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Registration number: 12644007

RTP RE Chapter House Limited

Financial Statements

for the Year Ended 31 December 2023

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

 

RTP RE Chapter House Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

RTP RE Chapter House 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 Chapter House Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

27,000,000

37,475,000

Current assets

 

Debtors

6

951,985

915,141

Cash at bank and in hand

 

2,068,626

1,321,628

 

3,020,611

2,236,769

Creditors: Amounts falling due within one year

7

(13,499,446)

(9,931,392)

Net current liabilities

 

(10,478,835)

(7,694,623)

Total assets less current liabilities

 

16,521,165

29,780,377

Creditors: Amounts falling due after more than one year

7

(23,289,500)

(26,000,000)

Net (liabilities)/assets

 

(6,768,335)

3,780,377

Capital and reserves

 

Called up share capital

13,565,501

13,565,501

Retained earnings

(20,333,836)

(9,785,124)

Shareholders' (deficit)/funds

 

(6,768,335)

3,780,377

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: 12644007

 

RTP RE Chapter House 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 liabilities at 31 December 2023 of £6,768,335 and net current liabilities of £10,478,835. At that date an amount of £11,886,698 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 further significant effect and no further reductions in the fair value of the company's investment property is anticipated. 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 Chapter House Limited

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

Revenue recognition

Turnover comprises the fair value of 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 leases.

Tax

The tax expense for the period comprises current 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.

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 Chapter House 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

37,475,000

Fair value adjustments

(10,475,000)

At 31 December 2023

27,000,000

The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £27,000,000.

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

771,252

750,000

Other debtors

180,733

165,141

951,985

915,141

 

RTP RE Chapter House 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

228,599

44,512

Amounts owed to group undertakings

11,886,698

8,759,945

Taxation and social security

372,801

116,045

Other creditors

1,011,348

1,010,890

13,499,446

9,931,392

Included in other creditors is an amount of £582,587 (2022: £565,910) 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

23,289,500

26,000,000

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loan

23,289,500

26,000,000

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.