REGISTERED NUMBER: 03393310 |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Rendlesham Park Properties Limited |
REGISTERED NUMBER: 03393310 |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Rendlesham Park Properties Limited |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 7 |
Rendlesham Park Properties Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of providing and maintaining flats and dwelling houses. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
The focus of the Group remains concentrated on its residential rental business in Egham. |
The group undertakes comprehensive business planning to define long term strategic objectives and goals. Operational plans are prepared utilising financial key performance indicators (KPI's). Business performance, measured by KPI's (including monitoring of actual results against expectations) and bank balances, is reviewed by the directors on a monthly basis. |
The turnover of the group for the year is £511,507 (2023: £376,855). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties faced by the company and the group relate to the level of demand for the properties and therefore occupancy levels, which is affected by the wider availability of units in the local area. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks. |
a) Price risk - The company and the group are exposed to price risk. The company and the group have to offer competitive rental rates in order to ensure a constant occupancy. |
b) Credit risk - The company and the group have implemented policies that require appropriate credit checks on tenants before properties are let. |
c) Liquidity risk - The company and the group are reliant on the support of the directors, investors and its bankers. |
d) Interest rate cash flow risk - The group has negotiated competitive interest rates on the mortgages and bank overdrafts and continues to monitor and renegotiate rates on a regular basis. |
e) Economic risk - The group's performance is not directly impacted by the economic environment, it is affected by property availability and demand. In order to manage this risk the group strives to offer competitively priced rates and secure lettings. |
Given the straight forward nature of the business the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the company or the group. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
£ | £ |
TURNOVER | 511,507 | 376,855 |
Cost of sales | 68,726 | 83,636 |
GROSS PROFIT | 442,781 | 293,219 |
Administrative expenses | 191,627 | 150,494 |
251,154 | 142,725 |
Gain/loss on revaluation of investment property |
- |
(414,745 |
) |
OPERATING PROFIT/(LOSS) | 251,154 | (272,020 | ) |
Interest receivable and similar income | 32,601 | 27,843 |
283,755 | (244,177 | ) |
Interest payable and similar expenses | 278,828 | 174,198 |
PROFIT/(LOSS) BEFORE TAXATION | 4,927 | (418,375 | ) |
Tax on profit/(loss) | - | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit attributable to: |
Owners of the parent | 4,927 | (418,375 | ) |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 | 260,000 | 260,000 |
Investments | 5 | - | - |
Investment property | 6 | 5,912,897 | 5,912,897 |
6,172,897 | 6,172,897 |
CURRENT ASSETS |
Debtors | 7 | 701,998 | 626,042 |
Cash at bank | 65,299 | 111,057 |
767,297 | 737,099 |
CREDITORS |
Amounts falling due within one year | 8 | 44,523 | 19,252 |
NET CURRENT ASSETS | 722,774 | 717,847 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,895,671 |
6,890,744 |
CREDITORS |
Amounts falling due after more than one year |
9 |
4,738,092 |
4,738,092 |
NET ASSETS | 2,157,579 | 2,152,652 |
CAPITAL AND RESERVES |
Called up share capital | 1,007,100 | 1,007,100 |
Share premium | 11 | 293,891 | 293,891 |
Revaluation reserve | 11 | 1,100,163 | 1,100,163 |
Capital redemption reserve | 11 | 35,475 | 35,475 |
Retained earnings | 11 | (279,050 | ) | (283,977 | ) |
SHAREHOLDERS' FUNDS | 2,157,579 | 2,152,652 |
The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Consolidated Balance Sheet - continued |
31 March 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by: |
Mrs C Walter - Director |
M J Walter - Director |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,587 | 3,967 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
General information |
Rendlesham Park Properties Limited is engaged in providing and maintaining flats, dwelling houses and |
short-term serviced accommodation. |
The company is incorporated and domiciled in the UK, registered number 03393310. The address of the registered office is 5 Eton House, School Lane, Egham, Surrey, TW20 9GE. |
Statement of compliance |
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" ("FRS 102") and the Companies Act 2006. |
Basis of preparation |
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by certain financial assets and liabilities measured at fair value through profit or loss and properties which are held at valuation. |
Basis of consolidation |
