| REPAIRSECOND LIMITED |
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| Notes to the financial statements - 31 July 2021 |
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| 1 |
STATUTORY INFORMATION |
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Company Information |
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Repairsecound Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT. |
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The company is a wholly owned subsidiary of Maya Developments Limited a company registered in England & Wales. |
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| 2. |
STATEMENT OF COMPLIANCE |
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The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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| 3. |
ACCOUNTING POLICIES |
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Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Cash flow |
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The company as a small entity has taken the advantage not to prepare a cash flow statement under FRS 102 Section 1A small entities. |
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Going Concern |
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The company has positive equity and net asset position. During the year the company traded profitably. The directors expect that the company will have enough financial resources to cover the cash flow requirements in the next 12 months. |
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Based on the above and Covid 19 (see director's report), the directors are of the view that the financial statements can be prepared on a going concern basis. |
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Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade, other payable and long term loans are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| REPAIRSECOND LIMITED |
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| Notes to the financial statements - 31 July 2021 |
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Revenue recognition |
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Revenue is measured at the fair value of consideration received or receivable and represents net amount receivable from rental from investment properties. |
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Revenue from rentals is recognise in the accounting period in which the rental relates to. |
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Investment Properties: |
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Investment property is included at fair value. The basis of the valuation is mentioned in note 5. Gains or losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
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Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| 4. |
Average number of employees |
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31.07.2021 |
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31.07.2020 |
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No. of employees |
- |
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- |
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The directors did not receive any remuneration during the year. |
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| 5. |
Investment properties |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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Freeholds property at 1.8.2020 |
9,250,000 |
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11,000,000 |
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Other |
(2,736) |
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- |
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Revaluation |
- |
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(1,750,000) |
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As at 31.07.2021 |
9,247,264 |
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9,250,000 |
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The value of the property is included in accordance with valuation made during April 2021 by an external valuer on the basis of market value. |
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There were no changes in the trading activities of the company. As a result the directors believe that the property's valuation didn't chasnge. |
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There is a fixed charge on the investment properties to secure a loan advanced by a bank to |
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the parent company. |
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| REPAIRSECOND LIMITED |
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| Notes to the financial statements - 31 July 2021 |
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| 6. |
Debtors |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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Trade debtors |
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104,771 |
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109,894 |
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Other debtors and prepayments |
20,013 |
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9,085 |
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124,784 |
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118,979 |
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| 7. |
Creditors: amounts falling due |
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within one year |
31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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Trade creditors |
8,502 |
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9,429 |
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Parent company |
100,000 |
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357,536 |
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Group company |
- |
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7,572 |
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Other creditors |
172,475 |
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188,078 |
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VAT |
12,194 |
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31,191 |
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Corporation Tax |
58,984 |
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39,900 |
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Accruals and deferred revenue |
173,596 |
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170,576 |
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525,751 |
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804,282 |
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| 8. |
Creditors: amounts falling due |
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after more then one year |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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Parent company loan repayable after more than 1 year |
2,499,951 |
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2,617,544 |
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Repayable between 1-2 years |
2,499,951 |
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100,000 |
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Repayable between 2-5 years |
- |
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2,517,544 |
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2,499,951 |
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2,617,544 |
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The loan was advanced from the parent company and is not secured, interest is charged at an annual fixed rate of 4.3%. |
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| 9. |
Provision of liabilities |
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Deferred tax |
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The provision of deferred tax is relating to timing differences on the valuation of the property and is deemed to be materialised in a period of more than one year. |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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As at 1 August 2020 |
1,102,998 |
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1,435,499 |
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Transfer to profit and loss account |
112,439 |
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(332,501) |
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As at 31 July 2021 |
1,215,437 |
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1,102,998 |
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| REPAIRSECOND LIMITED |
| Notes to the financial statements - 31 July 2021 |
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| 10. |
Share capital |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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2 Ordinary shares of £1 each |
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2 |
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2 |
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| 11. |
Revaluation reserve |
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31.07.2021 |
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31.07.2020 |
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£ |
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£ |
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At the beginning of the year |
4,702,256 |
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6,119,755 |
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Revaluation |
(112,439) |
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(1,417,499) |
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4,589,817 |
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4,702,256 |
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The property revaluation reserve comprises the cumulative effect of revaluations of investment properties which are revalued to the fair value at each reporting date. |
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The amount of £4,589,817 (2020 £4,702,256) included in the reserve at fair value (net of deferred tax) are not available for distribution as they are unrealised. |
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| 12. |
Commitment |
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The company is acting as a joint borrower for a loan advanced by a bank to its parent company |
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and it is subject jointly and separately with the parent company and other group company to the |
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terms and conditions of the loan. |
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| 13. |
Audit report information |
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As the income statement has been omitted from the filing 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. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Levy Cohen & Co. |
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Date auditor signed accounts 19 April 2022 |
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Name of director signing accounts Y Ella |
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Date director signed accounts 19 April 2022 |
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| 14. |
Related party disclosure |
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Control: |
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The company is a wholly owned subsidiary of Maya Developments Ltd, a company incorporated and registered England & Wales whose registered office is 37 Broadhurst Gardens, London, NW6 3QT. |
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The ultimate parent company is Elrop Holdings Limited, a company incorporated in the B.V.I. |
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Transactions: |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |
