Company Registration No. 08623130 (England and Wales)
Reepa Limited
Unaudited financial statements
for the year ended 30 June 2022
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 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
17,056,475
19,872,064
Current assets
Debtors
5
286
Cash at bank and in hand
2,246,948
2,115,744
2,247,234
2,115,744
Creditors: amounts falling due within one year
6
(9,457,207)
(8,604,302)
Net current liabilities
(7,209,973)
(6,488,558)
Total assets less current liabilities
9,846,502
13,383,506
Provisions for liabilities
(1,846,872)
(17,965)
Net assets
7,999,630
13,365,541
Capital and reserves
Called up share capital
100,100
100,100
Profit and loss reserves
7,899,530
13,265,441
Total equity
7,999,630
13,365,541
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 2022 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.
The 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 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 June 2023 and are signed on its behalf by:
Richard Reed
Director
Company Registration No. 08623130 (England and Wales)
Reepa Limited
Notes to the financial statements
For the year ended 30 June 2022
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 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.
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 2022
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 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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
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 2022
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.
2
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.
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2022
Page 6
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Fixed asset investments
2022
2021
£
£
Investments
15,566,557
19,872,064
Loans
1,489,918
-
17,056,475
19,872,064
Movements in fixed asset investments
Investments other than loans
Loans
Total
£
£
£
Cost or valuation
At 1 July 2021
19,872,064
-
19,872,064
Additions
258,405
1,171,261
1,429,666
Valuation changes
(3,587,867)
-
(3,587,867)
Reclassification
(333,333)
333,333
-
FX Profit/(Loss)
-
(14,676)
(14,676)
Disposals
(642,712)
-
(642,712)
At 30 June 2022
15,566,557
1,489,918
17,056,475
Carrying amount
At 30 June 2022
15,566,557
1,489,918
17,056,475
At 30 June 2021
19,872,064
-
19,872,064
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2022
Page 7
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
286
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
2,801,837
2,922,321
Director's loan notes - interest bearing
4,564,900
Director's loan notes - non interest bearing
6,353,840
767,682
Other creditors
301,530
349,399
9,457,207
8,604,302
The loan notes are held in the name of the shareholder. 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 accrued at 6% fixed rate on the brought forward capital balance of £4,564,900 until 30 September 2021. From 1 October 2021 onwards the loan became interest free.
The loan notes are unsecured.