REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
R ESTATES (2010) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
R ESTATES (2010) LIMITED |
R ESTATES (2010) LIMITED (REGISTERED NUMBER: 07457608) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
R ESTATES (2010) LIMITED |
COMPANY INFORMATION |
for the Year Ended 29 February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
36a Station Road |
New Milton |
Hampshire |
BH25 6JX |
R ESTATES (2010) LIMITED (REGISTERED NUMBER: 07457608) |
BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
R ESTATES (2010) LIMITED (REGISTERED NUMBER: 07457608) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
R Estates (2010) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Exemption from preparing consolidated financial statements |
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
Going concern |
The financial statements have been prepared on a going concern basis dependent on the continued financial support from the company director. At the date of approval of these financial statement, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due in the foreseeable future, being a period of at least twelve months from the date of these financial statement being approved. Accordingly the company continues to adopt the going concern basis in preparation of these financial statements. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
R ESTATES (2010) LIMITED (REGISTERED NUMBER: 07457608) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Provisions |
Provisions (i.e. 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. |
Valuation of investments |
Investments in subsidiary undertakings are recognised at cost. |
Investments in unlisted company shares, whose market value can be reliably determined are remeasured to market value at each balance sheet date. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 March 2023 | 13,462,603 |
Additions | 1,325,000 |
At 29 February 2024 | 14,787,603 |
NET BOOK VALUE |
At 29 February 2024 | 14,787,603 |
At 28 February 2023 | 13,462,603 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Included in the other creditors is an amount owing to the director. At the year end this amounts to £24,841 (2023 - £24,828). |
The loan is supported by a charge over the company's assets. |
R ESTATES (2010) LIMITED (REGISTERED NUMBER: 07457608) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
R Estates (2010) Limited is party to a cross-guarantee for loans advanced to subsidiary companies and former subsidiary companies in the R Estates (2010) Limited group. |
The contingent liability in respect of this guarantee is £15,397,321 (2023 - £26,987,589) |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption available in FRS102 Section 33.1A 'Related party disclosures' whereby it has not disclosed transactions with its wholly owned subsidiary. |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is S A Robinson. |