Company registration number 06932631 (England and Wales)
Remkis Investments Limited
Unaudited financial statements
For the year ended 31 October 2024
Remkis Investments Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Remkis Investments Limited
Statement of financial position
As at 31 October 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,220,242
1,092,658
Investments
4
359,258
559,258
5,579,500
1,651,916
Current assets
Debtors
5
6,031,270
5,116,752
Cash at bank and in hand
39,770
71,692
6,071,040
5,188,444
Creditors: amounts falling due within one year
6
(8,912,764)
(4,602,579)
Net current (liabilities)/assets
(2,841,724)
585,865
Net assets
2,737,776
2,237,781
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,736,776
2,236,781
Total equity
2,737,776
2,237,781

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 February 2025
Mr J P Capener
Director
Company registration number 06932631 (England and Wales)
Remkis Investments Limited
Notes to the financial statements
For the year ended 31 October 2024
- 2 -
1
Accounting policies
Company information

Remkis Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Property rental

Turnover represents rental income receivable in the year.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Fixtures and fittings
15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Remkis Investments Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 3 -

Freehold property

 

Freehold property are not depreciated on the basis that the residual value of the property is so high that any depreciation is unlikely to be material. The buildings are maintained and enhanced to a very high standard and it is considered that if the property were to be sold at the end of its useful economic life that the selling price would exceed its carrying value.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Remkis Investments Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
-
0
Remkis Investments Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023
1,079,886
50,743
1,130,629
Additions
4,129,500
-
0
4,129,500
At 31 October 2024
5,209,386
50,743
5,260,129
Depreciation and impairment
At 1 November 2023
-
0
37,971
37,971
Depreciation charged in the year
-
0
1,916
1,916
At 31 October 2024
-
0
39,887
39,887
Carrying amount
At 31 October 2024
5,209,386
10,856
5,220,242
At 31 October 2023
1,079,886
12,772
1,092,658
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
359,257
559,257
359,258
559,258
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2023 & 31 October 2024
1
559,257
559,258
Impairment
At 1 November 2023
-
-
-
Impairment losses
-
200,000
200,000
At 31 October 2024
-
200,000
200,000
Carrying amount
At 31 October 2024
1
359,257
359,258
At 31 October 2023
1
559,257
559,258
Remkis Investments Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,031,270
5,116,752
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
(637)
1,931
Amounts owed to group undertakings
-
0
949,304
Taxation and social security
144,967
307,885
Other creditors
8,768,434
3,343,459
8,912,764
4,602,579
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