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REGISTERED NUMBER: 08125927 (England and Wales)


R S Properties London Limited

Audited Financial Statements

for the Year Ended 31 March 2023






R S Properties London Limited (Registered number: 08125927)






Contents of the Financial Statements
for the year ended 31 March 2023




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 2023







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 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 25,248,695 25,248,695

CURRENT ASSETS
Debtors 5 371,327 620,000
Cash at bank 217,101 212,313
588,428 832,313
CREDITORS
Amounts falling due within one year 6 8,035,253 7,855,636
NET CURRENT LIABILITIES (7,446,825 ) (7,023,323 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,801,870

18,225,372

CREDITORS
Amounts falling due after more than one
year

7

(11,658,160

)

(12,650,356

)

PROVISIONS FOR LIABILITIES 9 (1,073,689 ) (816,004 )
NET ASSETS 5,070,021 4,759,012

CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 3,478,753 3,478,753
Retained earnings 11 1,591,267 1,280,258
SHAREHOLDERS' FUNDS 5,070,021 4,759,012

R S Properties London Limited (Registered number: 08125927)

Statement of Financial Position - continued
31 March 2023


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 19 October 2023 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 2023

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.
Masca Holdings Limited is the parent company of the group and copies of the consolidated accounts can be obtained from Unit 2, The Britannia Centre, Lenthall Road, Loughton, IG10 3SQ.

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.

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

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 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 25,248,695
NET BOOK VALUE
At 31 March 2023 25,248,695
At 31 March 2022 25,248,695

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 4,299,785
Cost 20,948,910
25,248,695

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

2023 2022
£    £   
Cost 20,948,910 20,948,910

Investment properties were valued on fair value basis on 12 March 2020 by Savills .

The value of investment properties have been assessed by the directors at 31 March 2023 and in their opinion the current values in the balance sheet are the appropriate values..

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 358,327 590,000
Amounts owed by group undertakings 10,000 30,000
Other debtors 3,000 -
371,327 620,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 992,196 1,026,581
Trade creditors 220,735 208,200
Amounts owed to group undertakings 6,684,160 6,454,160
Taxation and social security 119,562 153,195
Other creditors 18,600 13,500
8,035,253 7,855,636

R S Properties London Limited (Registered number: 08125927)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,658,160 12,650,356

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,689,376 8,681,572

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 12,650,356 13,642,552

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

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax provision 1,073,689 816,004

Deferred
tax
£   
Balance at 1 April 2022 816,004
DT on fair value adjusrtment 257,685
Balance at 31 March 2023 1,073,689

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
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 2023

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

At 1 April 2022 1,280,258 3,478,753 4,759,011
Profit for the year 311,009 311,009
At 31 March 2023 1,591,267 3,478,753 5,070,020

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 (2022 - 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.

All companies in the group are guarantors under a overdraft facility between Natwest Bank and Cyprofood Limited. The balance outstanding at the year end was £1,987,478 (2022 - nil).

14. PARENT COMPANY

The controlling party is Masca Holding Ltd the parent company.