Company Registration No. 08623130 (England and Wales)
Reepa Limited
Unaudited financial statements
for the year ended 30 June 2021
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 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
19,872,064
13,287,791
Current assets
Debtors
5
11,936
Cash at bank and in hand
2,115,744
2,565,074
2,115,744
2,577,010
Creditors: amounts falling due within one year
6
(8,604,302)
(9,164,770)
Net current liabilities
(6,488,558)
(6,587,760)
Total assets less current liabilities
13,383,506
6,700,031
Provisions for liabilities
(17,965)
(17,965)
Net assets
13,365,541
6,682,066
Capital and reserves
Called up share capital
100,100
100,100
Profit and loss reserves
13,265,441
6,581,966
Total equity
13,365,541
6,682,066
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 2021 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 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 22 March 2022 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 2021
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 2021
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.
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.
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
Page 5
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
4
Fixed asset investments
2021
2020
£
£
Investments
19,872,064
13,060,641
Loans
-
227,150
19,872,064
13,287,791
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
4
Fixed asset investments (continued)
Page 6
Movements in fixed asset investments
Investments other than loans
Loans
Total
£
£
£
Cost or valuation
At 1 July 2020
13,060,641
227,150
13,287,791
Additions
742,996
-
742,996
Valuation changes
6,970,197
-
6,970,197
Reclassification
111,304
(111,304)
-
Disposals
(1,013,074)
(115,846)
(1,128,920)
At 30 June 2021
19,872,064
-
19,872,064
Carrying amount
At 30 June 2021
19,872,064
-
19,872,064
At 30 June 2020
13,060,641
227,150
13,287,791
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
11,936
Reepa Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
Page 7
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
2,922,321
3,050,210
Director's loan notes - interest bearing
4,564,900
4,564,900
Director's loan notes - non interest bearing
767,682
1,267,682
Other creditors
349,399
281,978
8,604,302
9,164,770
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.