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Registration number: 13334352

RGRP Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

RGRP Lettings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

RGRP Lettings Ltd

Company Information

Director

Ruben Gustavo Rodriguez Parga

Registered office

International House
61 Mosley Street
Manchester
M2 3HZ

Accountants

Gordon Levy Limited
Chartered AccountantsSuite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

 

RGRP Lettings Ltd

(Registration number: 13334352)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

154,401

154,401

Current assets

 

Debtors

5

1,446

800

Cash at bank and in hand

 

122,426

1,080

 

123,872

1,880

Creditors: Amounts falling due within one year

6

(168,730)

(49,675)

Net current liabilities

 

(44,858)

(47,795)

Total assets less current liabilities

 

109,543

106,606

Creditors: Amounts falling due after more than one year

6

(112,534)

(112,534)

Net liabilities

 

(2,991)

(5,928)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(2,992)

(5,929)

Shareholders' deficit

 

(2,991)

(5,928)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 January 2025
 

.........................................
Ruben Gustavo Rodriguez Parga
Director

 

RGRP Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
International House
61 Mosley Street
Manchester
M2 3HZ

These financial statements were authorised for issue by the director on 7 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable as rental income from the investment property held in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate evaluated annually by the director of the company. Where independent valuer is used, that information is disclosed in the relevant note. Fair value is determined using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

RGRP Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from tenants of the properties held as investment property by the company in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

RGRP Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment property

2024
£

At 1 May

154,401

At 30 April

154,401

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Prepayments

646

-

Other debtors

800

800

 

1,446

800

 

RGRP Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

9

166,308

47,253

Other payables

 

800

800

Accruals

 

916

916

Deferred income

 

706

706

 

168,730

49,675

Due after one year

 

Loans and borrowings

8

112,534

112,534

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

112,534

112,534

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

RGRP Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

112,534

112,534

Bank borrowings

Bank borrowings amount comprises mortgage loan which is denominated in pound sterling with a nominal interest rate of 2.95% fixed until 30 November 2026 and current variable rate thereafter, and the final instalment is due on 31 December 2051. The carrying amount at year end is £112,534 (2023 - £112,534).

The mortgage loan is secured by way of a charge over the mortgaged property that is held as investment property by the company.

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

47,253

47,253

Advanced

119,055

119,055

At end of period

166,308

166,308

2023

Key management
£

Total
£

At start of period

49,724

49,724

Repaid

(2,471)

(2,471)

At end of period

47,253

47,253

Terms of loans from related parties

Loans from key management, summarised above, comprise loans from the director of the company. These loans are unsecured, interest free and repayable on demand.