REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
RENATUS PROPERTY MANAGEMENT LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
RENATUS PROPERTY MANAGEMENT LIMITED |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RENATUS PROPERTY MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Renatus Property Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
(i) Management charge to the property companies, which is an estimate of the administration services incurred by the company. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and loss on a straight line basis over the lifetime of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Share capital |
Ordinary shares are classified as equity. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Going concern |
Due to the ongoing support of the company's fellow group undertakings the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included in other creditors are amounts totalling £291,850 which are due to be distributed to the minority shareholders of the liquidated group companies. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
At 31 May 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
RENATUS PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 07863552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | CONTINGENT LIABILITIES |
In November 2017 , a connected company, Street Property (Holdings) Limited acquired investment properties for a cost of £9,179,784. This acquisition was financed by a 10 year interest-bearing bank loan to Street Property (Holdings) Limited.The bank loan is secured over Street Property (Holdings) Limited investment properties and an unlimited guarantee by Renatus Property Management Limited. |
13. | RELATED PARTY DISCLOSURES |
During the year the company received management charges of £518,958 (2023 - £552,563) from other companies under common control. |
Details of amounts due to and payable by companies under common control are shown below; the relevant amounts being included in debtors and creditors. No interest is payable or receivable on any of these balances. |
Included in debtors, amounts due from fellow group undertakings, are the following balances: |
2024 | 2023 |
£ | £ |
Street County (Stockholders) Limited | 2,982,720 | 3,039,571 |
Street County (Securities) Limited - in liquidation | - | 6,776 |
Volterra Limited | 768,553 | 840,664 |
Street Property (Holdings) Limited | 30,105,641 | 29,426,284 |
Street Family Group of Companies (Holdings) Limited | - | 6,460,732 |
Sequent (Guernsey) Limited | 9,125 | 9,125 |
Inner Town Homes Limited | 3,461,508 | 3,612,635 |
Symons Family Group of Companies 2 Limited | 1,426,823 | 3,289,948 |
Angeleon (Holdings) Limited | - | 416,262 |
Stile Hall Properties Limited | 3,550,455 | 3,662,935 |
Davies General Builders (Estates) Limited - in liquidation | - | 720 |
Shore Street (Investments) Limited- in liquidation | - | 720 |
Established Estates (Sevenoaks) Limited- in liquidation | - | 720 |
Joanna House (Holdings) Limited- in liquidation | - | 720 |
Dringeen (Holdings) Limited- in liquidation | - | 720 |
Lewisham Model Market Limited- in liquidation | - | 720 |
Street County Estates (Surrey) Limited- in liquidation | - | 720 |
Willowgate Investment Co. Limited- in liquidation | - | 720 |
42,304,825 | 50,770,152 |
Included in creditors, amounts due to fellow group undertakings, are the following balances: |
2024 | 2023 |
£ | £ |
John Street and Company (Surrey) Limited | 32,335,023 | 41,842,228 |
Street Family Group of Companies (Holdings) Limited | 14,462,807 | - |
Phoenix Treasury Management Limited- in liquidation | - | 8,572,134 |
Street County (Investments) Limited- in liquidation | - | 366,110 |
Old Lodge (Holdings) Limited | 15,346 | 9,849 |
Welcome to England (Hotels) Limited - in liquidation | - | 5,404,913 |
Angeleon (Holdings) Limited | 420 | - |
46,813,596 | 56,195,234 |
14. | ULTIMATE CONTROLLING PARTY |
At the balance sheet date the company was a wholly controlled subsidiary of The Street Family Group of Companies (Holdings) Limited, a company registered in England and Wales. The ultimate parent company was a wholly controlled subsidiary of The Street Family Group of Companies Limited, a company incorporated in Jersey which is controlled by a discretionary trust. |