The notes on pages 3 to 7 form part of these 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

R Blue Regen SN Limited is a private company limited by shares incorporated in England and Wales. The registered office is 51 Welbeck Street, London, W1G 9HL.

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 revisited the terms of its development funding agreement with a customer during this year. This has resulted in a change to the way in which costs incurred in relation to this development project and the subsequent recharge of those costs to the customer are presented in the profit and loss account and balance sheet. Comparatives have been restated accordingly. Further information is provided in note 9.

At the reporting date, the company's balance sheet reflected a net deficit amounting to £1,210,187. The company is reliant upon the ongoing financial support of its parent company, Reef Group Limited. The parent company has provided an assurance that it will continue to provide the company with sufficient financial support for at least twelve months from the date of the approval of these financial statements. The directors are therefore of the view that it remains appropriate to prepare the company's financial statements on a going concern basis.

Turnover relating to development management fees is recognised when the performance obligation is achieved as per the development agreement and the fees receivable can be reliably measured. Turnover relating to the recharge of development costs incurred is recognised when the company has the right to recharge this amount to its customer. Turnover is recognised at the fair value, excluding discounts, rebates, value added tax and other sales taxes.

Work-in-progress represents the cost of planning, initial development and contractors in relation to the company's property development projects. These costs are then recharged to the client as the project progresses, in accordance with the terms of the development agreement. Work-in-progress is valued at the lower of cost and net realisable value.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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, which include trade and other 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.

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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, including trade and other creditors and loans from fellow group companies, 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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the enacted or substantively tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

There is estimation uncertainty in determining the carrying value of the company’s work-in-progress as reported in the balance sheet. A full line by line review of work-in-progress is carried out by management regularly, with write downs to net realisable value made where they consider that the cost will not be recovered in full. Whilst every attempt is made to ensure that the carrying value of work-in-progress is as accurate as possible, there remains a risk that it may be over or under provided against at each reporting date, when compared to the actual recoveries subsequently realised.

The company has no employees. The directors do not receive any remuneration from the company. The average number of directors of the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The company has taken advantage of the exemption available under FRS 102 Section 33 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertakings of the group.

At 31 March 2025 the company's immediate parent undertaking and the parent of the smallest group to prepare consolidated financial statements which include the company was Reef Group Limited. The company's ultimate parent company and the parent of the largest group to prepare consolidated financial statements which include the company was ReefRock Capital Limited. Both Reef Group Limited and ReefRock Capital Limited are registered in England and Wales and have the same registered office address as the company. Their financial statements can be obtained from Companies House.

Reclassification of recharged costs

Under the terms of a development funding agreement, the company recharges certain costs that it incurs in connection with its development project to the ultimate customer. Previously, the company was recognising the development costs incurred as work-in-progress stock and the amounts received from the recharge as a liability within other creditors. The work-in-progress and other creditor amounts would then be released to profit on loss on completion of the development.

Having revisited the terms of the development funding agreement during the year, the company has determined that the costs within work-in-progress cease to be an asset of the company once they have been recharged to the customer. Furthermore, the company does not have a financial liability in respect of recharged costs received (or receivable). A prior period adjustment has therefore been processed to reclassify the recharged amounts previously disclosed in other creditors so that they now represent a reduction in the work-in-progress stock. Cost of sales and turnover have also been restated to respectively reflect the development costs incurred and then recharged in the year.

The impact of this adjustment on the figures previously reported by the company is set out below.