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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
150,000
150,000
150,000
xbrli:pure
xbrli:shares
iso4217:GBP
13212450
2022-04-01
2023-03-31
13212450
2023-03-31
13212450
2022-03-31
13212450
bus:RegisteredOffice
2022-04-01
2023-03-31
13212450
bus:Director1
2022-04-01
2023-03-31
13212450
core:AfterOneYear
2023-03-31
13212450
core:WithinOneYear
2023-03-31
13212450
core:WithinOneYear
2022-03-31
13212450
core:ShareCapital
2023-03-31
13212450
core:ShareCapital
2022-03-31
13212450
core:RetainedEarningsAccumulatedLosses
2023-03-31
13212450
core:RetainedEarningsAccumulatedLosses
2022-03-31
13212450
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
13212450
core:Non-currentFinancialInstruments
2023-03-31
13212450
core:Non-currentFinancialInstruments
2022-03-31
13212450
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
13212450
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
13212450
bus:SmallEntities
2022-04-01
2023-03-31
13212450
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
13212450
bus:FullAccounts
2022-04-01
2023-03-31
13212450
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
13212450
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
13212450
core:AllSubsidiaries
2022-04-01
2023-03-31
13212450
core:AllAssociates
2022-04-01
2023-03-31
13212450
core:AfterOneYear
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
13212450
RYNESS PROPERTIES UK LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
RYNESS PROPERTIES UK LIMITED |
|
YEAR ENDED 31 MARCH 2023
Officers and professional advisers |
1 |
|
|
Notes to the financial statements |
4 to 8 |
|
|
RYNESS PROPERTIES UK LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
REGISTERED OFFICE |
New Burlington House |
|
1075 Finchley Road |
|
London |
|
NW11 0PU |
|
|
RYNESS PROPERTIES UK LIMITED |
|
31 March 2023
FIXED ASSETS
Tangible assets |
5 |
|
150,000 |
|
150,000 |
Investments |
6 |
|
15,000,000 |
|
15,000,000 |
|
|
--------------- |
|
--------------- |
|
|
15,150,000 |
|
15,150,000 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
7,168,190 |
|
71,840 |
|
Cash at bank and in hand |
1,659 |
|
– |
|
|
------------- |
|
--------- |
|
|
7,169,849 |
|
71,840 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
13,707,300) |
|
(
15,183,951) |
|
|
--------------- |
|
--------------- |
|
NET CURRENT LIABILITIES |
|
(
6,537,451) |
|
(
15,112,111) |
|
|
--------------- |
|
--------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
8,612,549 |
|
37,889 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
8,558,700) |
|
– |
|
|
------------- |
|
--------- |
NET ASSETS |
|
53,849 |
|
37,889 |
|
|
------------- |
|
--------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
1,000 |
|
1,000 |
Profit and loss account |
|
52,849 |
|
36,889 |
|
|
--------- |
|
--------- |
SHAREHOLDERS FUNDS |
|
53,849 |
|
37,889 |
|
|
--------- |
|
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
RYNESS PROPERTIES UK LIMITED |
|
BALANCE SHEET (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
18 March 2024
, and are signed on behalf of the board by:
Company registration number:
13212450
RYNESS PROPERTIES UK LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Notwithstanding the deficiency in net assets of the company, the financial statements have been prepared in accordance with the accounting principles applicable to a going concern on the basis of continuing financial support being provided by the company's principal creditors.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: (i) Property valuation The valuation of the company's investment properties is inherently subjective, depending on many factors including the nature of the properties, their location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents rents and charges receivable in respect of the company's investment property.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Acquisitions and disposals of investment properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific properties concerned. A sales valuation approach is used for residential property, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Commercial investment properties are valued using the income capitalisation method, requiring the application of an appropriate market based yield to to net operating income.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All other financial assets are assessed individually for impairment. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, including the directors, amounted to nil (2022: nil).
5.
TANGIBLE ASSETS
|
Freehold investment property |
|
£ |
Fair value |
|
At 1 April 2022 and 31 March 2023 |
150,000 |
|
---------- |
Carrying amount |
|
At 31 March 2023 |
150,000 |
|
---------- |
At 31 March 2022 |
150,000 |
|
---------- |
|
|
The company's investment property were valued by the directors at 31 March 2023 based on their understanding of property market conditions and the specific properties concerned, with reference to the valuations prepared by professional valuers from time to time. The historical cost of the properties is £150,000.
6.
INVESTMENTS
|
Shares in group undertakings |
Shares in participating interests |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 and 31 March 2023 |
14,100,000 |
900,000 |
15,000,000 |
|
--------------- |
---------- |
--------------- |
Impairment |
|
|
|
At 1 April 2022 and 31 March 2023 |
– |
– |
– |
|
--------------- |
---------- |
--------------- |
|
|
|
|
Carrying amount |
|
|
|
At 31 March 2023 |
14,100,000 |
900,000 |
15,000,000 |
|
--------------- |
---------- |
--------------- |
At 31 March 2022 |
14,100,000 |
900,000 |
15,000,000 |
|
--------------- |
---------- |
--------------- |
|
|
|
|
The company owns the whole of the issued share capital of the undermentioned companies which are incorporated and registered in England and Wales.
Direct subsidiary undertakings:
Celeros Properties Limited
Clydrock Limited
Cym Investments Limited
Faigele Limited
Fasda Properties Limited
Mayrose Limited
Overgrove Limited
P.and I.Investments Limited
Shoshana Properties Limited
Templiss Properties Limited
Indirect subsidiary undertaking:
I.M.C. Reconstructions Limited
The company owns 50% of the ordinary share capital of the following companies incorporated and registered in England and Wales:
Magnificent Estates Limited
Magnificent Buildings Limited
Consolidated financial statements have not been prepared as the company has taken advantage of the exemptions conferred by Section 398 Companies Act 2006.
7.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,066 |
– |
Amounts owed by group undertakings |
6,939,830 |
– |
Other debtors |
226,294 |
71,840 |
|
------------- |
--------- |
|
7,168,190 |
71,840 |
|
------------- |
--------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings |
6,547,086 |
– |
|
------------- |
---- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
76,250 |
867,739 |
Corporation tax |
– |
542 |
Other creditors |
13,631,050 |
14,315,670 |
|
--------------- |
--------------- |
|
13,707,300 |
15,183,951 |
|
--------------- |
--------------- |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest comprise £60,750 owed to group undertakings
and £15,500 owed to companies in which the company has a participating interest.
Other creditors include £13,473,468 owed to shareholders of the company and their close family members.
9.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
8,558,700 |
– |
|
------------- |
---- |
|
|
|
The bank loan is secured by legal charges over certain of the investment properties of subsidiary companies. Those companies have also provided guarantees and debentures over their assets as security for the bank loan. This company has also provided a debenture over its assets.
10.
RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemptions conferred by FRS 102 Section 1A and has not disclosed details of transactions with group member undertakings.