Relo Redac Strattons Limited
Relo Redac Strattons Limited
Registered number: 03681380
Financial Statements
For The Year Ended
31 March 2023
Kalculus
Chartered Accountants & Business Advisers
Relo Redac Strattons Limited
Financial Statements
For The Year Ended
31 March 2023
Financial Statements
Contents | |
Page | |
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Company Information | 1 |
Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—8 |
Relo Redac Strattons Limited
Company Information
For The Year Ended
31 March 2023
Company Information
Directors |
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Company Number |
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Registered Office | Charles House |
108-110 Finchley Road | |
London | |
NW3 5JJ | |
Accountants |
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Chartered Accountants & Business Advisers | |
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London | |
NW1 5PU | |
Relo Redac Strattons Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
03681380
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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Investments | 6 |
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CURRENT ASSETS | |||||
Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Share premium account |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 302,137 | 490,934 | |||
Relo Redac Strattons Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
Director
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The notes on pages 4 to 8 form part of these financial statements.
Relo Redac Strattons Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Relo Redac Strattons Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03681380
. The registered office is Charles House, 108-110 Finchley Road, London, NW3 5JJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
· Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
·Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
· Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Relo Redac Strattons Limited is a wholly owned subsidiary of Relo Group Inc and the results of Relo Redac Strattons Limited are included in the consolidated financial statements of Relo Group Inc which are available from 4-3-23 Shinjuku, Shinjuku-Ku, Tokyo 160-0022 Japan.
2.2.
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts. Revenue is recognised when an authorised sales invoice is issued
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
Relo Redac Strattons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.6.
Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.7.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.9.
Client Balances
The company holds fuunds primarily on behalf of landlords and tenants, as part of its property management function. As these funds are effectively Clients' Accounts, the directors do not consider them to be assets of the company. Therefore, they have been excluded from the balance sheet by way of set-off Client Ledger balances.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2022: 36)
Relo Redac Strattons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
4.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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5.
Tangible Assets
Land & Property | |||
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Leasehold | Plant & Machinery | Total | |
£ | £ | £ | |
Cost | |||
As at
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Additions |
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As at
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Depreciation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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6.
Investments
Subsidiaries | Unlisted | Total | |
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£ | £ | £ | |
Cost | |||
As at
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Additions |
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As at
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Provision | |||
As at
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- |
As at
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...CONTINUED
Relo Redac Strattons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
Net Book Value | |||
As at
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As at
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Details of the company's subsidiary as at 31 March 2023 are as follows:
Name of Undertaking
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Registered Office
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Nature of business
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Class of shares held
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% Held Directly
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Global London Real Estate UK Limited
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UK
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Property Investment
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Ordinary Shares
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100.00
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The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of Undertaking
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Capital and Reserves
£
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Profit / (Loss)
£
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Global London Real Estate UK Limited
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6,437
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(64,175)
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7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Corporation tax recoverable |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals and deferred income |
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9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Amounts owed to group undertakings |
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Relo Redac Strattons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
11.
Financial Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
12.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Ultimate Controlling Party
The company's ultimate controlling party is
Relo Group Inc, a company incorporated in Japan.
14.
Audit Information
The auditors report on the account of Relo Redac Strattons Limited for the year ended 31 March 2023 was qualified
The basis of qualification in the auditor's report was as follows:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK , and the provisions available for small entities, in the circumstances set out in note 12 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Included with Creditors - amounts falling due within one year are other creditors totalling £98,372. These creditors represent old tenants deposits and landlord balances. However, the company is no longer able to identify the individuals concerned nor the amount owed to each. It is attempting to locate further details, but in the presence of a breakdown of the balances, we are unable to ascertain if the balances are fairly presented in the financial statements.
The matters required to report by exception are stated below:
As described in the basis for qualified opinion section of our report, we were unable to verify other creditors balances totalling £98,372. We have concluded that where the other information refers to the other creditors balance, it may be materially misstated for the same reason.
The auditor's report was signed by
Philip Horesh BA FCA
(Senior Statutory Auditor)
for and on behalf of
Kalculus
, Statutory Auditor