Company registration number 08034853 (England and Wales)
REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
64,607
110,809
Tangible assets
5
70,879
82,519
Investments
6
625,204
781,504
760,690
974,832
Current assets
Debtors
8
298,092
240,661
Cash at bank and in hand
98,031
43,143
396,123
283,804
Creditors: amounts falling due within one year
9
(1,667,845)
(1,610,190)
Net current liabilities
(1,271,722)
(1,326,386)
Total assets less current liabilities
(511,032)
(351,554)
Creditors: amounts falling due after more than one year
10
3,238,444
3,390,987
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(3,749,477)
(3,742,542)
(511,032)
(351,554)

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
A J Smith
Director
Company Registration No. 08034853
REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Regent Letting and Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broadwall House, 21 Broadwall, London, SE1 9PL.

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 accounts have been prepared on a going concern basis due to the support that the company will receive from its parent undertaking, The parent undertaking has no intention of calling in amounts loaned to the company and will continue to provide additional support as required.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

 

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets 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 straight line basis over its expected life, which is 10 years.

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:

Leasehold improvements
Straight line over lease term
Fixtures and fittings
Straight line over three years
Computers
Straight line over three years

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.

REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.

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.

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.

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
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.

 

1.12
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.

REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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.

3
Employees

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

2024
2023
Number
Number
Total
55
49
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
462,025
Amortisation and impairment
At 1 July 2023
351,216
Amortisation charged for the year
46,202
At 30 June 2024
397,418
Carrying amount
At 30 June 2024
64,607
At 30 June 2023
110,809
REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
27,069
138,692
165,761
Additions
-
0
22,903
22,903
At 30 June 2024
27,069
161,595
188,664
Depreciation and impairment
At 1 July 2023
2,151
81,091
83,242
Depreciation charged in the year
5,414
29,129
34,543
At 30 June 2024
7,565
110,220
117,785
Carrying amount
At 30 June 2024
19,504
51,375
70,879
At 30 June 2023
24,918
57,601
82,519
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
625,204
781,504
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 & 30 June 2024
781,504
Impairment
At 1 July 2023
-
Impairment losses
156,300
At 30 June 2024
156,300
Carrying amount
At 30 June 2024
625,204
At 30 June 2023
781,504
7
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Berkeley Residential Management Limited
Broadwall House
21 Broadwall
London
SE1 9PL
Residential letting and management agents
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
35,825
10,711
Amounts owed by group undertakings
216,561
177,515
Other debtors
45,706
52,435
298,092
240,661
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
5,920
Trade creditors
39,736
75,060
Amounts owed to group undertakings
878,786
956,294
Taxation and social security
244,997
221,217
Other creditors
504,326
351,699
1,667,845
1,610,190
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
38,973
Amounts owed to group undertakings
3,238,444
3,352,014
3,238,444
3,390,987
11
Events after the reporting date

The directors were not aware of any events after the reporting date which would materially affect the financial statements.

REGENT LETTING AND PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
12
Related party transactions

During the year, the company was recharged expenses by way of a management charge of £22,175 (2023: £192,373) by Phoenix Property Management Limited, the parent company.

 

During the year, the company recharged expenses to Red Door Furnishings Limited, a fellow subsidiary of Phoenix Property Management Limited, of £277,316 (2023: £229,569).

13
Parent company

Regent Letting and Property Management Limited is a wholly owned subsidiary of Phoenix Property Management Limited, a company registered in the British Virgin Islands. Phoenix Property Management Limited is the ultimate controlling party.

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