RTP RE Knowsley Limited - Period Ending 2022-12-31

RTP RE Knowsley Limited

Contents

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

RTP RE Knowsley Limited

Company Information

Directors

M Krayukhina S Lomovtseva

Registered office

5th Floor 86 Jermyn Street London SW1Y 6AW

Auditor

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

RTP RE Knowsley Limited

Statement of Financial Position as at 31 December 2022

	Note	2022 £
Fixed assets
Investment property	5	22,250,000
Current assets
Debtors	6	423,502
Cash at bank and in hand		521,150
		944,652
Creditors: Amounts falling due within one year	7	(5,773,718)
Net current liabilities		(4,829,066)
Total assets less current liabilities		17,420,934
Creditors: Amounts falling due after more than one year	7	(17,754,000)
Net liabilities		(333,066)
Capital and reserves
Called up share capital		8,360,777
Retained earnings		(8,693,843)
Shareholders' deficit		(333,066)

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 21 July 2023 and signed on its behalf by:
 

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

S Lomovtseva

Director

Company registration number: 13560370

RTP RE Knowsley Limited

Notes to the Financial Statements for the Period from 11 August 2021 to 31 December 2022

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 24 July 2023 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.

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.

Going concern

The company had a net deficiency of assets at 31 December 2022 of £333,066 and net current liabilities of £4,829,066. At that date an amount of £5,133,616 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 ongoing economic uncertainty in the United Kingdom and the directors' view is that the impact will be manageable. The company has continued to receive rental income from its investment property 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 operational existence for the foreseeable future. Accordingly the directors will adopt the going concern basis in preparing the financial statements.

RTP RE Knowsley Limited

Notes to the Financial Statements for the Period from 11 August 2021 to 31 December 2022

Revenue recognition

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

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

Tax

The tax expense for the period comprises current 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.

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.

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.

RTP RE Knowsley Limited

Notes to the Financial Statements for the Period from 11 August 2021 to 31 December 2022

4	Staff numbers

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

5	Investment properties

	2022 £
Fair value
Additions	30,496,261
Fair value adjustments	(8,246,261)
At 31 December 2022	22,250,000

The investment property is included at fair value as estimated by the directors based upon a professional valuation at an amount of £22,250,000.

6

Debtors

	2022 £
Amounts owed by group undertakings	289,000
Other debtors	134,502
	423,502

7

Creditors

Creditors: amounts falling due within one year

	2022 £
Trade creditors	41,783
Amounts owed to group undertakings	5,133,616
Taxation and social security	84,624
Other creditors	513,695
	5,773,718

Creditors: amounts falling due after more than one year

	Note	2022 £
Loans and borrowings	8	17,754,000

RTP RE Knowsley Limited

Notes to the Financial Statements for the Period from 11 August 2021 to 31 December 2022

8	Loans and borrowings

	2022 £
Non-current loans and borrowings
Bank loans	17,754,000

The loan is 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.