REGISTERED NUMBER: 12882909 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Regency London Holdings Ltd |
REGISTERED NUMBER: 12882909 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Regency London Holdings Ltd |
Regency London Holdings Ltd (Registered number: 12882909) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
Regency London Holdings Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Registered Auditors |
962 Eastern Avenue |
Newbury Park |
Ilford |
Essex |
IG2 7JD |
Regency London Holdings Ltd (Registered number: 12882909) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The company has seen growth in revenue by 27.80% in 2024. The company has built a successful customer base. |
Overall the directors are pleased with company's position, profitability and believe the company is in a good position to grow in coming years. In terms of key performance indicators, the directors are pleased to report that gross profit measured as a percentage of sales was 30.80% (2023: 28.99%). The increase was due to focused business efforts on high value, profitable products and price renegotiation following the sterling depreciation. |
The directors are encouraged by enhanced profitability due to introduction of new products, expanding |
customer base and introduction of new working practices. The company anticipates building on these |
achievements in the forthcoming year. |
BUSINESS RISKS |
The principal risks facing the company is business and financial instrument risks. The company seeks to |
manage these risks by investing in new product ranges and customer services. The company aims to |
differentiate itself through excellent service in a market place driven by price competition. The company has a diversified portfolio of customer base, serviced by highly trained sales and customer service staff. They manage existing and seek new business in a professional manner. |
The company's operations expose it to financial risk of customer default and price risk. |
CUSTOMER DEFAULT |
The company operates a proactive credit control system. Delivery to retail and mail order customers is made after receipt of cleared funds from customers. Account customers are credit checked. These payment terms are strictly adhered to. By adopting these policies, the company hopes to minimise its bad debts risk. |
PRICE RISK |
Due to technological changes in the products sold, the prices can be volatile. The company tries to actively manage the effects of the volatility in price.The risk is mitigated through negotiating contracts with suppliers, bulk buying and actively managing stock to ensure slow moving and obsolete goods are identified and cleared quickly and efficiently. |
FUTURE DEVELOPMENTS |
The Company plans to continue the growth and profitability through expansion of its product range, investing in workforce, refining its technical abilities and expanding its geographical markets. |
ON BEHALF OF THE BOARD: |
Regency London Holdings Ltd (Registered number: 12882909) |
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. |
DIVIDENDS |
An interim dividend of £90,000 per share was paid on the non-voting ordinary shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £540,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Charitable donations during the year amounted to £25,234 (2023: £4,895). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Regency London Holdings Ltd (Registered number: 12882909) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Alderton Accountancy Limited, will not be seeking re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Regency London Holdings Ltd |
Opinion |
We have audited the financial statements of Regency London Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Regency London Holdings Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design |
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of |
irregularities, including fraud |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Regency London Holdings Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Registered Auditors |
962 Eastern Avenue |
Newbury Park |
Ilford |
Essex |
IG2 7JD |
Regency London Holdings Ltd (Registered number: 12882909) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 19,615,051 | 15,347,489 |
Cost of sales | 14,371,652 | 10,898,044 |
GROSS PROFIT | 5,243,399 | 4,449,445 |
Distribution costs | 1,351,117 | 1,183,675 |
Administrative expenses | 3,178,462 | 1,863,798 |
4,529,579 | 3,047,473 |
OPERATING PROFIT | 4 | 713,820 | 1,401,972 |
Income from fixed asset investments | 118,433 | 38,900 |
832,253 | 1,440,872 |
