Company No: 08822202 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTOR	R T Hadwin
REGISTERED OFFICE	Stratton House
	Back Lane
	Stoney Stratton
	Shepton Mallet
	Somerset
	BA4 6EA
	United Kingdom
COMPANY NUMBER	08822202(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming Bath Limited
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of REPI Limited for the financial year ended 31 December 2019 which comprises the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that REPI Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of REPI Limited. You consider that REPI Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of REPI Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of REPI Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of REPI Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than REPI Limited and its Director as a body for our work or for this report.

Bishop Fleming Bath Limited
Chartered Accountants

Minerva House
Lower Bristol Road
Bath
BA2 9ER

10 December 2020

		2019		2018
	Note	£		£
Fixed assets
Investments	3	502,122		669,496
		502,122		669,496
Current assets
Debtors	4	33,995		47,236
Cash at bank and in hand		214		6,633,936
		34,209		6,681,172
Creditors
Amounts falling due within one year	5	( 628,019)		( 6,116,911)
Net current (liabilities)/assets		(593,810)		564,261
Total assets less current liabilities		(91,688)		1,233,757
Net (liabilities)/assets		( 91,688)		1,233,757
Capital and reserves
Called-up share capital	6	100		100
Profit and loss account		( 91,788 )		1,233,657
Total shareholders' (deficit)/funds		( 91,688)		1,233,757

For the financial year ending 31 December 2019 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of REPI Limited (registered number: 08822202) were approved and authorised for issue by the Director on 10 December 2020. They were signed on its behalf by:

R T Hadwin Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

REPI Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stratton House, Back Lane, Stoney Stratton, Shepton Mallet, Somerset, BA4 6EA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of REPI Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Valuation of investments

Investments in associates are measured at cost less impairment.

2. Employees

	2019	2018
	Number	Number
Monthly average number of persons employed by the Company during the year, including director	1	1

3. Fixed asset investments

	Investments in associates	Total
	£	£
Carrying value before impairment
At 01 January 2019	669,496	669,496
At 31 December 2019	669,496	669,496
Provisions for impairment
At 01 January 2019	0	0
Impairment	167,374	167,374
At 31 December 2019	167,374	167,374
Carrying value at 31 December 2019	502,122	502,122
Carrying value at 31 December 2018	669,496	669,496

4. Debtors

	2019	2018
	£	£
Amounts owed by Group undertakings	0	6,425
Amounts owed by associates	33,995	40,811
	33,995	47,236

Amounts owed by associates are interest free and repayable upon demand.

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Amounts owed to Group undertakings	0	6,042,325
Other creditors	616,396	1,400
Corporation tax	11,623	73,186
	628,019	6,116,911

6. Called-up share capital and reserves

	2019	2018
	£	£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.10 each (2018: 100 shares of £ 1.00 each)	100	100
	100	100

During the year the shares were restructured from 100 shares with a nominal value of £1 to 1000 shares with a nominal value of £0.10.

7. Related party transactions

At the year end an associate owed the company £33,995 (2018: £40,811) and directors of the company were owed £616,396 (2018: £Nil) by the reporting entity.

In the previous year the company has taken advantage of the exemption available under FRS 102 s1ac.35 to not disclose related party transactions with wholly owned subsidiaries within the group.