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Registered Number: 05608198
England and Wales

 

 

 

RELEASED EQUITY HOMES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2023

End date: 30 November 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Investment property 3 682,628    800,647 
682,628    800,647 
Current assets      
Debtors 4   1,303 
Cash at bank and in hand 1    1 
1    1,304 
Creditors: amount falling due within one year 5 (1,282)  
Net current assets (1,281)   1,304 
 
Total assets less current liabilities 681,347    801,951 
Creditors: amount falling due after more than one year 6 (1,710,557)   (1,903,635)
Net assets (1,029,210)   (1,101,684)
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account (1,029,212)   (1,101,686)
Shareholders' funds (1,029,210)   (1,101,684)
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 March 2025 and were signed on its behalf by:


-------------------------------
T R Allan
Director
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General Information
The company is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 99 Heath Street, London, NW3 6ST.
1.

Accounting policies

Basis of preparation
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company.


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.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding the net liabilities. Through the continued support from its shareholders, the company is able to pay its creditors as they fall due. The company is dependent on the group financial support and it is for this reason that the directors consider that the financial statements should be prepared on a going concern basis.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents.
Taxation
Current tax
Current tax is the amount of tax payable in respect of the taxable profits for the year and prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average rates that are expected to apply based on current tax rates and laws. However, no provision is made where it is probable that the liabilities will not chrystallise in the foreseeable future.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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.













2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Investment property

Cost or valuation Investment properties   Total
  £   £
At 01 December 2023 800,647    800,647 
Additions  
Disposals (118,019)   (118,019)
At 30 November 2024 682,628    682,628 
Depreciation
At 01 December 2023  
Charge for year  
On disposals  
At 30 November 2024  
Net book values
Closing balance as at 30 November 2024 682,628    682,628 
Opening balance as at 01 December 2023 800,647    800,647 

Tangible fixed assets
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 November 2024 by the directors. The directors feel that the value of the properties have not changed since last valued, on the basis by reference to market evidence of transaction prices for similar properties.

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors   1,303 
  1,303 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Other Creditors 1,282   
1,282   

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 1,710,557    1,903,635 
1,710,557    1,903,635 

7.

Related party transactions

Included in other debtors (note 4) is £Nil (2023: £1,303) due from a party with significant influence over the company. The debtor balance is interest free and payable on demand.


Included in other creditors (note 5) is £1,282 (2023: £Nil) due to a party with significant influence over the company. The debtor balance is interest free and payable on demand.


Included in other creditors (note 6) is a loan of £855,279 (2023: £951,818) from a party with significant influence over the company. The interest payable on this loan during the year was £53,044 (2023: £53,876).


Also included in other creditors (note 6) is a second loan of £855,279 (2023: £951,818) from a party with significant influence over the company. The interest payable on this loan during the year was £53,044 (2023: £53,876).
8.

Controlling party

The company is jointly controlled by Allan Properties Limited, a company registered in United Kingdom, whose registered address is 99 Heath Street, London, NW3 6SS and Yellowpeak Properties Limited, a company registered in British Virgin Islands, whose registered address is Mandar House, 3rd Floor, PO Box 2196, Johnson's Ghut, Tortola, British Virgin Islands.
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