Company Registration No. 11684928 (England and Wales)
RUYI REAL ESTATE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
RUYI REAL ESTATE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RUYI REAL ESTATE MANAGEMENT LIMITED
Company Registration No. 11684928
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
76,356
22,316
Investment properties
4
11,675,444
7,579,199
11,751,800
7,601,515
Current assets
Debtors
5
95,181
20,866
Cash at bank and in hand
678,428
409,032
773,609
429,898
Creditors: amounts falling due within one year
6
(9,533,532)
(4,530,864)
Net current liabilities
(8,759,923)
(4,100,966)
Total assets less current liabilities
2,991,877
3,500,549
Creditors: amounts falling due after more than one year
7
(4,250,419)
(4,275,369)
Net liabilities
(1,258,542)
(774,820)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(1,258,543)
(774,821)
Total equity
(1,258,542)
(774,820)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RUYI REAL ESTATE MANAGEMENT LIMITED
Company Registration No. 11684928
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 October 2024
Y Zhang
Director
RUYI REAL ESTATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Ruyi Real Estate Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spaces Causeway House, 13 The Causeway, Teddington, TW11 0JR.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year, the company made a net loss of £483,722 and has net liabilities of £1,258,542 at the balance sheet date which is mainly owed to connected companies. trueAt the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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:
Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Computers
25% Straight Line
1.5
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.
1.6
Cash at bank and in hand
Cash at bank and in hand 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.
RUYI REAL ESTATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
3
RUYI REAL ESTATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
31,414
Additions
71,126
At 31 March 2024
102,540
Depreciation and impairment
At 1 April 2023
9,098
Depreciation charged in the year
17,086
At 31 March 2024
26,184
Carrying amount
At 31 March 2024
76,356
At 31 March 2023
22,316
4
Investment property
2024
£
Fair value
At 1 April 2023
7,579,199
Additions
4,205,800
Revaluations
(109,555)
At 31 March 2024
11,675,444
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Y Zhang, the director as at the 31 March 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,329
Other debtors
62,852
20,866
95,181
20,866
RUYI REAL ESTATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,620
1,736
Other creditors
9,523,912
4,529,128
9,533,532
4,530,864
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,975,000
2,975,000
Other creditors
1,275,419
1,300,369
4,250,419
4,275,369
Included in creditors due after more than one year is a bank loan of £2,975,000 (2023 - £2,975,000).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.01 each of 0p each
1
1
1
1
10
Related party transactions
At the balance sheet date, the company owed £111,961 (2023 - £41,961) to the director, Y Zhang. This loan is interest free and repayable on demand.
At the balance sheet date, the company owed £7,812,470 (2023 - £2,920,370) to Ruyi Investment Limited, a connected company.
At the balance sheet date, the company owed £1,562,000 (2023 - £1,562,000) to K&P Estate Development Limited, a connected company.
At the balance sheet date, the company was owed £559 (2023 - £0) by Sterne Limited, a connected company.