Company Registration No. 12207371 (England and Wales)
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 11
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Statement of financial position
As at 31 March 2024
1
2024
2023 Unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
6
445,245
513,748
Tangible assets
7
15,953
16,855
Investments
8
-
0
5
461,198
530,608
Current assets
Debtors
10
688,729
610,949
Cash at bank and in hand
39,876
28,993
728,605
639,942
Creditors: amounts falling due within one year
11
(616,115)
(752,240)
Net current assets/(liabilities)
112,490
(112,298)
Total assets less current liabilities
573,688
418,310
Creditors: amounts falling due after more than one year
12
(413,828)
(481,143)
Net assets/(liabilities)
159,860
(62,833)
Capital and reserves
Called up share capital
14
300
300
Profit and loss reserves
159,560
(63,133)
Total equity
159,860
(62,833)

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

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

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Rejaul Islam
Director
Company Registration No. 12207371
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information

Regency Property Services Limited (formerly Regency Asset Management Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 77 Station Road, Sidcup, Kent, United Kingdom, DA15 7DN.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has prepared cash flow forecasts covering a 12 month period from the date of approval of these financial statements. In preparing these forecasts, the company has considered the principal areas of uncertainty within the forecasts and the underlying assumptions, in particular those relating to market risks, cost management and working capital management. Specifically, the forecasts also consider as far as possible the impact of the current cost of living crisis and macro-economic factors. The directors acknowledge there are potentially significant sensitivities to the cash flow forecast given the current trading conditions and factors outside of the company's control. These forecasts show that the company continues to have sufficient levels of cash for the forecast period.true

 

Accordingly, the financial statements have been prepared on a going concern basis.

1.3
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 of contractual obligations when the costs incurred 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.

 

Revenue from annual contracts are recognised on a monthly basis in arrears for services completed in that specific month.

 

Revenue from ad-hoc services completed on a quote-by-quote basis is recognised upon completion of the work performed.

1.4
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.5
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:

Fixtures and fittings
25% straight line
Computers
25% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.8
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.

1.9
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.

Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial assets

Basic financial assets, which include debtors, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
2
Critical accounting 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of trade debtors

The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability and the credit profile of customers.

Goodwill and intangible assets

The company establishes a reliable estimate of the useful life of goodwill and intangible assets. This estimate is based on the expected use of the acquired business.

Recoverability of intercompany balances

Management regularly assess balances due between group entities and whether these are recoverable. Where it is considered that the future cash flows of these debts are less than the carrying amount in the individual company financial statements, appropriate provisions are made against these balances to reflect the recoverability of the asset.

3
Employees

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

2024
2023 Unaudited
Number
Number
Total
27
26
4
Directors' remuneration
2024
2023 Unaudited
£
£
Remuneration paid to directors
89,331
72,060
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Taxation
2024
2023 Unaudited
£
£
Current tax
UK corporation tax on profits for the current period
40,290
33,404
Adjustments in respect of prior periods
-
0
(11,246)
Total current tax
40,290
22,158
Deferred tax
Origination and reversal of timing differences
(189,285)
-
0
Total tax (credit)/charge
(148,995)
22,158

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023 Unaudited
£
£
Profit before taxation
73,698
24,236
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 Unaudited: 19.00%)
18,425
4,605
Tax effect of expenses that are not deductible in determining taxable profit
15,062
17,553
Tax effect of income not taxable in determining taxable profit
(15,446)
-
0
Movement in deferred tax not recognised
(167,036)
-
0
Taxation (credit)/charge for the year
(148,995)
22,158
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
685,000
Amortisation and impairment
At 1 April 2023
171,252
Amortisation charged for the year
68,503
At 31 March 2024
239,755
Carrying amount
At 31 March 2024
445,245
At 31 March 2023
513,748
7
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
4,377
17,204
21,581
Additions
329
4,800
5,129
At 31 March 2024
4,706
22,004
26,710
Depreciation and impairment
At 1 April 2023
730
3,996
4,726
Depreciation charged in the year
1,094
4,937
6,031
At 31 March 2024
1,824
8,933
10,757
Carrying amount
At 31 March 2024
2,882
13,071
15,953
At 31 March 2023
3,647
13,208
16,855
8
Fixed asset investments
2024
2023 Unaudited
£
£
Shares in group undertakings and participating interests
-
0
5
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Fixed asset investments (continued)
9
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2023
5
Disposals
(5)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
5
9
Associates

Details of the company's associates at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tribridge Limited
FLB Accountants LLP, 1010 Eskdale Road, WinnershTriangle, Wokingham, RG41 5TS
Ordinary shares
0
-
10
Debtors
2024
2023 Unaudited
Amounts falling due within one year:
£
£
Trade debtors
307,396
359,762
Amounts owed by group undertakings
3,683
1,282
Other debtors
188,365
249,905
499,444
610,949
Deferred tax asset
189,285
-
0
688,729
610,949
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
11
Creditors: amounts falling due within one year
2024
2023 Unaudited
£
£
Bank loans
-
0
9,952
Trade creditors
20,745
43,458
Corporation tax
40,290
33,404
Other taxation and social security
143,711
204,381
Other creditors
411,369
461,045
616,115
752,240

As at the year end the company has outstanding fixed and floating charges held against their assets.

12
Creditors: amounts falling due after more than one year
2024
2023 Unaudited
£
£
Bank loans and overdrafts
-
0
22,435
Amounts owed to group undertakings
413,828
458,708
413,828
481,143

Amounts owed to group undertakings are subject to interest at 0%.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023 Unaudited
Balances:
£
£
Accelerated capital allowances
184,387
-
Short term timing differences
4,898
-
189,285
-
Regency Property Services Limited (formerly Regency Asset Management Ltd)
Notes to the financial statements (continued)
For the year ended 31 March 2024
13
Deferred taxation (continued)
11
2024
Movements in the year:
£
Liability at 1 April 2023
-
Credit to profit or loss
(189,285)
Asset at 31 March 2024
(189,285)

The deferred tax asset set out above is expected to reverse within 12 months and relates to fixed asset timing differences.

14
Called up share capital
2024
2023 Unaudited
2024
2023 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
300
300
300
300
15
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 was unqualified.

Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
Date of audit report:
12 March 2025
16
Related party transactions

The Company has taken advantage of the exemption under FRS 102 paragraph 33 from disclosing transactions with companies wholly owned within the wider group.

 

As at the year ended 31 March 2024 the company was owed £3,683 (2023: £1,282) from a connected company controlled by a common director. During the year the company made sales of £18,000 (2023: £18,000) to this related party.

17
Parent company

The ultimate parent undertaking is Piccadilly Holdco Limited, a company registered in England and Wales. Its registered address is 77 Station Road, Sidcup, Kent, United Kingdom, DA15 7DN.

 

The ultimate controlling party is Key Capital Partners.

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