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REGISTERED NUMBER:
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RST MUSWELL HILL LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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REGISTERED NUMBER:
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RST MUSWELL HILL LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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RST MUSWELL HILL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
5 Yeomans Court |
Ware Road |
Hertford |
Hertfordshire |
SG13 7HJ |
RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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RST Muswell Hill Limited is a private company, limited by shares, registered in England and Wales. |
The registered office is 2nd Floor Regis House, 45 King William Street, London, United Kingdom, |
EC4R 9AN and its principal place of business is 1 Frederick Place, London N8 8AF. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical convention as modified by the |
revaluation of certain assets and the recognition of certain financial assets and liabilities at fair value. |
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The financial statements are presented in sterling (£) which is also the functional currency for the |
company. |
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Going Concern |
The financial statements have been prepared on the going concern basis, notwithstanding net |
liabilities of £3,183,569 which the directors believe to be appropriate for the following reason. The |
company is reliant for its working capital on funds provided to it by it’s parent company (and other |
companies within the group), which has provided the company with an undertaking that it will, for at |
least 12 months from the date of approval of these financial statements, continue to make available |
such funds as are needed by the company and in particular will not seek repayment of the amounts |
currently made available. This should enable the company to continue in operational existence for the |
foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing |
reliance on other group entities for financial support, the directors acknowledge that there can be no |
certainty that this support will continue although, at the date of approval of these financial statements, |
they have no reason to believe that it will not do so. Based on this understanding the directors believe |
that it remains appropriate to prepare the financial statements on a going concern basis. The financial |
statements do not include any adjustments that would result from the basis of preparation being |
inappropriate. |
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Preparation of consolidated financial statements |
The financial statements contain information about RST Muswell Hill Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is |
exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements as it and its subsidiary undertaking are included by full consolidation in the |
consolidated financial statements of its ultimate parent, RST Residential Investments Limited, whose |
registered office is 2nd Floor Regis House, 45 King William Street, London, United Kingdom, EC4R |
9AN and its principal place of business is 1 Frederick Place, London N8 8AF. |
RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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Development funding agreements |
Management has assessed the substance of the development funding agreements and consider them |
to be financing arrangements. The sums advanced under these agreements are therefore included in |
creditors. Management has estimated, at the balance sheet date, future cash flows as per the project |
development plans and budgets and will continue to review and revise them as appropriate. |
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Profit recognition |
Stock consists of the acquisition cost of the land and buildings, together with related legal and |
professional costs, development and borrowing costs which is recorded as incurred during a project. |
An apportionment of stock is transferred to the profit and loss account when properties are sold on a |
project. The proportion of stock transferred is calculated so as to achieve a consistent margin across |
each individual project and is reliant on management's estimation of the total selling price. Estimation |
of the selling price is subject to significant inherent uncertainties, in particular the prediction of future |
trends in the value of property. Whilst the Directors exercise due care and attention to make |
reasonable estimates, taking into account all available information in estimating the future selling |
price, the estimates may differ from the actual selling prices achieved in future periods. |
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With the exception of the estimates described above, the directors consider that there are no other |
significant judgements or estimates in the preparation of these financial statements. |
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Revisions to accounting estimates are recognised in the period in which the estimate is revised if the |
revision affects only that period, or in the period of the revision and future periods if the revision affects |
both current and future periods. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts |
and value added taxes. Turnover represents amounts receivable from the sale of developed |
residential and commercial property which is recognised at the legal date of sale completion. |
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Investments in subsidiaries |
Investments in subsidiaries are accounted for at cost less impairment in the financial statements. |
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Stocks |
Stock represents property acquired for development together with work in progress on those |
properties. The resultant stock and work in progress is valued at the lower of cost or net realisable |
value. Cost comprises the acquisition cost of the land and buildings, together with related legal and |
professional costs, development and borrowing costs. |
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In considering net realisable value, it is assumed that developments will be completed and sold in the |
ordinary course of business and not placed on the market for immediate sale in their current state of |
development. |
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RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred |
tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment |
properties measured at fair value, is measured using the tax rates and allowances that apply to the |
sale of the asset. |
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Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the |
reporting date that are expected to apply to the reversal of the timing difference. |
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Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Trade and other creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes |
a financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
value net of their transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. |
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Investment in subsidiaries |
Investments in subsidiaries are accounted for at cost less impairment in the financial statements. |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2017 |
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Additions |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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5. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
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During the year finance costs capitalised in respect of the development amounted to £7,965 (2017: |
£1,798,004). Sales in the year of completed properties resulted in £1,461,898 (2017: £121,941) of |
these finance costs being released to cost of sales. At the year-end the remaining capitalised finance |
costs included within stock totalled £222,130 (2017: £1,676,063). |
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6. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Amounts falling due after more than one year: |
Deferred tax |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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RST MUSWELL HILL LIMITED (REGISTERED NUMBER: 06357779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Other loans | 780,928 | 954,340 |
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Bank loans and other loans are secured by a first fixed legal charge over stock, a debenture over the |
assets of the company, a £1,520,000 corporate guarantee from Galliard (Group) Limited (a company |
working with RST Muswell Hill Limited on one of the developments) and a personal guarantees |
provided by one of the directors of this company. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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12. | ULTIMATE PARENT COMPANY |
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The directors regard RST Residential Investments Limited as the ultimate parent company. RST |
London Limited is the immediate parent company. The registered offices of the immediate and the |
ultimate parent companies is 2nd Floor Regis House, 45 King William Street, London, United |
Kingdom, EC4R 9AN. The largest group of undertakings for which group accounts have been drawn |
up is that headed by RST Residential Investments Limited. Copies of the group financial statements |
may be obtained from Companies House. |