Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01Other letting and operating of own or leased real estatefalse22falsetruefalse 13067795 2023-07-01 2024-06-30 13067795 2022-07-01 2023-06-30 13067795 2024-06-30 13067795 2023-06-30 13067795 c:Director1 2023-07-01 2024-06-30 13067795 d:CurrentFinancialInstruments 2024-06-30 13067795 d:CurrentFinancialInstruments 2023-06-30 13067795 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 13067795 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 13067795 d:ShareCapital 2024-06-30 13067795 d:ShareCapital 2023-06-30 13067795 d:RetainedEarningsAccumulatedLosses 2024-06-30 13067795 d:RetainedEarningsAccumulatedLosses 2023-06-30 13067795 c:OrdinaryShareClass1 2023-07-01 2024-06-30 13067795 c:OrdinaryShareClass1 2024-06-30 13067795 c:OrdinaryShareClass1 2023-06-30 13067795 c:FRS102 2023-07-01 2024-06-30 13067795 c:Audited 2023-07-01 2024-06-30 13067795 c:FullAccounts 2023-07-01 2024-06-30 13067795 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 13067795 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 13067795 2 2023-07-01 2024-06-30 13067795 d:Right-of-useInvestmentProperty 2023-07-01 2024-06-30 13067795 d:Right-of-useInvestmentProperty 2024-06-30 13067795 d:Right-of-useInvestmentProperty 2023-06-30 13067795 d:Right-of-useInvestmentProperty 2 2023-07-01 2024-06-30 13067795 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13067795










REBELLION RESIDENTIAL PROPERTIES LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
REBELLION RESIDENTIAL PROPERTIES LTD
REGISTERED NUMBER: 13067795

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
3,850,000
4,675,600

Current assets
  

Debtors: amounts falling due within one year
 6 
480
-

Cash at bank and in hand
 7 
1,758
819

  
2,238
819

Creditors: amounts falling due within one year
 8 
(5,016,723)
(4,730,599)

Net current liabilities
  
 
 
(5,014,485)
 
 
(4,729,780)

Total assets less current liabilities
  
(1,164,485)
(54,180)

  

Net liabilities
  
(1,164,485)
(54,180)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(1,164,486)
(54,181)

  
(1,164,485)
(54,180)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C R Kingsley
Director

Date: 31 October 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
REBELLION RESIDENTIAL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rebellion Residential Properties Limited is a private company limited by shares & incorporated in England and Wales, registered number 13067795. Its registered head office is located at Riverside House, Osney Mead, Oxford, Oxfordshire, OX2 0ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

These financial statements are presented in Sterling (£) and rounded to the nearest whole (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Group’s banking facilities secured in July 2021 are subject to certain financial covenants. This funding was provided to refinance existing property mortgages, acquire a new property and provide new funding to support its investment programme. The Group continues to invest significantly in all key areas of the business on the back of its cash generation and this banking facility.
The level of revenue, cash generated by the Group, and compliance of financial covenants remains highly geared towards the timings of game releases. As at 30 June 2024 it has been more than two years since a major game release, with the next major game releases scheduled for early 2025. Whilst prior releases continue to perform well, during the financial year ended 30 June 2024, the Group obtained certain financial covenant waivers from the lender and amendments to the facilities. After the balance sheet date, the Group secured further amendments to the banking facilities to modify certain financial covenants in the agreement with the aim to further support the Group to achieve its strategic objectives prior to the next scheduled releases. The Group’s existing banking facilities are repayable by July 2025.
The Group has prepared forecasts and projections, taking into account current cash resources and available funding to cover future expected trading, and sensitised the forecasts for reasonably possible changes in gaming volume. These forecasts support the conclusion of the Directors that the Group is a going concern. Furthermore, although the Group expects to renew its facilities prior to July 2025, in the improbable scenario where the facilities were not renewed, the Group would have various options available to ensure it could meet any liabilities as they fall due. This would include taking such actions as revenue optimisation via promotional activity, improvements to operational efficiency, sale of non-core assets, and other measures. These measures would enable the Group to have adequate resources to continue operational existence for the foreseeable future, for a period of not less than 12 months from the date of approval of these financial statements.
The Company, therefore, continues to adopt the going concern basis in preparing its financial statements. 
The Directors consider it is appropriate to prepare the financial statements on the going concern basis due to the commitment by the ultimate parent company, Rebellion Group Ltd, to provide any necessary financial support required to enable the Company to discharge its liabilities, and therefore continue as a going concern for at least 12 months from the date of approving the financial statements. 

Page 2

 
REBELLION RESIDENTIAL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the Directors. For the year ended 30 June 2024, the fair value is determined with reference to third-party independent valuation reports. For the year ended 30 June 2023, the fair value is determined with reference to current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
 
Investment property rented to other group companies is accounted for as tangible fixed assets held at cost less accumulated depreciation and any accumulated impairment losses.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
REBELLION RESIDENTIAL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements in accordance with FRS 102 requires management to make judgements and estimates that affect the amounts of the reported assets and liabilities and the reported amounts of revenues and expenses each period. Management believes that the judgements and estimates employed in preparing these financial statements are reasonable but the actual results may differ from the estimates made, requiring adjustments to the financial statements in future periods. The areas where the most significant judgements and estimates arise are described below.
Fair value of investment property
The Directors apply judgement when assessing the fair value of the investment property at each reporting date, based on market data, third party reports and rental income during the year. Uncertainties in these estimates relate to local discrepancies in market trends, and the future realisation of these values may be affected by volatilities in the rental market, together with other market-driven changes that may impact future selling prices.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Investment property


Investment property

£



Valuation


At 1 July 2023
4,675,600


Additions
211,740


Fair value loss 
(1,037,340)



At 30 June 2024
3,850,000





6.


Debtors

2024
2023
£
£


Other debtors
480
-

Page 4

 
REBELLION RESIDENTIAL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.Debtors (continued)



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,758
819



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
720
-

Amounts owed to group undertakings
5,008,503
4,724,144

Accruals and deferred income
7,500
6,455

5,016,723
4,730,599


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.

Page 5

 
REBELLION RESIDENTIAL PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

Each Ordinary share entitles the holder to one vote per share and entitles the holder to dividends and other distributions.



10.Financial commitments

The Company is party to a composite guarantee arrangement with the other companies in the group headed by Rebellion Group Ltd to jointly and severally agree to satisfy the bank on demand in the of event of a default. The total amount owing by the Group under this arrangement as at 30 June 2024 was £26,625,000 (2023: £27,750,000).


11.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other companies that are wholly owned within the Group, headed by Rebellion Group Ltd.


12.


Controlling party

During the year the controlling parties were the Directors C R Kingsley and J J Kingsley.
The Directors regard Rebellion Group Ltd as the ultimate holding company. The smallest and largest group within which the financial statements are consolidated in respect of the year ended 30 June 2024 is that headed by Rebellion Group Ltd with registered offices at Riverside House, Osney Mead, Oxford, Oxfordshire, United Kingdom. Copies of the financial statements of Rebellion Group Ltd can be obtained from the Registrar of Companies.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 4 November 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 6