Company registration number 04421012 (England and Wales)
R20 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
R20 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
R20 LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
26,170,685
26,173,077
Cash at bank and in hand
188
2
26,170,873
26,173,079
Creditors: amounts falling due within one year
4
(72,032,555)
(72,033,755)
Net current liabilities
(45,861,682)
(45,860,676)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(45,861,683)
(45,860,677)
Total equity
(45,861,682)
(45,860,676)

For the financial year ended 31 May 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 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
N Martin
Director
Company registration number 04421012 (England and Wales)
R20 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

R20 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Leconfield House, Curzon Street, London, W1J 5JA.

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
Non-going concern basis of preparation

As at the balance sheet date, the company's liabilities exceeded its assets by £45,861,682 (2023: £45,860,676). Its liabilities included obligations to related parties of £71,617,813 (2021: £71,617,813) which are due on demand.

 

The directors are aware that the Trustees of the company's ultimate controlling party, the Tchenguiz Discretionary Trust (TDT), have been in litigation concerning the extent to which the TDT is liable is respect of loans due to certain creditors. A decision from the Judicial Committee of the Privy Council (the JCPC) has now been handed down in favour of the position advanced by the TDT Trustees, namely that all TDT creditors will be paid on a pari passu basis. Notwithstanding the decision of the JCPC however, some distribution have been made to these creditors but the process of proving the debts claimed by all creditors is not complete (the 'Guernsey Proof Proceedings').

 

In the view of the Directors, the assets of the TDT are sufficient to enable the TDT to satisfy the various claims brought by all unrelated third-party creditors. Negotiations and litigation in 2019 resulted in cash being ring fenced within the TDT that is available to pay the creditors once the quantum of their liability has been determined. As a result of this ring fencing arrangement, around December 2019, the Joint Receivers (appointed in 2019) returned the non-cash assets of the TDT to the Trustees, including the shares in the company.

 

The Directors consider that, at present, it would not be in the best interests of the company's creditors to demand repayment of the amounts due to them whilst the outcome of the Guernsey Proof Proceedings is unknown, as this may result in other companies within the TDT having to enter into insolvency arrangements by virtue of their debts to the company being called for repayment, which in turn may impact adversely on the realisable value of the amounts due to the company.

 

The financial statements have not been prepared on the going concern basis. Accordingly, provisions have been made against the company's assets to reduce them to their expected realisable value.

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.

R20 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.

1.5
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 balance sheet 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.

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.

1.6
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.

R20 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
14,757,573
14,757,573
Other debtors
11,413,112
11,415,504
26,170,685
26,173,077
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
1,200
Amounts owed to group undertakings
203,998
203,998
Other creditors
71,828,557
71,828,557
72,032,555
72,033,755
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
1
1
1
1
R20 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
6
Related party transactions

The company provides funding to and receives funds from the Tchenguiz Discretionary Trust and certain companies controlled by the Tchenguiz Discretionary Trust. The company also provides funding to and receives funding from other Tchenguiz family trusts, of which the director, R Tchenguiz and family members are a beneficiary and certain companies controlled by those trusts.

 

As at balance sheet date, the company was owed from other companies which are owned by trusts of which R Tchenguiz or his family members are beneficiaries as follows,

 

2024

£

2023

£

R20 Advisory Limited

3,810,624

3,780,183

Leconfield House Limited

6,695,663

6,695,663

Beadtrek Limited

108,594

108,594

Firleigh Limited

173,689

173,689

Nadia Properties Limited

7,977,325

7,977,325

Balmain Properties Ltd

84,585

84,585

Edgeworth Capital Limited

824

824

 

The following balance was owed by the company related through a common beneficiary of the Tchenguiz Family Trust,

 

2024

£

2023

£

Restgrove Limited

10,957

10,957

 

 

As at balance sheet date, following balances were owed to companies which are under common control of R Tchenguiz or his family members are the common beneficiaries,

 

 

2024

£

2023

£

Tchenguiz Discretionary Trust

11,888,687

11,888,687

Laudico Limited and its subsidiaries

2,151,406

2,151,406

Rotch Property Group Limited

2,560

2,560

Dunain Holdings Limited

23,926,456

23,926,456

 

 

The following balance was owed to the company related through a common beneficiary of the Tchenguiz Family Trust,

 

 

2024

£

2023

£

 

 

 

Tamevale Limited

22,121,975

22,121,975

 

 

 

 

The following balance was owed to the company related through a common beneficiary of the Tchenguiz Settlement,

 

 

2024

£

2023

£

 

 

 

 

 

 

Valleytown Holdings Limited

11,526,728

11,526,728

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