Renand Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03446955 (England and Wales)

Unaudited Financial Statements

for the Period 1 December 2022 to 31 March 2024

for

Renand Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Panayiotou

REGISTERED OFFICE:

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

REGISTERED NUMBER:

03446955 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Tangible assets

4

2,500

-

Investments

5

10,521,331

10,058,863

Investment property

6

17,989,719

17,290,000

28,513,550

27,348,863

CURRENT ASSETS

Debtors

7

3,887,487

3,831,151

Cash at bank

1,433,975

1,742,151

5,321,462

5,573,302

CREDITORS

Amounts falling due within one year

8

(26,306

)

(186,465

)

NET CURRENT ASSETS

5,295,156

5,386,837

TOTAL ASSETS LESS CURRENT

LIABILITIES

33,808,706

32,735,700

CREDITORS

Amounts falling due after more than one year

9

(18,490,500

)

(18,490,500

)

PROVISIONS FOR LIABILITIES

(2,537,974

)

(2,405,225

)

NET ASSETS

12,780,232

11,839,975

CAPITAL AND RESERVES

Called up share capital

2

Other reserves

11

12,634,950

12,079,935

Retained earnings

11

145,280

(239,962

)

SHAREHOLDERS' FUNDS

12,780,232

11,839,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 June 2024 and were signed by:

G Panayiotou - Director

1.	STATUTORY INFORMATION

Renand Properties 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 as modified by the revaluation of certain assets.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

After reviewing the company's forecasts and projections, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents net rental income and management fees receivable, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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.

Investments

Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

Impairment of assets

Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors and creditors receivable/payable in one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2022

51,510

Additions

2,709

Disposals

(51,510

)

At 31 March 2024

2,709

DEPRECIATION

At 1 December 2022

51,510

Charge for period

209

Eliminated on disposal

(51,510

)

At 31 March 2024

209

NET BOOK VALUE

At 31 March 2024

2,500

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.3.24

30.11.22

£

Brought forward

10,058,863

3,238,994

Capital introduced

462,468

6,819,869

10,521,331

10,058,863

Fixed asset investments (neither listed nor unlisted) represent the company's capital account balance in a Limited Liability Partnership.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2022

17,290,000

Additions

144,704

Revaluations

555,015

At 31 March 2024

17,989,719

NET BOOK VALUE

At 31 March 2024

17,989,719

At 30 November 2022

17,290,000

Fair value at 31 March 2024 is represented by:

£

Valuation in 2018

11,956,675

Valuation in 2019

(439,765

)

Valuation in 2021

750,700

Valuation in 2022

(352,234

)

Valuation in 2024

555,015

Cost

5,519,328

17,989,719

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

30.11.22

£

Trade debtors

881

-

Other debtors

3,886,606

3,831,151

3,887,487

3,831,151

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

30.11.22

£

Trade creditors

-

23,189

Other creditors

26,306

163,276

26,306

186,465

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

31.3.24

30.11.22

£

Bank loans

18,490,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.24

30.11.22

£

Bank loans

18,490,500

11.

RESERVES

Retained

Other

earnings

reserves

Totals

£

At 1 December 2022

(239,961

)

12,079,935

11,839,974

Profit for the period

940,256

Transfer

(555,015

)

555,015

-

At 31 March 2024

145,280

12,634,950

12,780,230

12.	RELATED PARTY DISCLOSURES

As at 31 March 2024 £3,859,904 (2022: £3,767,163) was owed from entities controlled by key management personnel.

Renand Properties Limited - Accounts to registrar (filleted) - small 23.2.5

Renand Properties Limited - Accounts to registrar (filleted) - small 23.2.5