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REGISTERED NUMBER: 00383326 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

RODELL PROPERTIES LIMITED

RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RODELL PROPERTIES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: D W Sutton
V Seddon
A S Manning
S C Hill
S Gosling
S F Carter
J G Reed





SECRETARY: S T Howard





REGISTERED OFFICE: 55 Broadway 2nd Floor
North Wing
London
SW1H0BB





REGISTERED NUMBER: 00383326 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
4th Floor
Venture House
27-29 Glasshouse Street
London
W1B 5DF

RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 495
Investment property 5 6,977,703 6,716,683
6,977,703 6,717,178

CURRENT ASSETS
Debtors 6 10,315 36,514
Cash at bank and in hand 138,292 103,929
148,607 140,443
CREDITORS
Amounts falling due within one year 7 296,407 289,068
NET CURRENT LIABILITIES (147,800 ) (148,625 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,829,903 6,568,553

CREDITORS
Amounts falling due after more than one year 8 (1,373,710 ) (977,140 )

PROVISIONS FOR LIABILITIES (865,390 ) (865,390 )
NET ASSETS 4,590,803 4,726,023

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 4,590,703 4,725,923
SHAREHOLDERS' FUNDS 4,590,803 4,726,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 24 October 2023 and were signed on its behalf by:





S Gosling - Director


RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Rodell Properties 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 1,977
DEPRECIATION
At 1 April 2022 1,482
Charge for year 495
At 31 March 2023 1,977
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 495

RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,716,683
Additions 261,020
At 31 March 2023 6,977,703
NET BOOK VALUE
At 31 March 2023 6,977,703
At 31 March 2022 6,716,683

The directors believe that the carrying value of the investment properties represents the fair value of the properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,907 2,934
Other debtors 813 27,972
Prepayments and accrued income 7,595 5,608
10,315 36,514

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 18,177 24,882
Amounts owed to group undertakings 103,300 108,740
Tax - 2,605
Social security and other taxes 2,743 1,971
Other creditors 169,437 145,089
Accruals and deferred income 2,750 5,781
296,407 289,068

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 1,373,710 977,140

The long term loans are secured by fixed charges over the freehold properties known as 6-9 Cynthia Street, London N1 9JF and 37 Grays Inn Road, London WC1X 8PQ.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 19,416

RODELL PROPERTIES LIMITED (REGISTERED NUMBER: 00383326)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES

Within retained earnings, there is an amount of £3,689,294 in relation to the fair value surplus on the company's investment properties net of deferred tax provision. This amount does not form part of the company's distributable reserves.

12. ULTIMATE CONTROLLING PARTY

The parent company is Unlock Democracy, company limited by guarantee and incorporated in England and Wales.