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Registered number: 14340402









RAIF SF4 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
RAIF SF4 LIMITED
REGISTERED NUMBER: 14340402

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

Period ended 31 December 2023
Note
£

Fixed assets
  

Investment property
 4 
5,170,000

  
5,170,000

Current assets
  

Debtors: amounts falling due within one year
 5 
497,586

Cash at bank and in hand
 6 
119,043

  
616,629

Creditors: amounts falling due within one year
 7 
(495,610)

Net current assets
  
 
 
121,019

Total assets less current liabilities
  
5,291,019

Creditors: amounts falling due after more than one year
 8 
(5,295,176)

  

Net (liabilities)/assets
  
(4,157)


Capital and reserves
  

Called up share capital 
 9 
1

Share premium account
  
150,000

Other reserves
  
(229,403)

Profit and loss account
  
75,245

  
(4,157)


Page 1

 
RAIF SF4 LIMITED
REGISTERED NUMBER: 14340402
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S I Quayle
Director

Date: 6 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

RAIF SF 4 Limited is a private company limited by shares and incorporated on 6 September 2022 in England and Wales. The registered office of the company is 9 Albert Embankment, London, SE1 7SP. The principal activity of the company during the period has been that of property investment and rental.
The current information represents the results of the company for the period 6 September 2022 to 31 December 2023. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 1a 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has made a loss of £154,158 during the period due to the downward valuation of property. The financial statements have been prepared on a going concern basis, which assumes that the company will continue to meet its liabilities when they fall due. The directors have reviewed the company’s secure revenue stream from the portfolio of properties along with the cash flow forecast for 12 months post-year end to 31 December 2024 which indicates that the company will have sufficient funds available to meet its liabilities as they fall due. Furthermore, the immediate parent company and ultimate parent company has agreed to provide continued financial support to the company. While this is not without challenge, and some uncertainty, the directors remain confident that the going concern basis remains appropriate for at least 12 months from the date of approval of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue relates to rental income and ancillary income for services provided. Rental income from investment property leased out under operating leases is recognised in the Statement of comprehensive income on a straight-line basis over the rental term of the lease. Income is deferred when received in advance.
The rental term is the non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will exercise this option. Costs incurred in earning the rental income are recognised as an expense in the statement of comprehensive income. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss
except that a charge attributable to an item of income and expense recognised as other
comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the reporting date in the countries where the company operates
and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the reporting date, except that:
•  The recognition of deferred tax assets is limited to the extent that it is probable that they will    be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•  Any deferred tax balances are reversed if and when all conditions for retaining associated tax
  allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of
business combinations, when deferred tax is recognised on the differences between the fair values of
assets acquired and the future tax deductions available for them and the differences between the fair
values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The company has recognised deferred tax on the unrealised surplus on the revaluation of investment
property at the rate of 25%.

Page 4

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property, which is property held to earn rental income and/or capital appreciation, is initially measured at cost, being the fair value of the consideration given, including expenditure that is directly attributable to the acquisition of the investment property. After initial recognition, investment property is stated at its fair value at the balance sheet date. Gains and losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise in the Statement of Comprehensive Income.
Significant accounting judgements, estimates, and assumptions made for the valuation of investment properties are discussed, where necessary, in note 5. 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

Page 5

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Key estimation and judgments

The preparation of the financial statements in accordance with UK GAAP requires management to make estimates & judgements which affect the reported value of assets and liabilities at the balance sheet date. 
There is estimation uncertainty in calculating the fair value of investment properties. The company obtains a formal valuation from an external expert which is reviewed by management and adjusted in accordance with their understanding of rental yield and capital values which relate to the unique nature of the properties let and the lease structures which apply to them. Further details are given in note 2.8 and 5.
Trade debtors are recorded at their estimated recoverable amount and are reported net of bad debt provisions. A full line by line review is carried out based on subsequent receipt of cash post period end, as well as historical experience of the client. Whilst every attempt is made to ensure that the bad debt provisions are accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. 


3.


Employees




The average monthly number of employees, including directors, during the period was 3.

Page 6

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
5,399,403


(Deficit)/surplus on revaluation
(229,403)



At 31 December Period ended 31 December 2023
5,170,000

Investment property has been independently valued, on an individual property basis, at fair value by JPA Surveyors, an RICS qualified surveyor, in accordance with the RICS red book methodology. However, the directors are ultimately responsible for the valuations, and after reviewing, they have changed the value of one property because its status changed due to a long-term lease being agreed with a social housing tenant.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

Period ended 31 December 2023
£


Historic cost
5,399,403


5.


Debtors

Period ended 31 December 2023
£


Trade debtors
12,631

Amounts owed by group undertakings
2,500

Other debtors
466,966

Prepayments and accrued income
15,489

497,586


Page 7

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

Period ended 31 December 2023
£

Cash at bank and in hand
119,043

119,043



7.


Creditors: Amounts falling due within one year

Period ended 31 December 2023
£

Trade creditors
16,089

Other creditors
462,613

Accruals and deferred income
16,908

495,610



8.


Creditors: Amounts falling due after more than one year

Period ended 31 December 2023
£

Amounts owed to group undertakings
5,295,176


Page 8

 
RAIF SF4 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Share capital

Period ended 31 December 2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On incorporation, 1 Ordinary £1 share was issued at par.


10.


Related party transactions

Included within legal and professional expenses are directors fees of £2,411.
The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with entities within the group.


11.


Post balance sheet events

Since the reporting date to the date of signing these financial statements, the following subsequent events have taken place.
On 26 February 2024 the company entered into a long-term, 10 years, lease agreement in respect of the investment property The Town House, 2 Skinner Street, Stockton-on-Tees, TS18 1DY.


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December Period ended 31 December 2023 was unqualified.

The audit report was signed on 6 September 2024 by Mario Cientanni (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9