Company registration number 14495460 (England and Wales)
RENIF LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
RENIF LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
RENIF LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Investments
4
11,486,689
11,486,689
Current assets
Debtors
5
51,751
291,408
Creditors: amounts falling due within one year
6
(8,432,155)
(9,112,452)
Net current liabilities
(8,380,404)
(8,821,044)
Net assets
3,106,285
2,665,645
Capital and reserves
Called up share capital
7
125,005
125,005
Profit and loss reserves
2,981,280
2,540,640
Total equity
3,106,285
2,665,645

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

The financial statements were approved by the board of directors and authorised for issue on 20 December 2025 and are signed on its behalf by:
R Finer
Director
Company registration number 14495460 (England and Wales)
RENIF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 November 2022
-
0
-
0
-
Period ended 31 March 2024:
Profit and total comprehensive income
-
3,173,694
3,173,694
Issue of share capital
7
125,005
-
125,005
Dividends
-
(633,054)
(633,054)
Balance at 31 March 2024
125,005
2,540,640
2,665,645
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,112,410
1,112,410
Dividends
-
(671,770)
(671,770)
Balance at 31 March 2025
125,005
2,981,280
3,106,285
RENIF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Renif Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38/39 Duke Street, London, SW1Y 6DF.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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.

RENIF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
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.

RENIF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
11,486,689
11,486,689
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
42,668
287,240
Other debtors
9,083
4,168
51,751
291,408
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other borrowings
8,361,684
8,361,684
Other creditors
61,111
741,408
Accruals and deferred income
9,360
9,360
8,432,155
9,112,452

Other borrowings represent 8,361,684 redeemable preference shares,with a par value of £0.10 per share, issued at a premium of £0.90 per share, which have been classified as creditors.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
125,000
125,000
125,000
125,000
Ordinary B shares of 10p each
52
52
5
5
125,052
125,052
125,005
125,005
RENIF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Called up share capital
(Continued)
- 6 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of 10p each
8,361,684
8,361,684
836,168
836,168
Preference shares classified as liabilities
836,168
836,168

The Company has two classes of ordinary shares, A Ordinary Shares, with a par value of £1 per share, and B Ordinary Shares with a par value of £0.10 per share. Additionally, the Company has in issue 8,361,684 redeemable preference shares of £0.10 each, issued at a premium of £0.90 per share, classified as liabilities.

The A Ordinary Shares carry no fixed right to income but entitle the holders to receive dividends, should the Company determine to distribute profits in any financial year. The A Ordinary Shares also entitle the holders to receive notice of, and to attend, speak, and vote at any general meetings of the Company.

The B Ordinary Shares carry no fixed right to income but entitle the holders to receive dividends, should the Company determine to distribute profits in any financial year. The B Ordinary Shares do not have any voting rights attached.

The Redeemable Preference Shares may be redeemed at any time by either the Company or any holder of Redeemable Preference Shares by giving no less that 10 days prior written notice to the Company and/or the other holders of the Redeemable Preference Shares (Redemption Notice). Where there are insufficient funds to redeem all of the Redeemable Preference Shares required to be redeemed under the Redemption Notice, the Company shall redeem as many of the Redeemable Preference Shares as it can lawfully, with the balance to be redeemed as soon as the Company is lawfully able to do so.

On a return of capital, the surplus of the assets of the Company remaining after the payment of its liabilities shall be applied firstly in paying the holders of the Redeemable Preference Shares, an amount equal to the issue price. Thereafter, in paying the holders of the A Ordinary Shares and B Ordinary Shares an amount equal to the paid up nominal capital on each share, and then in paying all unpaid arrears of dividends on the A Ordinary Shares, followed by paying all unpaid arrears of dividends on the B Ordinary Shares, and finally, should there be any further monies available for distribution, this will be paid to the holders of the A Ordinary Shares.

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