Interest payable and similar expenses | 5 | 88,692 | 58,056 |
PROFIT BEFORE TAXATION | 743,561 | 1,382,816 |
Tax on profit | 6 | 235,782 | 223,241 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 507,779 | 1,159,575 |
Regency London Holdings Ltd (Registered number: 12882909) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 507,779 | 1,159,575 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
507,779 |
1,159,575 |
Total comprehensive income attributable to: |
Owners of the parent | 507,779 | 1,159,575 |
Regency London Holdings Ltd (Registered number: 12882909) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 1,579,819 | 1,716,870 |
Investments | 10 | 466,962 | 348,529 |
Investment property | 11 | 2,132,353 | 2,132,353 |
4,179,134 | 4,197,752 |
CURRENT ASSETS |
Stocks | 12 | 647,598 | 1,640,846 |
Debtors | 13 | 2,542,038 | 1,351,878 |
Cash at bank and in hand | 1,322,471 | 846,285 |
4,512,107 | 3,839,009 |
CREDITORS |
Amounts falling due within one year | 14 | 2,353,697 | 1,622,403 |
NET CURRENT ASSETS | 2,158,410 | 2,216,606 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,337,544 |
6,414,358 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,165,238 |
) |
(1,239,536 |
) |
PROVISIONS FOR LIABILITIES | 18 | (57,017 | ) | (27,312 | ) |
NET ASSETS | 5,115,289 | 5,147,510 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 50,006 | 50,006 |
Retained earnings | 20 | 5,065,283 | 5,097,504 |
SHAREHOLDERS' FUNDS | 5,115,289 | 5,147,510 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by: |
S S Digwa - Director |
Regency London Holdings Ltd (Registered number: 12882909) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year |
1,512,791 |
(6,618 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Regency London Holdings Ltd (Registered number: 12882909) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 50,006 | 4,537,929 | 4,587,935 |
Changes in equity |
Dividends | - | (600,000 | ) | (600,000 | ) |
Total comprehensive income | - | 1,159,575 | 1,159,575 |
Balance at 31 March 2023 | 50,006 | 5,097,504 | 5,147,510 |
Changes in equity |
Dividends | - | (540,000 | ) | (540,000 | ) |
Total comprehensive income | - | 507,779 | 507,779 |
Balance at 31 March 2024 | 50,006 | 5,065,283 | 5,115,289 |
Regency London Holdings Ltd (Registered number: 12882909) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 | ( |
) |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Regency London Holdings Ltd (Registered number: 12882909) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,136,674 | 1,614,155 |
Interest paid | (87,954 | ) | (57,318 | ) |
Interest element of hire purchase payments paid |
(738 |
) |
(738 |
) |
Tax paid | (228,135 | ) | (169,751 | ) |
Net cash from operating activities | 819,847 | 1,386,348 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (12,622 | ) | (478,680 | ) |
Purchase of fixed asset investments | (118,433 | ) | - |
Sale of tangible fixed assets | - | 942 |
Dividends received | 118,433 | 38,900 |
Net cash from investing activities | (12,622 | ) | (438,838 | ) |
Cash flows from financing activities |
Capital repayments in year | (11,568 | ) | (11,568 | ) |
Amount introduced by directors | 199,999 | - |
Amount withdrawn by directors | - | (201,174 | ) |
Equity dividends paid | (540,000 | ) | (600,000 | ) |
Net cash from financing activities | (351,569 | ) | (812,742 | ) |
Increase in cash and cash equivalents | 455,656 | 134,768 |
Cash and cash equivalents at beginning of year |
2 |
844,831 |
710,063 |
Cash and cash equivalents at end of year |
2 |
1,300,487 |
844,831 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 743,561 | 1,382,816 |
Depreciation charges | 149,671 | 186,746 |
Profit on disposal of fixed assets | - | (848 | ) |
Finance costs | 88,692 | 58,056 |
Finance income | (118,433 | ) | (38,900 | ) |
863,491 | 1,587,870 |
Decrease/(increase) in stocks | 993,248 | (13,523 | ) |
(Increase)/decrease in trade and other debtors | (1,190,158 | ) | 753,540 |
Increase/(decrease) in trade and other creditors | 470,093 | (713,732 | ) |
Cash generated from operations | 1,136,674 | 1,614,155 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,322,471 | 846,285 |
Bank overdrafts | (21,984 | ) | (1,454 | ) |
1,300,487 | 844,831 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 846,285 | 711,206 |
Bank overdrafts | (1,454 | ) | (1,143 | ) |
844,831 | 710,063 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 846,285 | 476,186 | 1,322,471 |
Bank overdrafts | (1,454 | ) | (20,530 | ) | (21,984 | ) |
844,831 | 455,656 | 1,300,487 |
Debt |
Finance leases | (18,316 | ) | 11,568 | (6,748 | ) |
