IRIS Accounts Production v22.2.0.402 08125927 Board of Directors Board of Directors 1.4.21 31.3.22 31.3.22 13/9/22 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure081259272021-03-31081259272022-03-31081259272021-04-012022-03-31081259272020-03-31081259272020-04-012021-03-31081259272021-03-3108125927ns16:EnglandWales2021-04-012022-03-3108125927ns15:PoundSterling2021-04-012022-03-3108125927ns11:Director12021-04-012022-03-3108125927ns11:Director22021-04-012022-03-3108125927ns11:PrivateLimitedCompanyLtd2021-04-012022-03-3108125927ns11:SmallEntities2021-04-012022-03-3108125927ns11:Audited2021-04-012022-03-3108125927ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-3108125927ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-3108125927ns11:FullAccounts2021-04-012022-03-3108125927ns11:OrdinaryShareClass12021-04-012022-03-3108125927ns11:RegisteredOffice2021-04-012022-03-3108125927ns6:CurrentFinancialInstruments2022-03-3108125927ns6:CurrentFinancialInstruments2021-03-3108125927ns6:Non-currentFinancialInstruments2022-03-3108125927ns6:Non-currentFinancialInstruments2021-03-3108125927ns6:ShareCapital2022-03-3108125927ns6:ShareCapital2021-03-3108125927ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3108125927ns6:FurtherSpecificReserve3ComponentTotalEquity2021-03-3108125927ns6:RetainedEarningsAccumulatedLosses2022-03-3108125927ns6:RetainedEarningsAccumulatedLosses2021-03-3108125927ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3108125927ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-3108125927ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-03-3108125927ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2021-03-3108125927ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3108125927ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-03-3108125927ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-03-3108125927ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2021-03-3108125927ns6:Secured2022-03-3108125927ns6:Secured2021-03-3108125927ns6:DeferredTaxation2021-03-3108125927ns6:DeferredTaxation2022-03-3108125927ns11:OrdinaryShareClass12022-03-3108125927ns6:RetainedEarningsAccumulatedLosses2021-03-3108125927ns6:FurtherSpecificReserve3ComponentTotalEquity2021-03-3108125927ns6:RetainedEarningsAccumulatedLosses2021-04-012022-03-31
REGISTERED NUMBER: 08125927 (England and Wales)


R S Properties London Limited

Audited Financial Statements

for the Year Ended 31 March 2022






R S Properties London Limited (Registered number: 08125927)






Contents of the Financial Statements
for the year ended 31 March 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


R S Properties London Limited

Company Information
for the year ended 31 March 2022







DIRECTORS: Mr S Cagin
Mr C Agcagul



REGISTERED OFFICE: Unit 2
The Britannia Centre
Lenthall Road
Loughton
IG10 3SQ



REGISTERED NUMBER: 08125927 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

R S Properties London Limited (Registered number: 08125927)

Statement of Financial Position
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 25,248,695 25,248,695

CURRENT ASSETS
Debtors 5 620,000 27,507
Cash at bank 212,313 236,390
832,313 263,897
CREDITORS
Amounts falling due within one year 6 7,855,636 7,178,100
NET CURRENT LIABILITIES (7,023,323 ) (6,914,203 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,225,372

18,334,492

CREDITORS
Amounts falling due after more than one
year

7

(12,650,356

)

(13,642,552

)

PROVISIONS FOR LIABILITIES 9 (816,004 ) (816,004 )
NET ASSETS 4,759,012 3,875,936

CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 3,478,753 3,478,753
Retained earnings 11 1,280,258 397,182
SHAREHOLDERS' FUNDS 4,759,012 3,875,936

R S Properties London Limited (Registered number: 08125927)

Statement of Financial Position - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:




Mr S Cagin - Director



Mr C Agcagul - Director


R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements
for the year ended 31 March 2022

1. STATUTORY INFORMATION

R S Properties London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The Group’s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes.

Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised when the company obtains the right to the consideration at the end of the period relating to the rent. It is derived from the ordinary activities of the company.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 25,248,695
NET BOOK VALUE
At 31 March 2022 25,248,695
At 31 March 2021 25,248,695

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2019 4,299,785
Cost 20,948,910
25,248,695

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

4. INVESTMENT PROPERTY - continued

If investment property had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 20,948,910 20,948,910

Investment properties were valued on fair value basis on 31 March 2022 by the directors .

5. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 590,000 -
Amounts owed by group undertakings 30,000 -
Prepayments - 2,966
620,000 2,966

Amounts falling due after more than one year:
Prepayments and accrued income - 24,541

Aggregate amounts 620,000 27,507

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 1,026,581 992,196
Trade creditors 720 46
Rent deposits control 207,480 207,458
Amounts owed to group undertakings 6,454,160 5,979,160
Corporation tax payable 90,781 (27,044 )
VAT 62,414 19,684
Accrued expenses 13,500 6,600
7,855,636 7,178,100

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 992,196 992,196
Bank loans - 2-5 years 2,976,588 2,976,588
Bank loans more 5 yr by instal 8,681,572 9,673,768
12,650,356 13,642,552

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,681,572 9,673,768

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 13,642,552 14,634,748

Bank Loans are secured by way of a fixed charges over unit 16 - 20 Lumina Way, Enfield, EN1 1FS, and The Britania Centre, Lenthall Road, Loughton, IG10 3SQ and a floating charge over all the other assets of the company.

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax provision 816,004 816,004

Deferred
tax
£   
Balance at 1 April 2021 816,004
Balance at 31 March 2022 816,004

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary £1 1 1

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2021 397,182 3,478,753 3,875,935
Profit for the year 883,076 883,076
At 31 March 2022 1,280,258 3,478,753 4,759,011

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

13. CONTINGENT LIABILITIES

All companies in the group are guarantors under a credit guarantee between Natwest Bank and Village Quality Products Limited. The balance outstanding at the year end was nil (2021 - nil).

The company has also provided guarantee under credit card arrangement between the Natwest Bank and the following companies in the group; Cyprofood Ltd, Village Quality Products Ltd and Masca Holding Ltd.

14. PARENT COMPANY

The controlling party is Masca Holding Ltd the parent company.