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Registered number: 07123943










REXIMINCA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
REXIMINCA LIMITED
 
 
COMPANY INFORMATION


Directors
R J Mixer 
Mrs J Mixer 




Registered number
07123943



Registered office
30 Gay Street

Bath

BA1 2PA




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
REXIMINCA LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
REXIMINCA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REXIMINCA LIMITED
FOR THE YEAR ENDED 31 JULY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reximinca Limited for the year ended 31 July 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Reximinca Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2020Our work has been undertaken solely to prepare for your approval the financial statements of Reximinca Limited and state those matters that we have agreed to state to the Board of directors of Reximinca Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reximinca Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Reximinca Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Reximinca Limited. You consider that Reximinca Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Reximinca Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
8 April 2025
Page 1

 
REXIMINCA LIMITED
REGISTERED NUMBER: 07123943

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,640
4,731

Investment property
 5 
1,839,120
1,872,166

  
1,842,760
1,876,897

Current assets
  

Debtors: amounts falling due within one year
 6 
3,055
3,194

Cash at bank and in hand
  
99,313
85,271

  
102,368
88,465

Creditors: amounts falling due within one year
 7 
(957,295)
(961,679)

Net current liabilities
  
 
 
(854,927)
 
 
(873,214)

Total assets less current liabilities
  
987,833
1,003,683

Creditors: amounts falling due after more than one year
 8 
(275,870)
(274,180)

Provisions for liabilities
  

Deferred tax
  
(119,782)
(128,045)

Net assets
  
592,181
601,458


Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
 11 
510,356
535,139

Profit and loss account
 11 
81,824
66,318

  
592,181
601,458


Page 2

 
REXIMINCA LIMITED
REGISTERED NUMBER: 07123943
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2025.






R J Mixer
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
REXIMINCA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address of the company is 30 Gay Street, Bath, BA1 2PA. The principal place of business is in Norfolk.
The company's principal activity continues to be that of residential property letting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company during the year in respect of rents receivable. The company is not registered for Values Added Tax.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
REXIMINCA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment properties are carried at fair value determined annually by one of the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss account.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
REXIMINCA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 August 2023
1,797
12,042
13,839



At 31 July 2024

1,797
12,042
13,839



Depreciation


At 1 August 2023
876
8,232
9,108


Charge for the year on owned assets
138
953
1,091



At 31 July 2024

1,014
9,185
10,199



Net book value



At 31 July 2024
783
2,857
3,640



At 31 July 2023
921
3,810
4,731


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
1,872,166


Surplus on revaluation
(33,046)



At 31 July 2024
1,839,120

The 2024 valuations were made by one of the company directors, on an open market value for existing use basis.




Page 6

 
REXIMINCA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Prepayments and accrued income
3,055
3,194

3,055
3,194



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
6,094
2,376

Other creditors
951,188
959,290

Accruals and deferred income
13
13

957,295
961,679



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
275,870
274,180

275,870
274,180


Security has been given by the company, and via personal guarantees by the directors, on the bank loans.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
275,870
274,180

275,870
274,180


Page 7

 
REXIMINCA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1.00
1
1



11.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.Directors' personal guarantees

Personal guarantees have been given by the directors on the company borrowings.


13.


Related party transactions

At the year end the balance on a loan account owing to one of the directors was £943,914. This loan is interest free, repayable on demand, and is included within other creditors in note 7 to the financial statements.

 
Page 8