2 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,620,000 700,000 195,000 725,000 725,000 1,620,000 17,000 10,200 3,400 13,600 3,400 6,800 409,519 409,519 409,519 xbrli:pure xbrli:shares iso4217:GBP 11834270 2022-03-01 2023-02-28 11834270 2023-02-28 11834270 2022-02-28 11834270 2021-03-01 2022-02-28 11834270 2022-02-28 11834270 core:FurnitureFittings 2022-03-01 2023-02-28 11834270 bus:Director1 2022-03-01 2023-02-28 11834270 core:FurnitureFittings 2022-02-28 11834270 core:FurnitureFittings 2023-02-28 11834270 core:WithinOneYear 2023-02-28 11834270 core:WithinOneYear 2022-02-28 11834270 core:AfterOneYear 2023-02-28 11834270 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 11834270 core:ShareCapital 2023-02-28 11834270 core:ShareCapital 2022-02-28 11834270 core:RetainedEarningsAccumulatedLosses 2023-02-28 11834270 core:RetainedEarningsAccumulatedLosses 2022-02-28 11834270 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 11834270 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 11834270 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 11834270 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-02-28 11834270 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 11834270 core:Non-currentFinancialInstruments 2023-02-28 11834270 core:FurnitureFittings 2022-02-28 11834270 bus:SmallEntities 2022-03-01 2023-02-28 11834270 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11834270 bus:FullAccounts 2022-03-01 2023-02-28 11834270 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11834270 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 11834270
RSGC Property Investments Limited
Filleted Unaudited Financial Statements
28 February 2023
RSGC Property Investments Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Investment property
5
725,000
1,620,000
Tangible assets
6
3,400
6,800
Investments
7
409,519
------------
------------
1,137,919
1,626,800
Current assets
Debtors
8
4,678
49,595
Cash at bank and in hand
33,492
117,208
--------
---------
38,170
166,803
Creditors: amounts falling due within one year
9
( 538,007)
( 1,442,296)
---------
------------
Net current liabilities
( 499,837)
( 1,275,493)
------------
------------
Total assets less current liabilities
638,082
351,307
Creditors: amounts falling due after more than one year
10
( 236,577)
Provisions
( 1,893)
( 39,237)
---------
---------
Net assets
399,612
312,070
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
399,512
311,970
---------
---------
Shareholders funds
399,612
312,070
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RSGC Property Investments Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
MR R Shawyer-Clarke
Director
Company registration number: 11834270
RSGC Property Investments Limited
Notes to the Financial Statements
Year ended 28 February 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 230 St. Johns Road,, Hemel Hempstead,, HP1 1QQ, England.
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.
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 and loss
Going concern
The company is dependent on the financial support of its directors and shareholders who are the major creditors of the company. The directors and shareholders have confirmed they will continue to support the company for the foreseeable future. The accounts are therefore prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income and management charges, stated net of discounts and of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investment property
Investment Property
£
Cost
At 1 March 2022
1,620,000
Additions
Disposals
( 700,000)
Revaluations
( 195,000)
------------
At 28 February 2023
725,000
------------
Amortisation
At 1 March 2022 and 28 February 2023
------------
Carrying amount
At 28 February 2023
725,000
------------
At 28 February 2022
1,620,000
------------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 March 2022 and 28 February 2023
17,000
--------
Depreciation
At 1 March 2022
10,200
Charge for the year
3,400
--------
At 28 February 2023
13,600
--------
Carrying amount
At 28 February 2023
3,400
--------
At 28 February 2022
6,800
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 March 2022
Additions
409,519
---------
At 28 February 2023
409,519
---------
Impairment
At 1 March 2022 and 28 February 2023
---------
Carrying amount
At 28 February 2023
409,519
---------
At 28 February 2022
---------
8. Debtors
2023
2022
£
£
Trade debtors
4,483
12,500
Other debtors
195
37,095
-------
--------
4,678
49,595
-------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,067
Trade creditors
741
105
Amounts owed to group undertakings and undertakings in which the company has a participating interest
63,515
Corporation tax
43,415
36,080
Social security and other taxes
16,734
18,706
Other creditors
403,535
1,387,405
---------
------------
538,007
1,442,296
---------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
236,577
---------
----