RST_NEWQUAY_DEVELOPMENTS_ - Accounts
RST_NEWQUAY_DEVELOPMENTS_ - Accounts
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
Cash at bank and in hand
Net current assets
Creditors: amounts falling due after more than one year
4
(1,068,845 )
(1,068,845 )
Net liabilities
(935,500 )
(935,500 )
Capital and reserves
Called up share capital
Profit and loss reserves
(935,600 )
(935,600 )
Total equity
(935,500 )
(935,500 )
The financial statements were approved by the board of directors and authorised for issue on 22 June 2022 and are signed on its behalf by:
Director
Company Registration No. 05995883
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information
RST Newquay Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kemp House, 152-160 City Road, London, United Kingdom, EC1V 2NX.
1.1
Accounting convention
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 £.
1.2
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of £935,500 (2020: £935,500), which the directors believe to be appropriate for the following reason. The company is reliant for its working capital on funds provided to it by it's parent company (and other companies within the group), which has provided the company with an undertaking that it will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. In addition, a director of a group company holds loans with the company of £1,068,845 (2020: £1,068,845), all of which is repayable by on 18 March 2029.
This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have carried out their assessment of going concern and taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have carried out their assessment of going concern and taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable from the sale of developed residential and commercial property and other related income. Turnover from property sales is recognised at the date of legal completion of the sale.
1.4
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
1.5
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
5
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Other loans
Payable after one year
The other loan, which is included in other creditors, is secured by a debenture, a personal guarantee by a director of a group company and a guarantee by a fellow subsidiary.
6
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 was unqualified.
7
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
At the year end there was a balance due to a director of £1,068,845 (2020 £1,068,845). This amount is included within creditors due after one year.
8
Parent company
The directors regard RST Residential Investments Limited as the ultimate parent company. RST1 South West Group Limited is the immediate parent company. The registered offices of the immediate and the ultimate parent companies is Kemp House, 152 - 160 City Road, London, United Kingdom, EC1V 2NX. The largest group of undertakings for which group financial statements have been drawn up is that headed by RST Residential Investments Limited. Copies of the group financial statements may be obtained from Companies House.