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COMPANY REGISTRATION NUMBER: 11048889
READING HEIGHTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
READING HEIGHTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investments
4
1
1
CURRENT ASSETS
Work in progress
875,000
875,000
Debtors
5
12,434,762
12,907,294
Cash at bank and in hand
1,976
10,907
-------------
-------------
13,311,738
13,793,201
CREDITORS: amounts falling due within one year
6
20,614,194
9,711,172
-------------
-------------
NET CURRENT (LIABILITIES)/ASSETS
( 7,302,456)
4,082,029
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 7,302,455)
4,082,030
CREDITORS: amounts falling due after more than one year
7
11,308,582
------------
-------------
NET LIABILITIES
( 7,302,455)
( 7,226,552)
------------
-------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 7,302,555)
( 7,226,652)
------------
------------
SHAREHOLDERS DEFICIT
( 7,302,455)
( 7,226,552)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
READING HEIGHTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr C Cingi
Director
Company registration number: 11048889
READING HEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets it's working capital requirements through loan facilities from related companies and financial support from creditors.
On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
1
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
1
----
At 31 May 2023
1
----
5. DEBTORS
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
12,434,067
12,862,830
Other debtors
695
44,464
-------------
-------------
12,434,762
12,907,294
-------------
-------------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,441
75,837
Social security and other taxes
23,916
Other loans
20,610,473
9,581,892
Other creditors
2,280
29,527
-------------
------------
20,614,194
9,711,172
-------------
------------
Included in Other loans is a development loan of £9,401,892 (2023: £9,581,892) which is secured by a debenture over all of the assets of the company. The loan has been provided by a related company and is repayable on demand. No interest has been charged on this loan from 12 October 2020.
Also included in Other loans is a loan of £11,208,581 (2023: £nil) payable to the company's parent. The loan is unsecured and is repayable on demand. No interest has been charged on this loan from 12 October 2020.
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other loans
11,308,582
----
-------------
The loan of £nil (2023: £11,308,582) is unsecured and payable to the company's parent. No interest has been charged on this loan from 12 October 2020.
After considering the provisions of FRS 102, based on the fact that the loan had no fixed maturity and further interest was dependent upon future sales proceeds it was deemed too subjective to value the loan on an amortised cost basis. For the purpose of the financial statements the loan was therefore valued at un-amortised cost in the previous year.
8. RELATED PARTY TRANSACTIONS
The company has received loans from a 95% group company and a related company . As at 31 May 2024 the cumulative amount owing was £ 20,610,473 (2023 - £ 20,890,474 ).
9. GOING CONCERN
The director has considered the period to 28 February 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy it's liabilities as these become payable, or alternatively will be sold as a going concern