Registration number:
RTP RE York Limited
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Brebners
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RTP RE York Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
RTP RE York Limited
Company Information
Directors |
M Krayukhina S Lomovtseva |
Registered office |
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Auditor |
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RTP RE York Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(1,725,438) |
(2,229,628) |
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Shareholders' deficit |
(1,725,437) |
(2,229,627) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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S Lomovtseva
Director
Company registration number: 13619816
RTP RE York Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit in the year to 31 December 2023 but had a net deficiency of assets of £1,725,437 and net current liabilities of £14,225,437 at that date. At 31 December 2023 an amount of £17,224,442 was due to group undertakings who have confirmed that they will not call for repayment until such a time as the company has sufficient working capital.
The directors have considered the potential effect of the ongoing economic uncertainty in the United Kingdom and the directors' view is that there will be no significant effect. The company continues to receive rental income from its investment property and the directors do not envisage any reasons why this should not continue.
The company's long-term borrowings are not due for repayment until 2025 and the directors are confident that the rental income is sufficient to meet the annual interest commitment.
On the basis of the above and after making enquiries, the directors' have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors will adopt the going concern basis in preparing the financial statements.
RTP RE York Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for rent receivable in the ordinary course of the company's activities. Turnover is shown net of future value added tax, rebates and discounts.
The company recognises rental income evenly over the period of the lease.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
RTP RE York Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investment properties |
2023 |
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Fair value |
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At 1 January 2023 |
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Additions |
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Fair value adjustments |
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At 31 December 2023 |
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The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £12,500,000.
Debtors |
2023 |
2022 |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.