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Corvette Rengen Wells Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
PJE Chartered Accountants
2 Oakfield Road
Clifton
Bristol
BS8 2AL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14506389
2025 2024
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 5,768,283 2,609,071
5,768,283 2,609,071
CURRENT ASSETS
Debtors 5 463,033 547,773
Cash at bank and in hand 2,416 50,530
465,449 598,303
Creditors: Amounts Falling Due Within One Year 6 (66,839 ) (3,327,560 )
NET CURRENT ASSETS (LIABILITIES) 398,610 (2,729,257 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,166,893 (120,186 )
Creditors: Amounts Falling Due After More Than One Year 7 (3,436,724 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (787,588 ) -
NET ASSETS/(LIABILITIES) 1,942,581 (120,186 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 1,942,580 (120,187 )
SHAREHOLDERS' FUNDS 1,942,581 (120,186)
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R I Lewis
Director
1 June 2026
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Corvette Rengen Wells Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14506389 . The registered office is 4 Argyle Street, Bath, BA2 4BA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.4. Taxation - continued
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
4. Investment Property
2025
£
Fair Value
As at 1 April 2024 2,609,071
Additions 8,860
Fair value adjustments 3,150,352
As at 31 March 2025 5,768,283
The investment property was valued on an open market basis at 31 March 2025 by the directors.
5. Debtors
2025 2024
£ £
Due within one year
Amounts owed by group undertakings 3,939 3,938
Amounts owed by participating interests - 90,471
Other debtors 44,942 -
48,881 94,409
Due after more than one year
Amounts owed by group undertakings 414,152 453,364
463,033 547,773
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 6,893 22,690
Bank loans and overdrafts - 3,303,370
Amounts owed to participating interests 30,579 -
Other creditors 29,367 1,500
66,839 3,327,560
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7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 3,436,724 -
8. Secured Creditors
Of the creditors the following amounts are secured by a fixed and floating charge over assets of the company. 
The bank loan is secured by a fixed and floating charge over the assets of the property.
The company is a member of the of the Corvette Rengen Holdings Limited group of companies. There are cross guarantees in place with the other members of the group providing security for the bank borrowings of the respective members of the group. Similarly the other members of the group have provided security for the bank loans of Corvette Rengen Wells Limited.
The amount included under 'other creditors' is secured by a fixed charge over the investment property.
2025 2024
£ £
Bank loans and overdrafts 3,436,722 3,303,370
Other Creditors 513,377 -
9. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 787,588 787,588
Balance at 31 March 2025 787,588 787,588
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1 1
11. Reserves
Profit and Loss Account
£
As at 1 April 2024 (120,187 )
Profit for the year and total comprehensive income 2,062,767
As at 31 March 2025 1,942,580
Page 5
Page 6
12. Related Party Transactions
The company is a subsidiary of Corvette Rengen Holdings Limited. At the year end included in debtors is an amount of £414,153  ( 2024: £453,364) owed by Corvette Rengen Holdings Limited.
The director R I Lewis is also a director of Siena Group Limited. At the year end Siena Group limited owed the company £3,938 (2024: £3,938) 
The director R I Lewis is also a director of Iesis Lettings and Management Limited. At the year end the company owed £30,579 ( 2024: £90,471 debtor) to Iesis Lettings and Management Limited.
13. Ultimate Controlling Party
The company is owned by Corvette Rengen Holdings Limited, which is in turn jointly owned by Siena Group Limited and Franove Holdings Limited. R I Lewis, a director of the company, is the sole shareholder of Siena Group Limited.
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