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REGISTERED NUMBER: 05130025 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RESIDENTIAL PROPERTIES FUNDS LIMITED

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


RESIDENTIAL PROPERTIES FUNDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr. R M Pindoria
Mr R B Kerai





SECRETARY: Mr R B Kerai





REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH





REGISTERED NUMBER: 05130025 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RESIDENTIAL PROPERTIES FUNDS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Residential Properties Funds Limited for the year ended 31 March 2024 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Residential Properties Funds Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residential Properties Funds Limited and state those matters that we have agreed to state to the Board of Directors of Residential Properties Funds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Residential Properties Funds Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Residential Properties Funds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Residential Properties Funds Limited. You consider that Residential Properties Funds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Residential Properties Funds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


6 November 2024

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 23,853 70,884
Investment property 5 7,103,000 7,103,000
7,126,853 7,173,884

CURRENT ASSETS
Debtors 6 506,224 474,970
Cash at bank 23,211 24,333
529,435 499,303
CREDITORS
Amounts falling due within one year 7 627,757 672,049
NET CURRENT LIABILITIES (98,322 ) (172,746 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,028,531

7,001,138

CREDITORS
Amounts falling due after more than one year 8 (3,689,087 ) (3,841,001 )

PROVISIONS FOR LIABILITIES (542,262 ) (525,944 )
NET ASSETS 2,797,182 2,634,193

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 11 2,435,692 -
Retained earnings 11 351,490 2,624,193
SHAREHOLDERS' FUNDS 2,797,182 2,634,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mr R B Kerai - Director


RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

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


1. STATUTORY INFORMATION

Residential Properties Funds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rental income receivable. Turnover is recognised when the company has a right to consideration.

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investments
Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognised in the Statement of Comprehensive Income.

Interest receivable and Interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

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


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Cost/valuation b/f 70,884 68,335
Disposals (42,275 ) -
Revaluations (4,756 ) 2,549
23,853 70,884

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 7,103,000
NET BOOK VALUE
At 31 March 2024 7,103,000
At 31 March 2023 7,103,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2015 370,000
Valuation in 2016 387,720
Valuation in 2017 84,410
Valuation in 2018 (520,000 )
Valuation in 2019 160,717
Valuation in 2021 500,037
Valuation in 2022 421,975
Cost 5,698,141
7,103,000

In the opinion of the directors the fair value of the investment properties as at 31 March 2024 not significantly different to that stated above.

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by related parties 506,224 474,970

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) - 10,648
Amounts owed to related parties 580,000 645,000
Tax 40,709 -
Accrued expenses 7,048 16,401
627,757 672,049

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 2,739,087 2,861,418
Other loans (see note 9) 950,000 950,000
Tax - 29,583
3,689,087 3,841,001

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,739,087 2,839,732

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans < 1 year - 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years - 10,648

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

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


9. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 11,038
Other loans 950,000 950,000
950,000 961,038

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,739,087 2,839,732

The company had an agreement with National Westminster Bank plc related to bounce bank loan of £50,000. The loan term is 5 years. The interest rate is fixed at 2.5 per cent per annum. The loan is 100% guaranteed by HM Government and 12 months of interest paid by HM Government.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,739,087 2,839,732

The bank loans are secured by a legal charge over the investment properties and by personal guarantee of the directors. The loans are interest only, fully repayable between 17 to 24 years period and the rates of interest charged are between 0.95% and 4.20% above the bank base rate.

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 2,624,193 - 2,624,193
Profit for the year 162,989 - 162,989
Fair value adjustment (2,435,692 ) 2,435,692 -
At 31 March 2024 351,490 2,435,692 2,787,182

Retained earnings is made of undistributable profit and loss reserves of £2,434,083 (2023: £2,450,401).

RESIDENTIAL PROPERTIES FUNDS LIMITED (REGISTERED NUMBER: 05130025)

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


12. RELATED PARTY DISCLOSURES

Included in creditors due within one year are the following amounts owed to companies in which Mr R B Kerai has a beneficial interest.

2024 2023
£ £

Regal Asset Managers Limited 30,000 (95,000 )
Regal Asset Managers Limited (Thailand) 476,224 474,970
Kerai Property Investments Limited (580,000 ) (530,000 )
Jay. K. Investments Ltd 0 (20,000 )

Total (73,776 ) (805,030 )

The amounts due to Regal Asset Managers Limited and Kerai Property Investments Limited are unsecured and with no specific terms for repayment and the rate of interest charged is 5% per annum payable on a quarterly basis.