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REGISTERED NUMBER: 13148075 (England and Wales)















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: T G Farrow
B J Kennedy
A J Pettit
W J Killick





REGISTERED OFFICE: Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW





REGISTERED NUMBER: 13148075 (England and Wales)





ACCOUNTANTS: The Greene Partnership LLP
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 37,380,000 35,434,492
Debtors 5 192,025 112,623
Cash at bank 4,034,164 453,649
41,606,189 36,000,764
CREDITORS
Amounts falling due within one year 6 10,196,575 9,280,486
NET CURRENT ASSETS 31,409,614 26,720,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,409,614

26,720,278

CREDITORS
Amounts falling due after more than one year 7 34,209,510 26,831,135
NET LIABILITIES (2,799,896 ) (110,857 )

CAPITAL AND RESERVES
Called up share capital 10 210 210
Retained earnings 11 (2,800,106 ) (111,067 )
SHAREHOLDERS' FUNDS (2,799,896 ) (110,857 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

RER KINGSTON LIMITED (Registered number: 13148075)

Statement of Financial Position - continued
31 DECEMBER 2023


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

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 20 November 2024 and were signed on its behalf by:





T G Farrow - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 (2022 - 4 ) .

4. STOCKS
31.12.23 31.12.22
£    £   
Development property in
progress 37,380,000 35,434,492

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 210 210
VAT 49,809 44,594
Prepayments 142,006 67,819
192,025 112,623

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 91,991 130,860
Shareholder loans 10,078,709 9,129,294
Accrued expenses 25,875 20,332
10,196,575 9,280,486

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) 22,000,000 16,250,000
Other loans (see note 8) 10,078,709 9,129,294
Accruals 2,130,801 1,451,841
34,209,510 26,831,135

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 22,000,000 16,250,000
Shareholder loans 10,078,709 9,129,294
32,078,709 25,379,294

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 22,000,000 16,250,000

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: £    £   
100 A Ordinary £1 100 100
100 B Ordinary £1 100 100
10 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 (111,067 )
Deficit for the year (2,689,039 )
At 31 December 2023 (2,800,106 )

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.