REFROSE PROPERTIES LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Investment properties |
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Details of Freehold investment properties are set out in note 3 to the financial statements under tangible fixed assets. Freehold investment properties are stated at valuation which, in the opinion of the Directors, represents a fair open market value. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Fixtures, fittings, tools and equipment |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
14,091,489 |
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66,965 |
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14,158,454 |
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Additions |
115,000 |
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- |
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115,000 |
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Surplus on revaluation |
6,256,511 |
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- |
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6,256,511 |
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At 31 March 2023 |
20,463,000 |
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66,965 |
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20,529,965 |
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Depreciation |
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At 1 April 2022 |
- |
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66,965 |
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66,965 |
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At 31 March 2023 |
- |
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66,965 |
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66,965 |
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Net book value |
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At 31 March 2023 |
20,463,000 |
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- |
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20,463,000 |
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At 31 March 2022 |
14,091,489 |
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- |
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14,091,489 |
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Freehold land and buildings: |
2023 |
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2022 |
£ |
£ |
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Historical cost |
5,778,573 |
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5,663,573 |
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Cumulative depreciation based on historical cost |
- |
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- |
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5,778,573 |
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5,663,573 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
57,225 |
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46,881 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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460,256 |
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448,256 |
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517,481 |
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495,137 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
207,000 |
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207,000 |
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Trade creditors |
25,435 |
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121,185 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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476,400 |
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476,400 |
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Corporation tax |
131,158 |
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115,623 |
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Deferred Tax |
2,486,547 |
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649,109 |
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Other taxes and social security costs |
532 |
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2,088 |
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Other creditors |
773,531 |
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721,489 |
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4,100,603 |
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2,292,894 |
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6 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
2,132,053 |
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2,423,012 |
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7 |
Loans |
2023 |
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2022 |
£ |
£ |
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Creditors include: |
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Instalments falling due for payment after more than five years |
1,595,012 |
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1,595,012 |
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Secured bank loans |
2,339,053 |
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2,630,012 |
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The Bank overdraft facilities and the loans are secured by, personal guarantee from directors and first legal charge over the properties owned by the company. |
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8 |
Revaluation reserve |
2023 |
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2022 |
£ |
£ |
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Gain on revaluation of land and buildings |
6,256,511 |
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- |
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Revaluation reserve - Deferred taxation arising on the revaluation of land and buildings |
(1,837,438) |
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- |
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At 31 March 2023 |
4,419,073 |
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- |
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9 |
Related party transactions |
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During the period, the Company paid rents amounting to £15,840, £12,100 and £78,100 to Mrs S. Panteli, Mrs M. Savva and Mrs D & Mr A. Savvides respectively in respect of properties owned by them but managed by the Company. |
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Cascades Freehold Ltd |
2023 |
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2022 |
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It is an associate company by the virtue of a common shareholding of the directors. |
£ |
£ |
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Total amount due (to)/ from the related party |
(476,400) |
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(476,400) |
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Kingdom Personnel (UK) Ltd |
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It is an associate company by the virtue of a common shareholding of the director Mr A Savvides. |
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Amount due from the related party |
20,858 |
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20,858 |
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Wilnash Care Ltd |
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It is an associate company by the virtue of a common shareholding of the director Mr A Savvides. |
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Total amount due from the related party |
37,100 |
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37,100 |
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Stallion Estates Ltd |
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It is an associate company by the virtue of a common shareholding of the director Mr A Savvides. |
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During the year some expenses were paid by Refrose Properties Ltd |
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Amount due (to) / from the related party |
402,298 |
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390,298 |
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10 |
Controlling party |
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Directors of the company, control the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued ordinary share capital. |
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11 |
Other information |
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REFROSE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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2B The Avenue |
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Potters Bar |
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Hertfordshire |
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EN6 1EB |