,827

1,111,551

CREDITORS
Amounts falling due after more than one year 8 (1,032,153 ) (807,651 )

PROVISIONS FOR LIABILITIES (104,618 ) (61,064 )
NET ASSETS 411,056 242,836

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 11 446,002 264,329
Retained earnings 11 (35,046 ) (21,593 )
411,056 242,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 August 2024 and were signed on its behalf by:





O A Babarinde - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33.33% on cost

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 - 1 ).

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 1,955
DEPRECIATION
At 1 September 2022 536
Charge for year 645
At 31 August 2023 1,181
NET BOOK VALUE
At 31 August 2023 774
At 31 August 2022 1,419

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 1,487,000
Additions 141,547
Revaluations 202,500
At 31 August 2023 1,831,047
NET BOOK VALUE
At 31 August 2023 1,831,047
At 31 August 2022 1,487,000

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 60,236 -

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) 5,545 -
Other loans (see note 9) 80,688 225,995
Trade creditors 1,242 -
Other creditors 236,919 236,919
Client deposits 2,680 7,184
Directors' current accounts 23,831 54,759
Accrued expenses 1,824 3,258
352,729 528,115

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 38,086 -
Other loans (see note 9) 994,067 807,651
1,032,153 807,651

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 5,545 -
Other loans 80,688 225,995
86,233 225,995

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,685 -
Other loans - 1-2 years 47,447 -
53,132 -

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 17,933 -
Other loans - 2-5 years 142,340 5,582
160,273 5,582

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
1,346,502 1,261,762

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.