Company registration number 02886776 (England and Wales)
REGINA REALTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 MAY 2024
PAGES FOR FILING WITH REGISTRAR
REGINA REALTY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
REGINA REALTY LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,825,000
2,415,000
Current assets
Debtors
5
126,383
111,232
Cash at bank and in hand
99,072
127,390
225,455
238,622
Creditors: amounts falling due within one year
6
(1,068,045)
(1,204,715)
Net current liabilities
(842,590)
(966,093)
Net assets
1,982,410
1,448,907
Capital and reserves
Called up share capital
7
558,136
558,136
Profit and loss reserves
1,424,274
890,771
Total equity
1,982,410
1,448,907
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Winter Hill Financial Services Limited
C Mansell
Director
Director
Company registration number 02886776 (England and Wales)
REGINA REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 MAY 2024
- 2 -
1
Accounting policies
Company information
Regina Realty Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The principal place of business is c/o IQ EQ (Jersey) Limited, 2nd Floor, Gaspé House, 66-72 Esplanade, St Helier, Jersey, JE1 1GH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The Company's main stream revenue is rental income which has been received and is expected to continue to be received. The Company has no employees other than directors to consider with regard to the difficulties faced by entities that do have employees and expenses have therefore remained in line with the levels of previous years.true
The accounts have been prepared on a going concern basis even though the company has net current liabilities of £842,590 (2023: £966,093). The validity of the going concern concept is dependent on the continuing support of the company's creditors and appropriate representations have been given that such support will not be withdrawn within a period of at least 12 months from the date of approval of these financial statements. The directors believe the going concern concept is applicable as they believe that the company will be able to meet its debts as and when they fall due.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company
and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement. No depreciation is provided in respect of investment property.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. When applicable bank overdrafts are shown within borrowings in current liabilities.
REGINA REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 legally 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 and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the 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 the effective interest method.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
REGINA REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of Investment Property
Investment properties are measured at fair value with any movement in valuation at the year-end being taken to profit or loss. The Directors have made key assumptions with the benefit of external data in the determination of the value of an investment property, by considering the property market specific to its location and market evidence of transaction prices of similar properties in its location, together with a review of property rental yields.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 4 May 2023
2,415,000
Revaluations
410,000
At 3 May 2024
2,825,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 3 May 2024 by Ratcliffes Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. No depreciation is provided in respect of the property.
REGINA REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 MAY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,524
4,524
Amounts owed by group undertakings
99,741
99,741
Other debtors
22,118
6,967
126,383
111,232
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,855
5,043
Amounts owed to group undertakings
915,336
1,075,336
Corporation tax
34,406
31,023
Other taxation and social security
8,293
7,825
Other creditors
96,155
85,488
1,068,045
1,204,715
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
558,136
558,136
558,136
558,136
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 3 May 2024 and of its 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.
Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
3 February 2025
REGINA REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 MAY 2024
- 6 -
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
55,000
55,000
10
Parent company
The parent company is Goldman Universal SARL, a company registered in Luxembourg. The registered office and principal place of business is 31-33 Grand-Rue, L-1660, Luxembourg.