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Registered number: 01462205









ROYLETEST LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ROYLETEST LIMITED
REGISTERED NUMBER: 01462205

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
8,675,000
6,425,000

  
8,675,000
6,425,000

Current assets
  

Debtors: amounts falling due within one year
 6 
3,136,450
4,908,235

Cash at bank and in hand
  
327,202
557,046

  
3,463,652
5,465,281

Creditors: amounts falling due within one year
 7 
(506,006)
(702,471)

Net current assets
  
 
 
2,957,646
 
 
4,762,810

Total assets less current liabilities
  
11,632,646
11,187,810

Provisions for liabilities
  

Deferred tax
 8 
(341,010)
(313,821)

  
 
 
(341,010)
 
 
(313,821)

Net assets
  
11,291,636
10,873,989


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
 10 
11,290,636
10,872,989

  
11,291,636
10,873,989


Page 1

 
ROYLETEST LIMITED
REGISTERED NUMBER: 01462205

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R. S Testler
Director

Date: 21 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The company's registered number is 01462205. The company's registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 3BT. The company's trading address is 64 Highgate High Street, London, N6 5HX. This company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents rental income and service charges receivable during the year from investment properties.
Rental income and service charges from investment properties is accrued on a time apportioned basis under the term of the lease.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

Interest income is recognised in Statement of Income and Retained Earnings based on the transaction price.

Page 3

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.11

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Key accounting estimates

Included within the accounts is a significant accounting estimate in respect of the value of the Investment Properties. These properties have been externally valued by Knight Frank LLP. 
The properties have been valued using common industry methods of valuation for commercial property. The process uses transactional evidence of similar investment properties that have been recently sold, or are being marketed for sale, and fully reflect the current attitude of property investors, for assets of this nature. Each asset has been individually valued to take account of its use, location, quality of occupier, lease length and passing rent. These factors impact on the yield percentage used to calculate the value of the property.
The valuations provided are at arm's length and undertaken by a recognised commercial property valuer. Accordingly, the directors believe the assessments to be accurate and market facing. They have been calculated to fully reflect the investment market, at 31 March 2024, and the aggregate valuation of the properties included within the accounts is £8,675,000 (2023 - £6,425,000). 


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).

Page 5

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
6,425,000


Additions at cost
2,141,241


Surplus on revaluation
108,759



At 31 March 2024
8,675,000

The 2024 valuations were made by Knight Frank LLP, on an open market value for existing use basis.

The surplus on revaluation of £108,759 (deficit 2023 - £550,000) has been included within the Statement of Income and Retained Earnings.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
6,529,621
4,388,380

6,529,621
4,388,380


6.


Debtors

As restated
2024
2023
£
£


Trade debtors
108,564
123,801

Other debtors
3,000,000
4,750,000

Prepayments and accrued income
27,886
34,434

3,136,450
4,908,235


Page 6

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,024
5,221

Corporation tax
120,750
39,703

Other taxation and social security
5,137
36,599

Other creditors
255,028
489,656

Accruals and deferred income
118,067
131,292

506,006
702,471



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(313,821)
(451,321)


Charged to profit or loss
(27,189)
137,500



At end of year
(341,010)
(313,821)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of assets
(341,010)
(313,821)

(341,010)
(313,821)

Page 7

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable and non-distributable reserves as at the balance sheet date.


11.


Prior year adjustment

A prior year adjustment has been made to correct omitted accrued interest income. The adjustment has resulted in an increase in accrued income and interest receivable of £34,434.
A prior year adjustment has been made to reclassify a deposit account which cannot be accessed within three months of the date of deposit. The adjustment has resulted in a reduction in the cash balance of £4,750,000 and an increase in other debtors of the same amount.


12.


Related party transactions

During the year the company incurred expenses of £55,000 (2023 - £55,000) in companies in which the
directors held a material interest.
During the year the company operated a loan account with a related company. During the year the company repaid a loan of £79,239. The amount due to the related party at year end amounted to £Nil (2023 - £79,239)
Expenditure was recharged from a company under common control during the year totalling £10,754 (2023 - £7,371). The amount due to the company at the year end was £10,754 (2023 - £7,371).
During the year the Company operated a loan account with the directors. The amount due to the directors at the year end and within other creditors is £28,000 (2023 - £403,046). This is repayable on demand and no interest has been charged. 
During the year the Company operated a loan account with a shareholder, who was represented under a lasting power of attorney. The amount due to the shareholder at the year end and within other creditors is £216,274 (2023 - £373,046). This is repayable on demand and no interest has been charged. 


13.


Post balance sheet events

Subsequent to the year end, an investment property was purchased which amounted to £2,912,155, including acquisition costs.

Page 8

 
ROYLETEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 21 October 2024 by Mark Roach (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9