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Registered number: 10839764
RARER PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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RARER PROPERTIES LIMITED
REGISTERED NUMBER: 10839764
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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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 statement of comprehensive income 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 by:
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B Rawson
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The notes on pages 2 to 6 form part of these financial statements.
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RARER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Rarer Properties Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 10839764 and registered office address is 24 Heath Road, Weybridge, Surrey, United Kingdom, KT13 8TH.
The Company's principal place of business is 10 Forbury Road, Reading, England, RG1 1SB.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for at least twelve months from the date of approval of these financial statements. The Company is reliant on the continued financial support of a shareholder of the ultimate parent company in order to continue as a going concern.
The Company has received a letter of support from a shareholder of the ultimate parent company to confirm that additional funding will be provided and letters of support from related company lenders to confirm that debts will not be called for repayment, all for a period of at least 12 months from the date of approval of these financial statements. The directors consider, whilst recognising this commitment is not legally binding, that it is the shareholder’s intention to continue to provide financial support to the Company as and when required.
The directors having reviewed the latest financial information and projected forecasts, and on the basis that the Company has the continued financial support for its operations, for which they have no reason to believe will not continue, consider that the Company will continue as a going concern for a period of at least twelve months from the date of signing these financial statements.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue consists of rental income which is recognised on a straight-line basis over the lease term, and when it is probable that the economic benefits associated with the lease will flow to the entity and the amount of the revenue can be reliably measured. Revenue is measured net of discounts and value added tax.
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RARER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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RARER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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The Company has no employees other than the directors, who did not receive any remuneration (2023: £Nil).
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RARER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to fellow group undertakings includes four facilities all owed to Havisham Associates Limited, a fellow group undertaking, as follows:
Facility 1
Principle sum of £542,008 (2023: £542,008) which is repayable on demand.
Facility 2
Principle sum of £1,772,008 (2023: £1,772,008) which is repayable on demand.
Facility 3
Principle sum of £1,229,700 (2023: £1,229,700) which is repayable on demand.
Facility 4
Principle sum of £775,000 (2023: £775,000) which is repayable on demand.
As at 1 October 2022 the board of Havisham Associates Limited agreed to not charge any further interest on loans and credit facilities until further notice and during the year ended 29 September 2024 the board of Havisham Associates Limited further resolved to write off accrued interest on the loan of £328,588. The board also changed the payment tenure to being repayable on demand.
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Post balance sheet events
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In February 2025, the Company's managing director, J Hallows, stepped down from his role for personal reasons. Following this departure, the Board identified suitable successors from within the existing senior management team. Two qualified internal candidates have stepped into the role as co-managing directors, ensuring a smooth and effective leadership transition. The Board is confident that these internal appointments provide continuity, stability, and strategic alignment for the Company moving forward.
Subsequent to the year-end, the Company completed the disposal of its Reading-based site, "The Corn Store," which had ceased trading in 2023. The disposal was finalised in June 2025 and the Board considers the transaction beneficial in streamlining the Company’s portfolio, optimising resources, and focusing operations on profitable sites and strategic growth areas.
The expected financial impact of the disposal of the Corn Store in future financial periods will be the de-recognition of tangible fixed assets with a net book value of £832,162 as at 30 September 2024, and reduced rental income and associated costs.
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RARER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Related party transactions
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At 30 September 2024, the Company had loans payable to Havisham Associates Limited, a fellow group undertaking, totalling £4,318,716 (2023: £4,318,716). At 30 September 2024, the accrued interest to date on this loan was £nil (2023: £328,588) and the total amount payable is included within amounts owed to fellow group undertakings.
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The parent of the smallest group, of which the Company is a member and for which group accounts are prepared, is Rarebreed Holdings Limited, the Company's immediate parent undertaking. Its registered office address is Level 12 Thames Tower, Station Road, Reading, England, RG1 1LX.
The Company's ultimate controlling party is Lord David Ellis Brownlow.
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The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 15 September 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
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