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Registration number: 9398966

R S PROPERTIES (MCR) LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

R S PROPERTIES (MCR) LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

R S PROPERTIES (MCR) LIMITED

Company Information

Directors

Mr Rahet Sarwar

Mr Imran Sarwar

Registered office

58-60 Higher Ardwick
Manchester
M12 6DA

Bankers

BARCLAYS BANK PLC
ROCHDALE
537 Stockport Road
Manchester
M12 4HJ

Accountants

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

R S PROPERTIES (MCR) LIMITED

(Registration number: 9398966)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

415,203

416,050

Current assets

 

Debtors

4

99,500

93,500

Cash at bank and in hand

 

584

18,791

 

100,084

112,291

Creditors: Amounts falling due within one year

5

(21,442)

(42,751)

Net current assets

 

78,642

69,540

Total assets less current liabilities

 

493,845

485,590

Creditors: Amounts falling due after more than one year

5

(479,800)

(459,800)

Net assets

 

14,045

25,790

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

13,945

25,690

Total equity

 

14,045

25,790

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 October 2018 and signed on its behalf by:
 

.........................................

Mr Rahet Sarwar
Director

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
58-60 Higher Ardwick
Manchester
M12 6DA

These financial statements were authorised for issue by the Board on 1 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

408,933

8,469

417,402

At 31 March 2018

408,933

8,469

417,402

Depreciation

At 1 April 2017

-

1,352

1,352

Charge for the year

-

847

847

At 31 March 2018

-

2,199

2,199

Carrying amount

At 31 March 2018

408,933

6,270

415,203

At 31 March 2017

408,933

7,117

416,050

Included within the net book value of land and buildings above is £408,933 (2017 - £408,933) in respect of freehold land and buildings.
 

4

Debtors

2018
£

2017
£

Trade debtors

6,000

-

Other debtors

93,500

93,500

99,500

93,500

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

-

13,978

Taxation and social security

317

1,999

Accruals and deferred income

1,000

1,000

Other creditors

20,125

25,774

21,442

42,751

Creditors: amounts falling due after more than one year

2018
£

2017
£

Due after one year

Other non-current financial liabilities

479,800

459,800

6

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each of £1 each

100

100

100

100

         

7

Related party transactions

Loans to related parties

2018

Associates
£

At start of period

93,500

2017

Associates
£

Advanced

93,500

Terms of loans to related parties

Interest free loans made to associate company
 

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

Loans from related parties

2018

Associates
£

At start of period

459,800

2017

Associates
£

Advanced

459,800

Terms of loans from related parties

interest free loans received from associates
 

8

Transition to FRS 102

Balance Sheet at 1 April 2016
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

R S PROPERTIES (MCR) LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2018

Balance Sheet at 31 March 2017
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-