RTP RE Victoria Road Limited - Period Ending 2021-12-31

RTP RE Victoria Road Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 6

RTP RE Victoria Road Limited

Company Information

Directors

S Lomovtseva M Krayukhina

Registered office

5th Floor 86 Jermyn Street London SW1Y 6AW

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

RTP RE Victoria Road Limited

Statement of Financial Position as at 31 December 2021

	Note	2021 £
Fixed assets
Investment property	5	18,215,000
Current assets
Debtors	6	498,843
Cash at bank and in hand		366,697
		865,540
Creditors: Amounts falling due within one year	7	(10,408,454)
Net current liabilities		(9,542,914)
Total assets less current liabilities		8,672,086
Creditors: Amounts falling due after more than one year	7	(10,818,088)
Net liabilities		(2,146,002)
Capital and reserves
Called up share capital		1
Retained earnings		(2,146,003)
Shareholders' deficit		(2,146,002)

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 4 August 2022 and signed on its behalf by:
 

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

S Lomovtseva

Director

Company registration number: 12924740

RTP RE Victoria Road Limited

Notes to the Financial Statements for the Period from 3 October 2020 to 31 December 2021

1	General information

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

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

The principal activity of the company is that of property investment.

2	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 August 2022 was Martin Widdowson, who signed for and on behalf of Brebners.

3	Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Disclosure of long or short period

These financial statements relate to the period from 3 October 2020 to 31 December 2021.

Going concern

The company had net liabilities at 31 December 2021 of £2,146,002 and net current liabilities of £9,542,914. At that date an amount of £10,308,740 was due to group undertakings who have confirmed they will not call for repayment until such time as the company has sufficient working capital.

The directors' have considered the potential effect of the COVID-19 crisis and, although there is no certainty as to when this will end, the directors' view is that the impact will be manageable. The company has continued to receive rental income from its investment property throughout the period and the directors do not envisage any reasons why this should not continue.

The company's long-term borrowings are not due for repayment until 2026 and the directors are confident that the rental income is sufficient to meet the annual interest commitment.

On the basis of the above and after making enquiries, the directors' have reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Accordingly the directors will adopt the going concern basis in preparing the financial statements.

RTP RE Victoria Road Limited

Notes to the Financial Statements for the Period from 3 October 2020 to 31 December 2021

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rent receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts.

The company recognises rental income evenly over the period of the leases.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

RTP RE Victoria Road Limited

Notes to the Financial Statements for the Period from 3 October 2020 to 31 December 2021

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

4	Staff numbers

The average number of persons employed by the company during the period, was 0.

5	Investment properties

	2021 £
Additions	19,450,000
Fair value adjustments	(1,235,000)
At 31 December 2021	18,215,000

The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £18,215,000.

6

Debtors

	2021 £
Other debtors	498,843
	498,843

RTP RE Victoria Road Limited

Notes to the Financial Statements for the Period from 3 October 2020 to 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £
Trade creditors	77,392
Amounts owed to group undertakings	10,308,740
Other creditors	22,322
	10,408,454

Creditors: amounts falling due after more than one year

	Note	2021 £
Loans and borrowings	8	10,818,088

8	Loans and borrowings

	2021 £
Non-current loans and borrowings
Bank borrowings	10,818,088

The bank borrowings are secured by a fixed charge over the company's investment property shown in note 5.

9	Related party transactions

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.