Company registration number 08269462 (England and Wales)
RGD INVESTMENTS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RGD INVESTMENTS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RGD INVESTMENTS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
564
752
Investment property
4
11,242,698
10,237,451
11,243,262
10,238,203
Current assets
Debtors
5
51,072
29,371
Cash at bank and in hand
92,582
218,588
143,654
247,959
Creditors: amounts falling due within one year
6
(772,260)
(601,783)
Net current liabilities
(628,606)
(353,824)
Total assets less current liabilities
10,614,656
9,884,379
Creditors: amounts falling due after more than one year
7
(6,229,984)
(5,778,507)
Net assets
4,384,672
4,105,872
Capital and reserves
Called up share capital
8
100
100
Other reserves
3,257,405
3,257,405
Profit and loss reserves
9
1,127,167
848,367
Total equity
4,384,672
4,105,872
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr Rashmikant Devani
Director
Company registration number 08269462 (England and Wales)
RGD INVESTMENTS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
100
3,257,405
633,346
3,890,851
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
215,021
215,021
Balance at 31 December 2022
100
3,257,405
848,367
4,105,872
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
278,800
278,800
Balance at 31 December 2023
100
3,257,405
1,127,167
4,384,672
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
RGD Investments (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Chase Road, Park Royal, London, NW10 6QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% Reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,003
Depreciation and impairment
At 1 January 2023
251
Depreciation charged in the year
188
At 31 December 2023
439
Carrying amount
At 31 December 2023
564
At 31 December 2022
752
4
Investment property
2023
£
Fair value
At 1 January 2023
10,237,451
Additions
1,005,247
At 31 December 2023
11,242,698
In the opinion of the directors, the market value of the investment property is not materially different to that stated at the balance sheet date.
The investment properties, valued at £4,660,154 (2022:£4,660,154) continue to serve as security for the loan facility provided by Investec bank plc.The terms of the loan include a fixed charge over these properties, restricting the company from selling or otherwise disposing of these assets without the lender’s consent.
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,368
11,907
Other debtors
6,704
17,464
51,072
29,371
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
240,000
205,000
Trade creditors
4,293
3,996
Corporation tax
86,319
50,261
Other taxation and social security
20,805
19,566
Other creditors
420,843
322,960
772,260
601,783
Included in other creditors are amounts payable to JAT Glass Holdings Limited. Commercial rate of interest is charged on the loans with repayments made monthly. The loans are unsecured.
The bank loan is interest only and secured by legal charge over the properties and personal guarantees of two directors.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,132,500
2,372,500
Other creditors
4,097,484
3,406,007
6,229,984
5,778,507
Included in other creditors are amounts payable to JAT Glass Holdings Limited. Commercial rate of interest is charged on the loans with repayments made monthly. The loans are unsecured.
The bank loan is interest only and secured by legal charge over the properties and personal guarantees of two directors.
RGD INVESTMENTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
52 Ordinary A shares of £1 each
52
52
48 Ordinary B shares of £1 each
48
48
100
100
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
848,367
633,346
Profit for the year
278,800
215,021
At the end of the year
1,127,167
848,367
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
Date of audit report:
26 September 2024
11
Related party transactions
At the balance sheet date, the company had a balance payable to JAT Glass Limited of £1,445 (2022: £Nil). The companies are related by virtue of common directors.
At the balance sheet date, the company had a balance payable to JAT Glass Holdings Limited of £4,278,674 (2022: £3,540,366 ). The companies are related by virtue of common directors.
12
Parent company
The Devani family controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.
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