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COMPANY REGISTRATION NUMBER: 04106754
Regis 2000 Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Regis 2000 Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investment properties
6
16,035,000
16,035,000
Investments
7
1,260,078
1,196,589
-------------
-------------
17,295,078
17,231,589
Current assets
Debtors
8
78,660
3,675
Cash at bank and in hand
223,363
476,212
---------
---------
302,023
479,887
Creditors: amounts falling due within one year
9
7,186,142
10,149,011
------------
-------------
Net current liabilities
6,884,119
9,669,124
-------------
-------------
Total assets less current liabilities
10,410,959
7,562,465
Creditors: amounts falling due after more than one year
10
2,315,750
Provisions
Taxation including deferred tax
340,373
324,411
-------------
------------
Net assets
7,754,836
7,238,054
-------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
945,059
897,441
Profit and loss account
6,808,777
6,339,613
------------
------------
Shareholder funds
7,754,836
7,238,054
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Regis 2000 Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr J.S. Kaye
Director
Company registration number: 04106754
Regis 2000 Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
Regis 2000 Limited is a private company limited by shares, registered in England and Wales under registration number 04106754 . The address of the registered office is 28 Watersfield Way, Edgware, Middlesex HA8 6RZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Deferred tax
Deferred tax is provided in respect of all timing differences that have originated but not reversed by the balance sheet date and is calculated at the rate at which it is estimated that tax will be payable.
Investment properties
Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. The fair value is determined annually by the director, on an open market value for existing use basis.
Investments in associates
Investment in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive statement of income. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Financial instruments
The Company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
4. Employees
The average number of persons employed by the company during the year, including the director, amounted to:
2023
2022
No.
No.
Management staff
1
1
----
----
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
144,568
115,562
Deferred tax:
Origination and reversal of timing differences
15,962
105,710
---------
---------
Tax on profit
160,530
221,272
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
677,312
754,807
---------
---------
Profit on ordinary activities by rate of tax
144,568
115,562
Effect of capital allowances and depreciation
89
6,147
Effect of revenue exempt from tax
15,873
99,563
---------
---------
Tax on profit
160,530
221,272
---------
---------
6. Investment properties
Freehold Investment Properties
£
Cost or valuation
At 1st January 2023 and 31st December 2023
16,035,000
-------------
Carrying amount
At 31st December 2023
16,035,000
-------------
At 31st December 2022
16,035,000
-------------
The investment properties were valued by the director at the year end on an open market value for existing use basis.
7. Investments
Shares in participating interests
£
Cost or valuation
At 1st January 2023
1,196,589
Revaluation
63,489
------------
At 31st December 2023
1,260,078
------------
Impairment
At 1st January 2023 and 31st December 2023
------------
Carrying amount
At 31st December 2023
1,260,078
------------
At 31st December 2022
1,196,589
------------
The company holds more than 20% of the share capital in ECH Properties Limited a company incorporated in England and Wales.
8. Debtors
2023
2022
£
£
Trade debtors
78,660
2,160
Prepayments and accrued income
1,515
--------
-------
78,660
3,675
--------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
63,000
2,944,375
Trade creditors
1,757
1,759
Corporation tax
144,568
115,562
Social security and other taxes
36,558
38,765
Accruals and deferred income
190,892
191,739
Other creditors
6,749,367
6,856,811
------------
-------------
7,186,142
10,149,011
------------
-------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,315,750
------------
----
The bank loans, which are secured on freehold properties, are repayable in instalments as follows:
Repayable within 2-5 years
2,252,750
-
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
340,373
324,411
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
25,353
25,264
Fair value adjustment of investment
315,020
299,147
---------
---------
340,373
324,411
---------
---------
12. Fair value reserve
Fair value reserve represents the unrealised surplus on the revaluation of the investment in associate company less the related potential tax liability. The reserves are undistibutable until a surplus is realised from the sale of the investment.
13. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Investments
1,260,080
1,196,589
------------
------------
14. Related party transactions
Included in other creditors is an amount of £6,711,867 (2022: £6,781,867) owed to the director of the company. The amount is unsecured and interest free.