RTP RE Aylesford Limited 13527577 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true false true 13527577 2023-01-01 2023-12-31 13527577 2023-12-31 13527577 core:CurrentFinancialInstruments 2023-12-31 13527577 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13527577 core:Non-currentFinancialInstruments 2023-12-31 13527577 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13527577 core:CostValuation 2023-12-31 13527577 bus:SmallEntities 2023-01-01 2023-12-31 13527577 bus:Audited 2023-01-01 2023-12-31 13527577 bus:FilletedAccounts 2023-01-01 2023-12-31 13527577 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13527577 bus:RegisteredOffice 2023-01-01 2023-12-31 13527577 bus:Director1 2023-01-01 2023-12-31 13527577 bus:Director2 2023-01-01 2023-12-31 13527577 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13527577 countries:EnglandWales 2023-01-01 2023-12-31 13527577 2022-12-31 13527577 core:CostValuation 2022-12-31 13527577 2021-07-23 2022-12-31 13527577 2022-12-31 13527577 core:CurrentFinancialInstruments 2022-12-31 13527577 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13527577 core:Non-currentFinancialInstruments 2022-12-31 13527577 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13527577

RTP RE Aylesford Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

RTP RE Aylesford Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

RTP RE Aylesford Limited

Company Information

Directors

M Krayukhina

S Lomovtseva

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

RTP RE Aylesford Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

21,190,000

19,200,000

Investments

6

6

6

 

21,190,006

19,200,006

Current assets

 

Debtors

7

989,026

281,897

Cash at bank and in hand

 

656,359

358,849

 

1,645,385

640,746

Creditors: Amounts falling due within one year

8

(10,152,529)

(2,938,525)

Net current liabilities

 

(8,507,144)

(2,297,779)

Total assets less current liabilities

 

12,682,862

16,902,227

Creditors: Amounts falling due after more than one year

8

(11,342,500)

(17,257,000)

Net assets/(liabilities)

 

1,340,362

(354,773)

Capital and reserves

 

Called up share capital

8,453,359

8,453,359

Retained earnings

(7,112,997)

(8,808,132)

Shareholders' funds/(deficit)

 

1,340,362

(354,773)

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 Board on 9 September 2024 and signed on its behalf by:
 

.........................................

S Lomovtseva

Director

Company registration number: 13527577

 

RTP RE Aylesford Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

The principal activity of the company is that of property investment.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 September 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

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 for the year to 31 December 2023 and had net assets of £1,340,362 but net current liabilities of £8,507,144 at that date. At 31 December 2023 an amount of £9,793,110 was due to group undertakings who have confirmed they will not call for repayment until such 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 Aylesford 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 the 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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 or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

RTP RE Aylesford Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

5

Investment properties

Fair value

2023
£

At 1 January 2023

19,200,000

Fair value adjustments

1,990,000

At 31 December 2023

21,190,000

The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £21,190,000.

 

RTP RE Aylesford Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in associates

6

6

Associates

£

Cost or valuation

At 1 January 2023

6

At 31 December 2023

6

Carrying amount

At 31 December 2023

6

At 31 December 2022

6

7

Debtors

2023
£

2022
£

Amounts owed by group undertakings

882,434

140,000

Other debtors

106,592

141,897

989,026

281,897

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

17,725

43,910

Amounts owed to group undertakings

9,793,110

2,522,851

Taxation and social security

45,133

94,199

Other creditors

296,561

277,565

10,152,529

2,938,525

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

11,342,500

17,257,000

 

RTP RE Aylesford Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loan

11,342,500

17,257,000

The bank loan is secured by a fixed charge over the company's investment property shown in note 5.

10

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.