RTP RE Victoria Road Limited 12924740 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 12924740 2023-01-01 2023-12-31 12924740 2023-12-31 12924740 core:CurrentFinancialInstruments 2023-12-31 12924740 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12924740 core:Non-currentFinancialInstruments 2023-12-31 12924740 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12924740 bus:SmallEntities 2023-01-01 2023-12-31 12924740 bus:Audited 2023-01-01 2023-12-31 12924740 bus:FilletedAccounts 2023-01-01 2023-12-31 12924740 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12924740 bus:RegisteredOffice 2023-01-01 2023-12-31 12924740 bus:Director1 2023-01-01 2023-12-31 12924740 bus:Director2 2023-01-01 2023-12-31 12924740 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12924740 countries:EnglandWales 2023-01-01 2023-12-31 12924740 2022-12-31 12924740 2022-01-01 2022-12-31 12924740 2022-12-31 12924740 core:CurrentFinancialInstruments 2022-12-31 12924740 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12924740 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 12924740 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12924740 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-12-31 12924740 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2022-12-31 12924740 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12924740

RTP RE Victoria Road Limited

Financial Statements

for the Year Ended 31 December 2023

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

 

RTP RE Victoria Road Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

RTP RE Victoria Road Limited

Company Information

Directors

S Lomovtseva

M Krayukhina

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Auditor

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

 

RTP RE Victoria Road Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

17,950,000

17,950,000

Current assets

 

Debtors

6

979,276

1,020,223

Cash at bank and in hand

 

791,531

751,523

 

1,770,807

1,771,746

Creditors: Amounts falling due within one year

7

(8,004,151)

(8,044,075)

Net current liabilities

 

(6,233,344)

(6,272,329)

Total assets less current liabilities

 

11,716,656

11,677,671

Creditors: Amounts falling due after more than one year

7

(10,800,000)

(10,800,000)

Net assets

 

916,656

877,671

Capital and reserves

 

Called up share capital

3,676,060

3,676,060

Retained earnings

(2,759,404)

(2,798,389)

Shareholders' funds

 

916,656

877,671

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: 12924740

 

RTP RE Victoria Road 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 had net assets at 31 December 2023 of £916,656 but net current liabilities of £6,233,344. At that date an amount of £7,508,246 was due to group undertakings who have confirmed 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 2026 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 operation for the foreseeable future. Accordingly the directors will adopt the going concern basis in preparing the financial statements.

 

RTP RE Victoria Road 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 value added tax and discounts.

The company recognises rental income evenly over the period of the leases.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

RTP RE Victoria Road Limited

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

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

2023
£

Fair value

At 1 January 2023

17,950,000

At 31 December 2023

17,950,000

The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £17,950,000.

6

Debtors

2023
£

2022
£

Other debtors

979,276

1,020,223

979,276

1,020,223

 

RTP RE Victoria Road Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

5,202

150,822

Amounts owed to group undertakings

7,508,246

7,339,171

Taxation and social security

47,737

-

Other creditors

442,966

554,082

8,004,151

8,044,075

Included in other creditors is an amount of £231,343 (2022: £285,703) in respect of rental deposits which are secured over an escrow bank account of the same amount included within cash at bank.
 

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

10,800,000

10,800,000

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loans

10,800,000

10,800,000

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

9

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.