Company registration number 12599596 (England and Wales)
R BLUE REGEN OX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
R BLUE REGEN OX LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
R BLUE REGEN OX LIMITED
COMPANY INFORMATION
- 1 -
Directors
S Deering
J Piper-Beillevaire
(Appointed 6 January 2025)
Secretary
S Deering
Company number
12599596
Registered office
51 Welbeck Street
London
W1G 9HL
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
R BLUE REGEN OX LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
as restated
Notes
£
£
Current assets
Debtors falling due within one year
5
1,801,847
2,048,169
Cash at bank and in hand
42,554
50,000
Non-current assets
Debtors falling due after more than one year
5
1,528,298
-
3,372,699
2,098,169
Creditors: amounts falling due within one year
6
(416,469)
(1,884,166)
Net assets
2,956,230
214,003
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,956,229
214,002
Total equity
2,956,230
214,003

The notes on pages 3 to 8 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

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
J Piper-Beillevaire
Director
Company registration number 12599596 (England and Wales)
R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

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

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 a mounts 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.

1.2
Prior period adjustment

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 11.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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.

1.5
Work-in-progress

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank.

R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

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

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings 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.

Impairment of financial assets

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 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 paymen ts 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

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

Current 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

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.

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.

No key judgements or estimates were necessary in the preparation of these financial statements.

3
Employees

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:

2025
2024
Number
Number
Total
2
2
R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(259)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
2,742,227
(121,799)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
685,557
(30,450)
Group relief (received)/surrendered without payment
(685,557)
30,450
Under/(over) provided in prior years
-
0
(259)
Taxation charge/(credit) for the year
-
(259)
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
331,286
Amounts owed by group undertakings
1,369,515
-
0
Other debtors
432,332
1,716,883
1,801,847
2,048,169
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
1,528,298
-
0
Total debtors
3,330,145
2,048,169
R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
0
157,613
Amounts owed to group undertakings
-
0
1,326,281
Taxation and social security
15,519
-
0
Other creditors
400,950
400,272
416,469
1,884,166
7
Audit report information

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:

Opinion

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 profit 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.

Senior Statutory Auditor:
Matthew Burge
Statutory Auditor:
Beavis Morgan Audit Limited
Date of audit report:
13 March 2026
8
Commitments

At the reporting date, amounts contracted but not provided for in the financial statements amounted to £Nil (202 4: £840,529).

9
Related party transactions

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

10
Parent company

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.

R BLUE REGEN OX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
11
Prior period adjustment

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.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2024
£
£
£
Current assets
Work-in-progress
18,356,489
(18,356,489)
-
Creditors due within one year
Other creditors
(20,240,655)
18,356,489
(1,884,166)
Net assets
214,003
-
214,003
Capital and reserves
Total equity
214,003
-
214,003
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Turnover
-
18,552,916
18,552,916
Cost of sales
-
(18,552,916)
(18,552,916)
Gross profit
-
-
-
Loss for the financial period
(121,540)
-
(121,540)
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