Regalia Homes Kent Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09839280 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

REGALIA HOMES KENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T D Chenoweth

Mrs J Chenoweth

REGISTERED OFFICE:

5 White Oak Square

London Road

Swanley

Kent

BR87AG

REGISTERED NUMBER:

09839280 (England and Wales)

ACCOUNTANTS:

Sargeant Partnership LLP

Chartered Accountants

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Tangible assets

4

14,674

18,028

Investment property

5

2,885,524

2,872,937

2,900,198

2,890,965

CURRENT ASSETS

Debtors

6

5,527

7,078

Cash at bank

3,803

10,295

9,330

17,373

CREDITORS

Amounts falling due within one year

7

4,336,309

4,272,212

NET CURRENT LIABILITIES

(4,326,979

)

(4,254,839

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,426,781

)

(1,363,874

)

CREDITORS

Amounts falling due after more than one year

8

35,238

48,887

NET LIABILITIES

(1,462,019

)

(1,412,761

)

CAPITAL AND RESERVES

Called up share capital

9

4

4

Retained earnings

10

(1,462,023

)

(1,412,765

)

SHAREHOLDERS' FUNDS

(1,462,019

)

(1,412,761

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

Mrs J Chenoweth - Director

1.	STATUTORY INFORMATION

Regalia Homes Kent Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% per annum on reducing balance

Computer equipment

-

33% per annum on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Going concern

The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

57,925

-

57,925

Additions

-

1,954

1,954

At 31 March 2022

57,925

1,954

59,879

DEPRECIATION

At 1 April 2021

39,897

-

39,897

Charge for year

5,003

305

5,308

At 31 March 2022

44,900

305

45,205

NET BOOK VALUE

At 31 March 2022

13,025

1,649

14,674

At 31 March 2021

18,028

-

18,028

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

2,872,937

Additions

12,587

At 31 March 2022

2,885,524

NET BOOK VALUE

At 31 March 2022

2,885,524

At 31 March 2021

2,872,937

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by associates

4,149

-

VAT

1,378

7,078

5,527

7,078

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

2,985,850

2,983,350

Hire purchase contracts

3,649

9,674

Trade creditors

11,437

9,952

Amounts owed to associates

1,191,182

1,106,141

Other creditors

56,699

62,421

Directors' loan accounts

87,492

100,674

4,336,309

4,272,212

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

32,500

42,500

Hire purchase contracts

2,738

6,387

35,238

48,887

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

4

Ordinary

£1

4

4

10.

RESERVES

Retained

earnings

£

At 1 April 2021

(1,412,765

)

Deficit for the year

(49,258

)

At 31 March 2022

(1,462,023

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed J Chenoweth, a director of the company £43,746 (2021: £50,337) and T Chenoweth, a director of the company £43,746 (2021: £50,337).

12.	RELATED PARTY DISCLOSURES

Transactions with associated companies registered in England and Wales which are not part of the group and therefore full disclosure made:

Regalia Homes Limited

At the balance sheet date Regalia Homes Kent Limited owed Regalia Homes Limited £137,208 (2021: £113,671) by way of an intercompany account.

Direct Interiors Limited

At the balance sheet date Regalia Homes Kent Limited owed Direct Interiors Limited £282,545 (2021: £264,500) by way of an intercompany account.

Southlands Lodge Limited

At the balance sheet date Regalia Homes Kent Limited owed Southlands Lodge Limited £12,950 (2021: £70,700) by way of an intercompany account.

Elne Properties Limited

At the balance sheet date Regalia Homes Kent Limited owed Elne Properties Limited £758,479 (2021: £657,269) by way of an intercompany account.

Beechdene Properties Limited

At the balance sheet date Beechdene Properties Limited owed Regalia Homes Kent Limited £4,149 (2021: £NIL) by way of an intercompany account.