REGISTERED NUMBER: |
RRPI (UK) Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
RRPI (UK) Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
RRPI (UK) Ltd (Registered number: 09076383) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RRPI (UK) Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
RRPI (UK) Ltd (Registered number: 09076383) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
RRPI (UK) Ltd (Registered number: 09076383) |
Balance Sheet - continued |
31 December 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RRPI (UK) Ltd (Registered number: 09076383) |
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: |
7 Lynwood Court |
Priestlands Place |
Lymington |
Hampshire |
SO41 9GA |
The principal place of business is: |
Solent Group |
The Pump House |
16 Queens Avenue |
Christchurch |
Dorset |
BH23 1BZ |
2. | 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. |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARATION |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
The company's functional and presentational currency is pound sterling. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES |
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 financial statements have been prepared on a going concern basis based upon the support from its parent undertakings. |
REVENUE RECOGNITION |
Turnover represents amounts chargeable in respect of rents receivable, which are recognised in the accounts in the period in which they are due. |
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. |
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. |
Fair value gains and losses along with the associated deferred tax are transferred to a separate revaluation reserve as shown in the statement of changes in equity. |
RRPI (UK) Ltd (Registered number: 09076383) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
TAX |
Current tax is recognised in profit or loss, except that a change 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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 rents receivable 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. |
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 Profit and Loss Account 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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RRPI (UK) Ltd (Registered number: 09076383) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The valuations have been performed by the Directors. The Investment Properties have a current value of £7,669,507 (2022 - £ 7,669,507) and a carrying amount at historical cost of £7,162,318 (2022 - 7,162,318). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related parties |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Corporation tax liability |
Amounts owed to related parties | 4,165,258 | 3,976,262 |
Directors' current accounts | 951,431 | 931,917 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans and borrowings (see note 9) |
9. | LOANS AND BORROWINGS |
An analysis of the maturity of loans and borrowings is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
RRPI (UK) Ltd (Registered number: 09076383) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | LOANS AND BORROWINGS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between one and two years: |
Bank borrowings |
Bank borrowings |
The bank borrowings is secured against the personal assets of the shareholder of the company. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | PARENT AND ULTIMATE PARENT UNDERTAKING |
The company is controlled by PP Commercial Enterprises Limited who is an 80% shareholder of the company. PP Commercial Enterprises Limited is controlled by it's Directors RM Porter and J C Porter. |