RTP RE York Limited 13619816 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 true 13619816 2023-01-01 2023-12-31 13619816 2023-12-31 13619816 core:CurrentFinancialInstruments 2023-12-31 13619816 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13619816 bus:SmallEntities 2023-01-01 2023-12-31 13619816 bus:Audited 2023-01-01 2023-12-31 13619816 bus:FilletedAccounts 2023-01-01 2023-12-31 13619816 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13619816 bus:RegisteredOffice 2023-01-01 2023-12-31 13619816 bus:Director1 2023-01-01 2023-12-31 13619816 bus:Director2 2023-01-01 2023-12-31 13619816 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13619816 countries:EnglandWales 2023-01-01 2023-12-31 13619816 2022-12-31 13619816 2021-09-14 2022-12-31 13619816 2022-12-31 13619816 core:CurrentFinancialInstruments 2022-12-31 13619816 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13619816

RTP RE York Limited

Financial Statements

for the Year Ended 31 December 2023

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

 

RTP RE York Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 5

 

RTP RE York 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 York Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

12,500,000

12,350,000

Current assets

 

Debtors

6

2,782,189

3,556,150

Cash at bank and in hand

 

420,075

661,005

 

3,202,264

4,217,155

Creditors: Amounts falling due within one year

7

(17,427,701)

(18,796,782)

Net current liabilities

 

(14,225,437)

(14,579,627)

Net liabilities

 

(1,725,437)

(2,229,627)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(1,725,438)

(2,229,628)

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

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

S Lomovtseva

Director

Company registration number: 13619816

 

RTP RE York 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 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

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.

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.

4

Staff numbers

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

 

RTP RE York Limited

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

5

Investment properties

2023
£

Fair value

At 1 January 2023

12,350,000

Additions

136,004

Fair value adjustments

13,996

At 31 December 2023

12,500,000

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.

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

2,330,571

94,768

Other debtors

451,618

3,461,382

2,782,189

3,556,150

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

9,584

54,084

Amounts owed to group undertakings

17,224,442

18,569,442

Taxation and social security

33,085

-

Other creditors

160,590

173,256

17,427,701

18,796,782

8

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.