REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
REGALPOINT PROPERTIES (SEVENOAKS) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
REGALPOINT PROPERTIES (SEVENOAKS) LTD |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
REGALPOINT PROPERTIES (SEVENOAKS) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1st Floor Pentagon House |
Wealden Ind Estate |
Farningham Road |
Crowborough |
East Sussex |
TN6 2JR |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 16,552 | 16,549 |
SHAREHOLDERS' FUNDS |
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. |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
BALANCE SHEET - continued |
30 JUNE 2024 |
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 |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Regalpoint Properties (Sevenoaks) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
This will then be reflected in a separate undistributable reserve account. |
Formal valuations will be made every three to five years or when a material adjustment is necessary. Informal valuations will be made by the directors in the intervening years. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2018 | 407,377 |
Valuation in 2023 | 175,000 |
Cost | 1,067,623 |
1,650,000 |
Investment property was valued by the director in 2018 and again in 2023, after an extensive review of the property market and local properties. Policy is to revalue every three to five years and the directors believe the property would be valued at least at the sum stated. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Taxation and social security |
Other creditors |
REGALPOINT PROPERTIES (SEVENOAKS) LTD (REGISTERED NUMBER: 05842802) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Other loans | 433,710 | 433,710 |
Mezzanine loan | 518,475 | 518,475 |
Charges held in respect of all monies due or to become due from the company to the chargee on any account whatsoever. |
9. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax (fair value gain) | 145,594 | 145,594 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Deferred tax (fair value gain) |
Balance at 30 June 2024 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2023 |
and 30 June 2024 | 436,783 |
11. | RELATED PARTY DISCLOSURES |
Loans from Sagemaster Components Limited to Regalpoint Developments (Sevenoaks) Limited totalling £1,052,731 (2023: £1,052,731). |
Initial advances of £518,478 (secured) were made under a mezzanine finance contract. |
Mr & Mrs Shaw then took over control of the company and introduced further funds of £433,710 (secured) to develop the site . A final loan was then made (un-secured). |
Payments of £47,500 (2023: £47,000) have been made to Sagemaster Components Limited in respect of interest charged on the loans detailed above. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is G S Shaw. |