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REGISTERED NUMBER: 09404198 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

RBC Investments (Surrey) Limited

RBC Investments (Surrey) Limited (Registered number: 09404198)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RBC Investments (Surrey) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A Williams
E J Lyons
R Milstead





SECRETARY: Mrs S J Keenan





REGISTERED OFFICE: Runnymede Civic Centre
Station Road
Addlestone
Surrey
KT15 2AH





REGISTERED NUMBER: 09404198 (England and Wales)





AUDITORS: CSL Partnership Limited
Chartered Certified Accountants
Statutory Auditors
238 Station Road
Addlestone
Surrey
KT15 2PS

RBC Investments (Surrey) Limited (Registered number: 09404198)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 - -
Investments 5 99 99
Investment property 6 36,300,000 39,028,300
36,300,099 39,028,399

CURRENT ASSETS
Debtors 7 1,265,551 892,120
Cash at bank 571,789 278,744
1,837,340 1,170,864
CREDITORS
Amounts falling due within one year 8 (1,047,766 ) (1,063,768 )
NET CURRENT ASSETS 789,574 107,096
TOTAL ASSETS LESS CURRENT LIABILITIES 37,089,673 39,135,495

CREDITORS
Amounts falling due after more than one
year

9

(41,908,649

)

(41,008,649

)
NET LIABILITIES (4,818,976 ) (1,873,154 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 13 (4,818,977 ) (1,873,155 )
SHAREHOLDERS' FUNDS (4,818,976 ) (1,873,154 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





E J Lyons - Director


RBC Investments (Surrey) Limited (Registered number: 09404198)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

RBC Investments (Surrey) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has access to adequate resources to continue in operation for the foreseeable future. That reasonable expectation is based on the following;

The company is owned by Runnymede Borough Council (The Council).

The Council has provided all of the funding required to enable the company to acquire its asset base as well as providing working capital funding as required.

The Council approved the company's business plans for the period to 31 March 2028 at a formal meeting of its Corporate Management Committee on 20 April 2023. Those business plans have subsequently been updated and the company has informed the Council that it will require financing to meet its cash flow requirements on a long term basis with some of this funding being required early in the 2025/26 financial year.

A report was taken to the Council's Corporate Management Committee in March 2025 setting out, amongst other items, options for refinancing the company. Members of the Council approved the recommendations in the report and those recommendations will now be enacted, subject to due diligence.

These financial statements do not contain any adjustments that may be needed should those recommendations not be enacted.

Revenue recognition
Revenue represents rents receivable, net of discounts and value added tax.

Revenue is measured at the fair value of the consideration receivable. The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

RBC Investments (Surrey) Limited (Registered number: 09404198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently
investment properties are measured at fair value. Gains and losses arising from changes in the fair value
of investment properties are included in the income statement in the period in which they arise.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 912
DEPRECIATION
At 1 April 2023
and 31 March 2024 912
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

RBC Investments (Surrey) Limited (Registered number: 09404198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 99
NET BOOK VALUE
At 31 March 2024 99
At 31 March 2023 99

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 39,028,300
Revaluations (2,728,300 )
At 31 March 2024 36,300,000
NET BOOK VALUE
At 31 March 2024 36,300,000
At 31 March 2023 39,028,300

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 (149,407 )
Valuation in 2018 1,304,275
Valuation in 2019 1,800,942
Valuation in 2020 (1,013,464 )
Valuation in 2021 426,300
Valuation in 2022 (1,236,400 )
Valuation in 2023 (267,595 )
Valuation in 2024 (2,728,300 )
Cost 38,163,649
36,300,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 38,163,649 38,163,649

The investment properties were valued on an open market basis on 31 January 2024 by Montagu Evans, property consultants .

RBC Investments (Surrey) Limited (Registered number: 09404198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 26,114 30,973
Amounts owed by group undertakings 41,883 -
Other debtors 212,609 202,071
Prepayments 10,026 5,654
290,632 238,698

Amounts falling due after more than one year:
Amounts owed by group undertakings 90,000 90,000
Deferred tax asset 884,919 563,422
974,919 653,422

Aggregate amounts 1,265,551 892,120

At 31 March 2024, the company was owed £90,000 by its subsidiary company RBC Services (Addlestone One) Limited. The loan is repayable 10 years from the date of utilisation and interest is charged at a fixed rate of 7.54% per annum on £10,000 and 7.36% on £80,000. The loan was utilised in May and August 2018.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 56,642 57,235
Other creditors 351,925 376,181
Accruals and deferred income 639,199 630,352
1,047,766 1,063,768

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Other loans (see note 10) 41,908,649 41,008,649

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans 41,908,649 41,008,649

10. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans 41,908,649 41,008,649

RBC Investments (Surrey) Limited (Registered number: 09404198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


10. LOANS - continued

During the period the company borrowed a further £900,000 to fund working capital, taking the total borrowings to £41,908,649.

£3,745,000 of borrowing relates to working capital loans at annual interest rates of between 7.36% and 7.54% with the remainder relating to development loans at annual interest rates of between 4.2% and 5.04%.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 51,300 51,300

The company is party to a twenty year lease agreement with a twelve month rolling break clause under which an annual rent of £51,300 is due. On that basis, the minimum lease payment has been disclosed although the company currently has no intention of exercising the break clause and intends therefore to pay rent for the entirety of the lease.

12. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Other loans 41,908,649 41,008,649

In return for loan finance the company has granted a first legal mortgage over its investment properties and a first legal charge over all its rights in insurance policies relating to those properties along with the benefit of other contracts, guarantees etc relating to the properties.

13. RESERVES
Retained
earnings
£   

At 1 April 2023 (1,873,155 )
Deficit for the year (2,945,822 )
At 31 March 2024 (4,818,977 )

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew John Lane (Senior Statutory Auditor)
for and on behalf of CSL Partnership Limited