Company Registration No. 08623130 (England and Wales)
Reepa Limited
Unaudited financial statements
for the year ended 30 June 2019
Pages for filing with the Registrar
Reepa Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Reepa Limited
Statement of financial position
As at 30 June 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
7,871,537
6,461,445
Current assets
Debtors
4
38,286
166,009
Cash at bank and in hand
2,634,613
7,378,943
2,672,899
7,544,952
Creditors: amounts falling due within one year
5
(7,522,521)
(11,206,371)
Net current liabilities
(4,849,622)
(3,661,419)
Total assets less current liabilities
3,021,915
2,800,026
Provisions for liabilities
(17,965)
(17,965)
Net assets
3,003,950
2,782,061
Capital and reserves
Called up share capital
6
100,100
100,100
Profit and loss reserves
2,903,850
2,681,961
Total equity
3,003,950
2,782,061
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Reepa Limited
Statement of financial position (continued)
As at 30 June 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 11 March 2020 and are signed on its behalf by:
Richard Reed
Director
Company Registration No. 08623130
Reepa Limited
Notes to the financial statements
For the year ended 30 June 2019
Page 3
1
Accounting policies
Company information
Reepa Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Jam Pot Unit 3d, Phoenix Brewery, 13 Bramley Road, London, United Kingdom, W10 6SZ.
1.1
Accounting convention
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 a
mounts
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.
1.2
Fixed asset investments
Interests in
investments, excluding subsidiaries,
are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.3
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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 statement of financial position 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.
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2019
1
Accounting policies (continued)
Page 4
Basic financial assets
Basic financial assets, which include debtors, 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
paymen
ts 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. A
m
ounts 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.
1.5
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.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2019
1
Accounting policies (continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 1).
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2019
Page 6
3
Fixed asset investments
2019
2018
£
£
Investments
6,949,882
3,609,401
Loans
921,655
2,852,044
7,871,537
6,461,445
Movements in fixed asset investments
Investments other than loans
Loans
Total
£
£
£
Cost or valuation
At 1 July 2018
3,609,401
2,852,044
6,461,445
Additions
1,829,074
917,866
2,746,940
Valuation changes
426,282
3,790
430,072
Reclassification
1,525,364
(1,525,364)
-
Disposals
(440,239)
(1,326,681)
(1,766,920)
At 30 June 2019
6,949,882
921,655
7,871,537
Carrying amount
At 30 June 2019
6,949,882
921,655
7,871,537
At 30 June 2018
3,609,401
2,852,044
6,461,445
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
38,286
45,130
Other debtors
-
120,879
38,286
166,009
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2019
Page 7
5
Creditors: amounts falling due within one year
2019
2018
£
£
Director's loan notes - interest bearing
1,490,991
4,189,900
Other creditors
6,031,530
7,016,471
7,522,521
11,206,371
The loan notes are held in the name of the director. The noteholder may at any time following the expiry of 6 months following the issue of the note serve no less than 45 days' notice upon the company requiring repayment of all or part of the principal amount of the note together with accrued and unpaid interest.
Interest will accrue at 6% fixed rate.
The loan notes are unsecured.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100,100 ordinary shares of £1 each
100,100
100,100