Regmac Limited - Period Ending 2020-09-30

Regmac Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 6

Regmac Limited

Company Information

Director

G Galatis

Registered office

590 Green Lanes Palmers Green London N13 5RY

Accountants

Thomas Alexander & Company Limited Chartered Accountants 590 Green Lanes London N13 5RY

Regmac Limited

Director's Report for the Year Ended 30 September 2020

The director presents his report and the financial statements for the year ended 30 September 2020.

Director of the company

The director who held office during the year was as follows:

G Galatis

Principal activity

The principal activity of the company is that of property investment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 8 February 2021 and signed on its behalf by:

.........................................
G Galatis
Director

Regmac Limited

(Registration number: 09134439)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	1,661,948	1,661,948
Current assets
Cash at bank and in hand		126,112	83,441
Creditors: Amounts falling due within one year	5	(1,677,580)	(1,675,754)
Net current liabilities		(1,551,468)	(1,592,313)
Net assets		110,480	69,635
Capital and reserves
Called up share capital	6	1	1
Profit and loss account		110,479	69,634
Shareholders' funds		110,480	69,635

For the financial year ending 30 September 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 February 2021
 

.........................................

G Galatis
Director

Regmac Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the director on 8 February 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Regmac Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4	Investment properties

	2020 £
At 1 October	1,661,948
At 30 September	1,661,948

The investment property is recoded at historic cost which is considered to be equal to the fair value.

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	2,500	2,500
Other creditors	1,665,499	1,665,414
Corporation tax liability	9,581	7,840
	1,677,580	1,675,754

Regmac Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

7	Related party transactions

Summary of transactions with other related parties

Included in other creditors is an amount of £1,665,499 (20198: £1,665,414) owed to G Galatis, director of the company.