REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
RER KINGSTON LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
RER KINGSTON LIMITED |
RER KINGSTON LIMITED (Registered number: 13148075) |
Contents of the Financial Statements |
for the Year Ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
RER KINGSTON LIMITED |
Company Information |
for the Year Ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 2C, Brosnan House |
175 Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1BW |
RER KINGSTON LIMITED (Registered number: 13148075) |
Statement of Financial Position |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
RER KINGSTON LIMITED (Registered number: 13148075) |
Statement of Financial Position - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RER KINGSTON LIMITED (Registered number: 13148075) |
Notes to the Financial Statements |
for the Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
RER KINGSTON LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Stock |
Stock consists of development property that is in the process of being developed or is available for sale. Development property is included at the lower of cost and the directors' estimate of its net realisable value. Net realisable value is determined as the estimated selling price less additional costs to completion and disposal. |
Financial instruments |
The company has elected to apply provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using effective interest method. |
RER KINGSTON LIMITED (Registered number: 13148075) |
Notes to the Financial Statements - continued |
for the Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the balance sheet date the company had net liabilities. The majority of creditors are shareholder loans. |
Following the agreement to sell the development property, the shareholders acknowledge that once the bank loan is repaid, not all the shareholder loans will be repaid in full. The company have sufficient funds to pay all costs up to the point of sale and on this basis the financial statements have been prepared on a going concern basis. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand , deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Development property in |
progress |
Interest and finance charges of £6,114,095 are included with Stocks. The property is subject to a legal charge as security for the secured loan set out in Note 11. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Shareholder loans | 10,078,709 | 9,129,294 |
Accrued expenses |
RER KINGSTON LIMITED (Registered number: 13148075) |
Notes to the Financial Statements - continued |
for the Year Ended 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 8) |
Other loans (see note 8) |
Accruals |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Shareholder loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
The loan is secured by way of fixed and floating charge over stock of property dated 26 March 2021. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
A Ordinary | £1 | 100 | 100 |
B Ordinary | £1 | 100 | 100 |
C Ordinary | £1 | 10 | 10 |
210 | 210 |
RER KINGSTON LIMITED (Registered number: 13148075) |
Notes to the Financial Statements - continued |
for the Year Ended 31 DECEMBER 2023 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
12. | RELATED PARTY DISCLOSURES |
During the year fees payable totalling £300,000 (2022: £300,00) were charged by RER Project Management Limited, company in which T G Farrow is a director and shareholder. |
During the year interest interest previously provided totalling £178,155 on a loan introduced by RER London 2 Limited, a company in which T G Farrow is a director and shareholder, was reversed on the basis that it was no longer payable. The balance outstanding at 31 December 2023 amounted to £2,022,000. |
During the year interest totalling £857,115 (2022: £743,929) was provided on a loan introduced by KH Lending 302 Limited, an affiliate company of KH V Properties 118 Limited, a company that is a shareholder.The balance outstanding at 31 December 2023 amounted to £18,135,418. |
13. | POST BALANCE SHEET EVENTS |
On 25 July 2024, the company agreed the sale of the development property at a value of £37,380,000. On this basis the value of closing stock at 31 December 2023 has been reflected accordingly. |
14. | ULTIMATE CONTROLLING PARTY |
The company is jointly controlled by RER London 2 Limited and KH V Properties 118 Limited. RER London 2 Limited is registered in England and Wales and KH V Properties 118 Limited is registered in Jersey. |
All major decisions, as defined in the joint venture agreement between the companies, require unanimous approval through board member representatives. In the opinion of the directors there is no ultimate controlling party of the company. |