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Company registration number: 07029985
R2R INVESTMENTS LTD
Unaudited filleted financial statements
30 September 2024
R2R INVESTMENTS LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
R2R INVESTMENTS LTD
Directors and other information
Directors Dr Rakesh Patel
Mrs Bhaviniben Patel
Company number 07029985
Registered office The Laurels, Woodside
Aspley Guise
Milton Keynes
MK17 8EB
R2R INVESTMENTS LTD
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 817,198 817,198
_______ _______
817,198 817,198
Current assets
Debtors 5 5,791 5,560
Cash at bank and in hand 65,308 41,828
_______ _______
71,099 47,388
Creditors: amounts falling due
within one year 6 ( 8,743) ( 7,098)
_______ _______
Net current assets 62,356 40,290
_______ _______
Total assets less current liabilities 879,554 857,488
Creditors: amounts falling due
after more than one year 7 ( 787,946) ( 787,946)
_______ _______
Net assets 91,608 69,542
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 91,508 69,442
_______ _______
Shareholders funds 91,608 69,542
_______ _______
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Dr Rakesh Patel
Director
Company registration number: 07029985
R2R INVESTMENTS LTD
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Laurels, Woodside, Aspley Guise, Milton Keynes, MK17 8EB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment property - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment property Total
£ £
Cost
At 1 October 2023 and 30 September 2024 817,198 817,198
_______ _______
Depreciation
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 817,198 817,198
_______ _______
At 30 September 2023 817,198 817,198
_______ _______
Investment property comprises of rental properties. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by Local Estate Agents, who are not connected with the company. 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
£ £
Other debtors 5,791 5,560
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 40 34
Corporation tax 5,176 4,927
Other creditors 3,527 2,137
_______ _______
8,743 7,098
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 787,946 787,946
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Dr Rakesh Patel ( 787,946) - ( 787,946)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Dr Rakesh Patel ( 837,946) 50,000 ( 787,946)
_______ _______ _______
9. Related party transactions
At the balance sheet date, company owed an amount of £787,946 (2023: 787,946) to the directors. The outstanding loan is presented within creditors: amounts falling due after more than one year.