(18,316 | ) | 11,568 | (6,748 | ) |
Total | 826,515 | 467,224 | 1,293,739 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Regency London Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,031,088 | 851,132 |
Social security costs | 78,254 | 67,402 |
Other pension costs | 13,654 | 13,036 |
1,122,996 | 931,570 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 4 |
Sales | 14 | 14 |
Administration | 6 | 6 |
Distribution | 14 | 13 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 48,000 | 51,253 |
Directors' pension contributions to money purchase schemes | 173 | 173 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 2,700 | 2,725 |
Depreciation - owned assets | 149,673 | 186,745 |
Profit on disposal of fixed assets | - | (848 | ) |
Auditors' remuneration | 17,000 | 10,500 |
Auditors' remuneration for non audit work | 3,100 | 2,500 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 87,954 | 57,318 |
Hire purchase | 738 | 738 |
88,692 | 58,056 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 206,077 | 228,181 |
Deferred tax | 29,705 | (4,940 | ) |
Tax on profit | 235,782 | 223,241 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
An interim dividend of £90,000 (2023: £100,000) per share was paid on the non-voting ordinary shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £540,000 (2023: £600,000). |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 1,728,638 | 28,558 | 983,608 |
Additions | - | 909 | 3,259 |
At 31 March 2024 | 1,728,638 | 29,467 | 986,867 |
DEPRECIATION |
At 1 April 2023 | 477,221 | 23,636 | 605,995 |
Charge for year | 31,573 | 1,341 | 94,966 |
At 31 March 2024 | 508,794 | 24,977 | 700,961 |
NET BOOK VALUE |
At 31 March 2024 | 1,219,844 | 4,490 | 285,906 |
At 31 March 2023 | 1,251,417 | 4,922 | 377,613 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 118,464 | 171,751 | 3,031,019 |
Additions | 1,090 | 7,364 | 12,622 |
At 31 March 2024 | 119,554 | 179,115 | 3,043,641 |
DEPRECIATION |
At 1 April 2023 | 70,045 | 137,252 | 1,314,149 |
Charge for year | 12,208 | 9,585 | 149,673 |
At 31 March 2024 | 82,253 | 146,837 | 1,463,822 |
NET BOOK VALUE |
At 31 March 2024 | 37,301 | 32,278 | 1,579,819 |
At 31 March 2023 | 48,419 | 34,499 | 1,716,870 |
10. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 | 348,529 |
Additions | 118,433 |
At 31 March 2024 | 466,962 |
NET BOOK VALUE |
At 31 March 2024 | 466,962 |
At 31 March 2023 | 348,529 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 | 2,132,353 |
NET BOOK VALUE |
At 31 March 2024 | 2,132,353 |
At 31 March 2023 | 2,132,353 |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 647,598 | 1,640,846 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,489,098 | 1,163,824 |
Amounts owed by group undertakings | - | - |
Other debtors | 28,646 | 44,509 |
Prepayments | 24,294 | 97,353 |
Redevelopment of 543-549 High | - | 46,192 | - | - |
2,542,038 | 1,351,878 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 21,984 | 1,454 |
Hire purchase contracts (see note 17) | 6,748 | 11,568 |
Trade creditors | 1,354,009 | 1,048,340 |
Amounts owed to group undertakings | - | - |
Tax | 206,123 | 228,181 |
Social security and other taxes | 23,038 | 21,440 |
VAT | 156,735 | 138,923 | 1,750 | 321 |
Other creditors | 203,946 | 3,405 |
Wages and salaries control | 72,270 | 64,947 | - | - |
Directors' current accounts | 286,844 | 86,845 | 286,845 | - |
Accruals and deferred income | - | - |
Accrued expenses | 22,000 | 17,300 |
2,353,697 | 1,622,403 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | - | 6,748 |
Other creditors | 1,165,238 | 1,232,788 |
1,165,238 | 1,239,536 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 21,984 | 1,454 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 7,178 | 12,306 |
Between one and five years | - | 7,178 |
7,178 | 19,484 |
Finance charges repayable: |
Within one year | 430 | 738 |
Between one and five years | - | 430 |
430 | 1,168 |
Net obligations repayable: |
Within one year | 6,748 | 11,568 |
Between one and five years | - | 6,748 |
6,748 | 18,316 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 57,017 | 27,312 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 27,312 |
Provided during year | 29,705 |
Balance at 31 March 2024 | 57,017 |
Regency London Holdings Ltd (Registered number: 12882909) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Share | 1 | 50,000 | 50,000 |
Non-voting ordinary share | 1 | 6 | 6 |
50,006 | 50,006 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 5,097,504 |
Profit for the year | 507,779 |
Dividends | (540,000 | ) |
At 31 March 2024 | 5,065,283 |