Residential Partners Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 06588087 (England and Wales)
Residential Partners Limited
Company Information
Directors
M.E. Hodgson MA, FRICS, MIRPM
C.S. Watson MSc, MIRPM, MRICS
P. Barham MSc, MIRPM, AssocRICS
R. Zaveri FCCA
(Resigned 30 September 2023, Reappointed 23 October 2023)
Secretary
R. Zaveri FCCA
(Resigned 30 September 2023, Reappointed 23 October 2023)
Company number
06588087
Registered office
4th Floor
192-198 Vauxhall Bridge Road
London
SW1V 1DX
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Residential Partners Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Residential Partners Limited
Statement of Financial Position
As at 31 March 2024
Page 1
2024
2024
2023
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
3
80,378
432
Cash at bank and in hand
144,480
317,025
224,858
317,457
Payables: amounts falling due within one year
4
(130,738)
(75,643)
Net assets
94,120
241,814
Equity
Called up share capital
5
100
100
Retained earnings
6
94,020
241,714
Total equity
94,120
241,814
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered 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 31 October 2024 and are signed on its behalf by:
M.E. Hodgson MA, FRICS, MIRPM
Director
Company Registration No. 06588087
Residential Partners Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Residential Partners Limited is a private company limited by shares that is domiciled and incorporated in England and Wales. The registered office is 4th Floor, 192-198 Vauxhall Bridge Road, London, SW1V 1DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors continue to monitor the position of the company and consider the impact of external economic factors. Due to the nature of the company’s activity, being the provision of truepayroll management services, the directors consider that the company is not significantly impacted by any external factors and has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Revenue
Revenue comprises the invoiced value of fees and disbursements paid on the clients' behalf charged to clients for the services provided in the normal course of business, excluding VAT. Revenue is recognised by reference to the date the service is provided.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Residential Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
19
3
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
80,378
432
Residential Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
4
Payables: amounts falling due within one year
2024
2023
£
£
Trade payables
10,309
Corporation tax
34,103
23,823
Other taxation and social security
84,635
30,491
Accruals and deferred income
12,000
11,020
130,738
75,643
There is a fixed and floating charge effective 29 October 2021 held over all assets held by Residential Partners Limited in favour of National Westminster Bank Plc relating to the loan advanced to the company's ultimate parent undertaking which amounted to £355k at the balance sheet date (2023: £925k).
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Retained earnings
2024
2023
£
£
At beginning of year
241,714
140,154
Profit for the year
102,306
101,560
Dividends
(250,000)
-
At end of year
94,020
241,714
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Janice Riches
Statutory Auditor:
Moore Kingston Smith LLP
Residential Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
8
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the company which is party to the transactions.
9
Controlling party
The immediate controlling party is D&G Block Management Limited, a company registered in England and Wales.
The ultimate parent company is Meadowbridge 42 Limited, a company registered in England and Wales, whose registered office is 192-198 Vauxhall Bridge Road, London, SW1V 1DX.
There is no ultimate controlling party of Meadowbridge 42 Limited.
2024-03-312023-04-01falsefalsefalse11 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityM.E. Hodgson MA, FRICS, MIRPMMr R ZaveriC.S. Watson MSc, MIRPM, MRICSP. Barham MSc, MIRPM, AssocRICSR. Zaveri FCCAR.Zaveri FCCAOpinion of auditors on entity065880872023-04-012024-03-3106588087bus:Director12023-04-012024-03-3106588087bus:Director32023-04-012024-03-3106588087bus:Director42023-04-012024-03-3106588087bus:Director22023-04-012024-03-3106588087bus:Director52023-04-012024-03-3106588087bus:CompanySecretary12023-04-012024-03-3106588087bus:RegisteredOffice2023-04-012024-03-31065880872024-03-31065880872023-03-3106588087core:CurrentFinancialInstruments2024-03-3106588087core:CurrentFinancialInstruments2023-03-3106588087core:ShareCapital2024-03-3106588087core:ShareCapital2023-03-3106588087core:RetainedEarningsAccumulatedLosses2024-03-3106588087core:RetainedEarningsAccumulatedLosses2023-03-3106588087core:ShareCapitalOrdinaryShares2024-03-3106588087core:ShareCapitalOrdinaryShares2023-03-31065880872022-04-012023-03-3106588087bus:OrdinaryShareClass12023-04-012024-03-3106588087bus:OrdinaryShareClass12024-03-3106588087bus:PrivateLimitedCompanyLtd2023-04-012024-03-3106588087bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106588087bus:FRS1022023-04-012024-03-3106588087bus:Audited2023-04-012024-03-3106588087bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP