Company Registration No. 06373141 (England and Wales)
REMEDIATED INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
REMEDIATED INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
REMEDIATED INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
5,753
5,753
Investments
5
100
100
5,853
5,853
Current assets
Debtors
6
1,565,604
1,550,197
Cash at bank and in hand
15,161
17,132
1,580,765
1,567,329
Creditors: amounts falling due within one year
7
(311,479)
(309,953)
Net current assets
1,269,286
1,257,376
Total assets less current liabilities
1,275,139
1,263,229
Capital redemption business fund
8
(1,170,592)
(1,166,936)
Net assets
104,547
96,293
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
104,447
96,193
Total equity
104,547
96,293
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
REMEDIATED INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
2022
2021
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 December 2022
P MacGregor
Director
Company Registration No. 06373141
REMEDIATED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Remediated Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
6th Floor, 49 Peter Street, Manchester, M2 3NG.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Financial instruments
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.
REMEDIATED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
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. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.9
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.
REMEDIATED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.11
Capital redemption business fund
The company is required for the purposes of carrying on its capital redemption fund business to
establish a
capital redemption business fund into which shall be paid all assets which are received by the company as
consideration for the effecting of the contract with the persons paying such monies and provide for the payment
of a sum or sums at some future time or on the happening of some event other than death being more than five
years from the date thereof.
The capital redemption business fund shall be credited with all income and all profits and gains from the
application of such monies paid to it as consideration as aforesaid and from all monies representing the same and
all accumulations of income and gains referable to the said business, and shall be debited with all liabilities of
the fund in respect of the capital redemption contract together with all losses and charges and expenses of
management incurred by the company in connection with the management and administration of the said
business, provided that in the case of such charges and expenses the same shall have been approved by the
actuary of the company as being properly chargeable to the capital redemption business fund in accordance with
the terms of the capital redemption contracts.
The liabilities of the company in respect of capital redemption contract shall be discharged (insofar as is
possible) from the capital redemption business fund by the company shall not for any reason be or be deemed to
be an actual or constructive trustee of any of the monies or assets held for the account of the capital redemption
business fund or of any of its powers or functions of management of its capital redemption business fund or of
any of the monies or assets belonging thereto.
No shareholder of the company shall be entitled to participate in the profits of the capital redemption business of
the company until such a time as the liabilities of the company referable to the capital redemption business fund
have been satisfied in full otherwise than as a result of a transfer in respect of so much of the aggregate annual
management charges of the company in relation to the management and administration of the capital redemption
business fund as may be sanctioned by the terms of the capital redemption contract and of any commissions or
charges accruing to it from third parties which whom any monies or assets belonging to the capital redemption
business fund may have been invested.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
REMEDIATED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
4
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
5,753
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
250,000
250,000
Other debtors
1,315,604
1,300,197
1,565,604
1,550,197
7
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
5,735
5,769
Other creditors
305,744
304,184
311,479
309,953
8
Provisions for liabilities
2022
2021
£
£
Captial redemtion business fund
1,170,592
1,166,936
REMEDIATED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
8
Provisions for liabilities
(Continued)
- 7 -
Movements on provisions:
Captial redemtion business fund
£
At 1 April 2021
1,166,935
Interest received
15,407
Policy charges
(11,750)
At 31 March 2022
1,170,592
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
100
100
100
100