Registered number
02048391
REFROSE PROPERTIES LIMITED
Filleted Accounts
31 March 2023
REFROSE PROPERTIES LIMITED
Registered number: 02048391
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 20,463,000 14,091,489
Current assets
Debtors 4 517,481 495,137
Cash at bank and in hand 547,002 619,071
1,064,483 1,114,208
Creditors: amounts falling due within one year 5 (4,100,603) (2,292,894)
Net current liabilities (3,036,120) (1,178,686)
Total assets less current liabilities 17,426,880 12,912,803
Creditors: amounts falling due after more than one year 6 (2,132,053) (2,423,012)
Net assets 15,294,827 10,489,791
Capital and reserves
Called up share capital 27,000 27,000
Revaluation reserve 8 4,419,073 -
Profit and loss account 10,848,754 10,462,791
Shareholders' funds 15,294,827 10,489,791
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs D Savvides
Director
Approved by the board on 17 October 2024
REFROSE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment 25% reducing balance
Investment properties
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 April 2022 14,091,489 66,965 14,158,454
Additions 115,000 - 115,000
Surplus on revaluation 6,256,511 - 6,256,511
At 31 March 2023 20,463,000 66,965 20,529,965
Depreciation
At 1 April 2022 - 66,965 66,965
At 31 March 2023 - 66,965 66,965
Net book value
At 31 March 2023 20,463,000 - 20,463,000
At 31 March 2022 14,091,489 - 14,091,489
Freehold land and buildings: 2023 2022
£ £
Historical cost 5,778,573 5,663,573
Cumulative depreciation based on historical cost - -
5,778,573 5,663,573
4 Debtors 2023 2022
£ £
Trade debtors 57,225 46,881
Amounts owed by group undertakings and undertakings in which the company has a participating interest 460,256 448,256
517,481 495,137
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 207,000 207,000
Trade creditors 25,435 121,185
Amounts owed to group undertakings and undertakings in which the company has a participating interest 476,400 476,400
Corporation tax 131,158 115,623
Deferred Tax 2,486,547 649,109
Other taxes and social security costs 532 2,088
Other creditors 773,531 721,489
4,100,603 2,292,894
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,132,053 2,423,012
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,595,012 1,595,012
Secured bank loans 2,339,053 2,630,012
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.
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 6,256,511 -
Revaluation reserve - Deferred taxation arising on the revaluation of land and buildings (1,837,438) -
At 31 March 2023 4,419,073 -
9 Related party transactions
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.
Cascades Freehold Ltd 2023 2022
It is an associate company by the virtue of a common shareholding of the directors. £ £
Total amount due (to)/ from the related party (476,400) (476,400)
Kingdom Personnel (UK) Ltd
It is an associate company by the virtue of a common shareholding of the director Mr A Savvides.
Amount due from the related party 20,858 20,858
Wilnash Care Ltd
It is an associate company by the virtue of a common shareholding of the director Mr A Savvides.
Total amount due from the related party 37,100 37,100
Stallion Estates Ltd
It is an associate company by the virtue of a common shareholding of the director Mr A Savvides.
During the year some expenses were paid by Refrose Properties Ltd
Amount due (to) / from the related party 402,298 390,298
10 Controlling party
Directors of the company, control the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued ordinary share capital.
11 Other information
REFROSE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2B The Avenue
Potters Bar
Hertfordshire
EN6 1EB
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