Resiprem Ltd |
Registered number: |
10213035 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
€ |
€ |
Fixed assets |
Investments |
3 |
|
|
1 |
|
|
1 |
|
Current assets |
Debtors |
4 |
|
3,266,767 |
|
|
2,969,941 |
Cash at bank and in hand |
|
|
18,336 |
|
|
12,079 |
|
|
|
3,285,103 |
|
|
2,982,020 |
|
Creditors: amounts falling due within one year |
5 |
|
(6,191) |
|
|
(8,077) |
|
Net current assets |
|
|
|
3,278,912 |
|
|
2,973,943 |
|
Total assets less current liabilities |
|
|
|
3,278,913 |
|
|
2,973,944 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(4,469,885) |
|
|
(4,137,670) |
|
Net liabilities |
|
|
|
(1,190,972) |
|
|
(1,163,726) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
(1,190,973) |
|
|
(1,163,727) |
|
Shareholder's funds |
|
|
|
(1,190,972) |
|
|
(1,163,726) |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
C Chan |
Director |
Approved by the board on 22 August 2024 |
|
Resiprem Ltd |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
The presentation currency of the financial statements is the Euro (€). |
|
|
Going concern |
|
At 31 December 2023, the company had net liabilities of €1,190,972 (2022: €1,163,726). The company is funded by shareholder loans. As a result of the on going support from the shareholders, the directors consider the going concern basis appropriate for the Company. |
|
|
Investments |
|
Investments in associates and joint ventures are initially accounted for at transaction price and subsequently recorded at fair value through the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Fixed Asset Investments |
Other |
investments |
€ |
|
Valuation |
|
At 1 January 2023 |
1 |
|
At 31 December 2023 |
1 |
|
|
|
|
|
|
|
|
|
|
The directors have assessed the fair value of the investment using the net present value of future cashflows. The assessment has not resulted in change in value for the year ended 31 December 2023 (2022:loss of £578,801 reported in the profit and loss account). |
|
|
4 |
Debtors |
2023 |
|
2022 |
€ |
€ |
|
|
Trade debtors |
43,381 |
|
43,381 |
|
Amounts owed by associate companies |
|
1,882,636 |
|
1,673,523 |
|
Other debtors |
1,340,750 |
|
1,253,037 |
|
|
|
|
|
|
3,266,767 |
|
2,969,941 |
|
|
|
|
|
|
|
|
|
|
Amounts owed by associated companies are unsecured, bear interest at 6% per annum and expire on 31 December 2028. |
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
€ |
€ |
|
|
Trade creditors |
1,440 |
|
4,877 |
|
Other creditors |
4,751 |
|
3,200 |
|
|
|
|
|
|
6,191 |
|
8,077 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
€ |
€ |
|
|
Amounts owed to group undertakings |
|
4,469,885 |
|
4,137,670 |
|
|
|
|
|
|
4,469,885 |
|
4,137,670 |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured and bears interest at 6% per annum, with a portion of the loan being interest free. |
|
|
7 |
Related party transactions |
|
|
The company has received loans from its parent company VC Beta Limited, a company incorporated and registered in Gibraltar. The loan, including accrued interest, at 31 December 2023 was €4,469,885 (2022: €4,137,670). Interest of €185,930 (2022: €166,089) was charged in the year by VC Beta Limited. Included in trade debtors is a balance of €43,381 (2022: €43,381) due from VC Alpha Limited, a related company which is incorporated and registered in Gibraltar. |
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|
8 |
Controlling party |
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|
The company is controlled by VC Beta Limited, a company incorporated and registered in Gibraltar, by virtue of its 100% shareholding. |
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|
9 |
Other information |
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Resiprem Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Carrington House |
|
126 - 130 Regent Street |
|
London |
|
W1B 5SE |