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Registered number: 08015752












RPJET INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 

RPJET INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 10


 

RPJET INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
P R G Smith 
P C J Smith 




Registered number
08015752



Registered office
16 Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:08015752
RPJET INVESTMENTS LIMITED

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
2
2

Investment property
 5 
2,900,000
2,461,195

  
2,900,002
2,461,197

Current assets
  

Debtors: amounts falling due within one year
 6 
3,676
7,163

Cash at bank and in hand
  
289,398
240,988

  
293,074
248,151

Creditors: amounts falling due within one year
 7 
(2,508,074)
(2,500,248)

Net current liabilities
  
 
 
(2,215,000)
 
 
(2,252,097)

Total assets less current liabilities
  
685,002
209,100

Provisions for liabilities
  

Deferred tax
  
(109,701)
-

  
 
 
(109,701)
 
 
-

Net assets
  
575,301
209,100


Capital and reserves
  

Called up share capital 
 9 
2,000
2,000

Revaluation reserve
  
329,104
-

Profit and loss account
  
244,197
207,100

Total equity
  
575,301
209,100


Page 2


 
REGISTERED NUMBER:08015752
RPJET INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




P R G Smith
P C J Smith
Director
Director


Date: 21 December 2024
Date:21 December 2024

The notes on pages 5 to 10 form part of these financial statements.

Page 3

RPJET INVESTMENTS LIMITED


 
  
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£



At 1 May 2022
2,000
-
165,028
167,028



Comprehensive income for the year


Profit for the year
-
-
42,072
42,072





At 1 May 2023
2,000
-
207,100
209,100



Comprehensive income for the year


Profit for the year
-
-
366,201
366,201


Surplus on revaluation of investment properties
-
329,104
(329,104)
-



At 30 April 2024
2,000
329,104
244,197
575,301



The notes on pages 5 to 10 form part of these financial statements.

Page 4
 

RPJET INVESTMENTS LIMITED

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

1.


General information

RPJet Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amunts in these financial statements are rounded to the nearest £.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue comprises rental income from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the 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.

Page 5

 

RPJET INVESTMENTS LIMITED

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

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balance are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

RPJET INVESTMENTS LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.9

Share capital

Ordinary shares are classified as equity.

Page 7

 

RPJET INVESTMENTS LIMITED

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




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

Page 8

 

RPJET INVESTMENTS LIMITED

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

4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 May 2023
2



At 30 April 2024
2





5.


Investment property


Investment properties

£



Valuation


At 1 May 2023
2,461,195


Surplus on revaluation
438,805



At 30 April 2024
2,900,000

The 2024 valuations were made by directors, on an open market value for existing use basis.






If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,461,195
-

2,461,195
-


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
3,676
7,163


Page 9

 

RPJET INVESTMENTS LIMITED

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
10,824
10,075

Other creditors
2,484,975
2,481,785

Accruals and deferred income
12,275
8,388

2,508,074
2,500,248



8.


Deferred taxation




2024


£






Charged to profit or loss
(109,701)



At end of year
(109,701)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Gain on market value of investment properties
(109,701)
-

(109,701)
-


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 (2023 - 2,000) 'A' Ordinary shares of £1.00 each
2,000
2,000



10.


Related party transactions

Within other creditors is an amount of £2,483,168 (2023: £2,480,610) owed to the directors of the company. The loan is interest free and repayable on demand.
Within other creditors is an amount of £632 (2023: £nil) owed to an associated company with common directors.

 
Page 10