The consolidated financial statements incorporate the results of Rendlesham Park Properties Limited and all of its subsidiary undertakings for the year. All financial statements are made up to 31 March 2023. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax, from ordinary activities and represents the amount of rental income and service charges provided to customers outside the group. Turnover is recognised when the group obtains the rights to consideration. |
Goodwill |
Goodwill representing the excess of the purchase consideration over the fair value of the assets is capitalised and classified as an asset on the balance sheet. Where the goodwill has a limited useful economic life, it is amortised on a systematic basis over that life. The carrying value of goodwill is reviewed on an annual basis for impairment and a provision is made where necessary. |
The negative goodwill is to be released upon disposal of the underlying investment properties. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost. Leasehold properties are held at valuation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold property | - | See below |
The Leasehold property from which the company operates has been revalued and is not depreciated as it is considered that the residual value of the property is in excess of its cost and therefore, in accordance with FRS 102, there is no depreciable amount. Annual impairment reviews are undertaken in respect of this property to ensure its carrying value can be supported. |
Investment property |
Investment property is shown at fair value, being the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss in the year of valuation. |
Taxation |
The taxation expense for the period comprises current tax recognised in the reporting period. 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. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Fixed asset investments, which represent shares in group undertakings, are stated at cost. |
Financial instruments |
i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost. |
Critical accounting judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company and group make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
2024 | 2023 |
£ | £ |
Wages and salaries | 54,300 | 68,550 |
Social security costs | - | - |
Other pension costs | 6,600 | 6,600 |
60,900 | 75,150 |
The average number of employees during the year was made up as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administration | 2 | 3 |
4 | 5 |
3. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Group |
Short |
leasehold |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 | 260,000 |
NET BOOK VALUE |
At 31 March 2024 | 260,000 |
At 31 March 2023 | 260,000 |
Cost or valuation at 31 March 2024 is represented by: |
Short |
leasehold |
£ |
Valuation in 2017 | 86,908 |
Valuation in 2023 | (25,000 | ) |
Cost | 198,092 |
260,000 |
Leasehold properties were valued on an open market basis on 31 March 2023 by the following valuers who are independent of the Group: |
Valuer | Company |
Chris Page | Hodders Estate Agents |
Satty Bhamra | Parklane |
Guy Roberts | Adair Paxton Ltd |
5. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
6. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 | 5,912,897 |
NET BOOK VALUE |
At 31 March 2024 | 5,912,897 |
At 31 March 2023 | 5,912,897 |
The investment properties were professionally valued in March 2023. The directors consider that the valuations provided are a reliable basis for these investment properties at the balance sheet date. |
All valuations have been performed by Estate Agents who are independent of the company and have experience of valuing similar properties. The properties have been valued on an open market basis. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2017 | 1,428,000 |
Valuation in 2023 | (389,745 | ) |
Cost | 4,874,642 |
5,912,897 |
7. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | - | 4,044 |
Amounts owed by group undertakings | - | - |
Amounts owed by joint ventures | 1,998 | 1,998 |
1,998 | 6,042 |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Other debtors | 700,000 | 620,000 |
Aggregate amounts | 701,998 | 626,042 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Social security and other taxes | 1,490 | 1,512 |
Other creditors | 40,513 | 15,220 |
Accrued expenses | 2,520 | 2,520 |
44,523 | 19,252 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans more 5 yrs non-inst | 4,738,092 | 4,738,092 |
Amounts falling due in more than five years: |
Group |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 4,738,092 | 4,738,092 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 4,738,092 | 4,738,092 |
The banks have security by way of a first charge over 22 (2023: 22) properties owned by the group for any advance made to the group by them. |
Rendlesham Park Properties Limited (Registered number: 03393310) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2023 | (283,977 | ) | 293,891 | 1,100,163 | 35,475 | 1,145,552 |
Profit for the year | 4,927 | 4,927 |
At 31 March 2024 | (279,050 | ) | 293,891 | 1,100,163 | 35,475 | 1,150,479 |
12. | RELATED PARTY DISCLOSURES |
M J Walter, C Walter and T J Webb are directors and shareholders of Rendlesham Park Properties Limited. |
Key management personnel remuneration |
Key management personnel are considered to be the directors. |