REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
RBC Investments (Surrey) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Computer equipment | - |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | (2,728,300 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Deferred tax asset | 884,919 | 563,422 |
Aggregate amounts |
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 |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other loans (see note 10) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans |
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 |
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 |
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 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2024 | ( |
) |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |