IRIS Accounts Production v24.3.0.553 03393310 Board of Directors Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 true true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033933102023-03-31033933102024-03-31033933102023-04-012024-03-31033933102022-03-31033933102022-04-012023-03-31033933102023-03-3103393310ns14:Euro2023-04-012024-03-3103393310ns10:Director12023-04-012024-03-3103393310ns10:Director22023-04-012024-03-3103393310ns10:Consolidated2024-03-3103393310ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3103393310ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103393310ns10:Consolidatedns10:SmallEntities2023-04-012024-03-3103393310ns10:Consolidatedns10:AuditExemptWithAccountantsReport2023-04-012024-03-3103393310ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103393310ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103393310ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103393310ns10:SmallCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3103393310ns10:FullAccounts2023-04-012024-03-3103393310ns5:Subsidiary12023-04-012024-03-3103393310ns10:Consolidated2023-04-012024-03-3103393310ns10:Director32023-04-012024-03-3103393310ns10:CompanySecretary12023-04-012024-03-3103393310ns10:RegisteredOffice2023-04-012024-03-3103393310ns10:Consolidated2022-04-012023-03-3103393310ns5:CurrentFinancialInstruments2024-03-3103393310ns5:CurrentFinancialInstruments2023-03-3103393310ns5:ShareCapital2024-03-3103393310ns5:ShareCapital2023-03-3103393310ns5:SharePremium2024-03-3103393310ns5:SharePremium2023-03-3103393310ns5:CapitalRedemptionReserve2024-03-3103393310ns5:CapitalRedemptionReserve2023-03-3103393310ns5:RetainedEarningsAccumulatedLosses2024-03-3103393310ns5:RetainedEarningsAccumulatedLosses2023-03-3103393310ns5:NetGoodwill2023-04-012024-03-3103393310ns5:CostValuation2023-03-3103393310ns5:Subsidiary112023-04-012024-03-3103393310ns5:Subsidiary12024-03-3103393310ns5:Subsidiary12023-03-3103393310ns5:Subsidiary12022-04-012023-03-3103393310ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103393310ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103393310ns5:Non-currentFinancialInstruments2024-03-3103393310ns5:Non-currentFinancialInstruments2023-03-31
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: Mrs C Walter
M J Walter
Mrs T J C Webb





SECRETARY: M J Walter





REGISTERED OFFICE: 5 Eton House
School Lane
Egham
Surrey
TW20 9GE





REGISTERED NUMBER: 03393310





ACCOUNTANTS: A C Mole LLP
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.

Mrs C Walter
M J Walter
Mrs T J C Webb

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:





M J Walter - Director


15 October 2024

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 4,927 (418,375 )

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 1,803,431 1,803,431
Investment property 6 - -
1,803,431 1,803,431

CURRENT ASSETS
Debtors 7 14,970 10,383

CREDITORS
Amounts falling due within one year 8 2,520 2,520
NET CURRENT ASSETS 12,450 7,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,815,881

1,811,294

CAPITAL AND RESERVES
Called up share capital 1,007,100 1,007,100
Share premium 293,891 293,891
Capital redemption reserve 35,475 35,475
Retained earnings 479,415 474,828
SHAREHOLDERS' FUNDS 1,815,881 1,811,294

Company's profit for the financial year 4,587 3,967

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.

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)

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 4 (2023 - 5 ) .

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 1,803,431
NET BOOK VALUE
At 31 March 2024 1,803,431
At 31 March 2023 1,803,431

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

Rendlesham Estates Ltd
Registered office: England
Nature of business: Property investment and development
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,145,128 2,144,788
Profit/(loss) for the year 340 (431,715 )


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 - - 14,970 10,383
Amounts owed by joint ventures 1,998 1,998 - -
1,998 6,042 14,970 10,383

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 14,970 10,383

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 2,520 2,520
44,523 19,252 2,520 2,520

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.