REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Restronguet Developments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Restronguet Developments Limited |
Restronguet Developments Limited (Registered number: 07655646) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Restronguet Developments Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountant |
Suite 1532 |
26 Upper Pembroke Street |
Dublin 2 |
IRELAND |
D02 X361 |
Restronguet Developments Limited (Registered number: 07655646) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Restronguet Developments Limited (Registered number: 07655646) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Restronguet Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 investments and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. |
The directors consider the assumptions below to be its critical accounting estimates and judgements: |
Going Concern |
The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. |
The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future. |
Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
These financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Restronguet Developments Limited (Registered number: 07655646) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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. |
Fixed asset investments |
Fixed asset investments are shown at their market value in the case of listed portfolio investments, or at cost less any less any provision for impairment in the case of other investments. |
Equity 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Restronguet Developments Limited (Registered number: 07655646) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating | Other |
interests | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | (6,075 | ) | 1,768,115 |
Additions | - | 80,000 |
Disposals | - | ( |
) | (215,000 | ) |
Revaluations | - | 60,080 |
At 30 June 2023 | (6,075 | ) | 1,693,195 |
NET BOOK VALUE |
At 30 June 2023 | (6,075 | ) | 1,693,195 |
At 30 June 2022 | (6,075 | ) | 1,768,115 |
Cost or valuation at 30 June 2023 is represented by: |
Interest |
in other |
participating | Other |
interests | investments | Totals |
£ | £ | £ |
Valuation in 2021 | - | 119,482 | 119,482 |
Valuation in 2022 | - | (195,292 | ) | (195,292 | ) |
Valuation in 2023 | - | 60,080 | 60,080 |
Cost | (6,075 | ) | 1,715,000 | 1,708,925 |
(6,075 | ) | 1,699,270 | 1,693,195 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Tax |
Withholding tax | 2,142 | 1,742 |
Other creditors |
Directors' current accounts | 84,942 | 131,804 |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | £ |
1,000 | Ordinary | £0.10 | 100 |
8,511 | B Ordinary | £1 | 8,511 |
638 | C Ordinary | £1 | 638 |
9,249 |
Restronguet Developments Limited (Registered number: 07655646) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £50,000 (2022 - £30,000) were paid to the directors . |
Amounts owed to (by) shareholders: | At 1 July | Interest/ | At 30 June |
2022 | Advances | Repayments | 2023 |
£ | £ | £ | £ |
J Hastings | 17,471 | 155,000 | (130,000 | ) | 42,471 |
E Hastings | 17,471 | 155,000 | (130,000 | ) | 42,471 |
NME Lawry | 96,862 | - | (97,500 | ) | (638 | ) |
131,804 | 310,000 | (357,500 | ) | 84,304 |
Amounts owed to related party: | At 1 July | Interest/ | At 30 June |
2022 | Advances | Repayments | 2023 |
£ | £ | £ | £ |
Frances Property Management Limited | 4,147 | 435,400 | (210,000 | ) | 229,547 |
RP Hastings | 3,719 | 20,153 | (3,872 | ) | 20,000 |
7,866 | 455,553 | (213,872 | ) | 249,547 |
Frances Property Management Limited is a related party as J Hastings and E Hastings are directors and shareholders of that company. |
RP Hastings is a related party owing to a family relationship to J Hastings and E Hastings. |
All of the above balances were unsecured and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the company was controlled by J Hastings and E Hastings throughout the period. |