Company registration number 10068423 (England and Wales)
RDK INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RDK INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RDK INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
430,256
429,199
Investment property
4
17,599,864
15,849,469
18,030,120
16,278,668
Current assets
Debtors
5
53,410
24,544
Cash at bank and in hand
640,940
472,909
694,350
497,453
Creditors: amounts falling due within one year
6
(437,306)
(533,389)
Net current assets/(liabilities)
257,044
(35,936)
Total assets less current liabilities
18,287,164
16,242,732
Creditors: amounts falling due after more than one year
7
(3,766,105)
(3,376,999)
Provisions for liabilities
8
(449,249)
(230,069)
Net assets
14,071,810
12,635,664
Capital and reserves
Called up share capital
9
10,272,002
10,272,002
Profit and loss reserves
3,799,808
2,363,662
Total equity
14,071,810
12,635,664

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

RDK INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
K Motiram
Director
Company Registration No. 10068423
RDK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

RDK Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 274 High Road, Willesden, London, NW10 2EY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable from rental income.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided in respect of freehold land.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RDK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

2023
2022
Number
Number
Total
2
2
RDK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
429,036
418
429,454
Additions
1,100
-
0
1,100
At 31 March 2023
430,136
418
430,554
Depreciation and impairment
At 1 April 2022
-
0
255
255
Depreciation charged in the year
18
25
43
At 31 March 2023
18
280
298
Carrying amount
At 31 March 2023
430,118
138
430,256
At 31 March 2022
429,036
163
429,199
4
Investment property
2023
£
Fair value
At 1 April 2022
15,849,469
Additions
601,209
Revaluations
1,149,186
At 31 March 2023
17,599,864

During the year the investment properties were valued by the directors at fair value of £17,599,864. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historical cost for the investment properties included in the valuation above is £15,235,392.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,278
17,328
Other debtors
33,132
7,216
53,410
24,544
RDK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,414
1,872
Corporation tax
120,641
128,119
Other creditors
312,251
403,398
437,306
533,389
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,766,105
3,376,999

Bank loans are secured by a fixed and floating charge over the fixed assets of the company.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,454,498
1,537,875
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
449,249
230,069
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference of £1 each
10,272,000
10,272,000
10,272,000
10,272,000
Preference shares classified as equity
10,272,000
10,272,000
Total equity share capital
10,272,002
10,272,002
RDK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
Related party transactions

Included within other creditors is an amount of £148,716 (2022: £258,090) due to the directors as at the balance sheet date. Interest of £NIL (2022: 1,394) was charged by the company on the overdrawn balance.

 

Included within other creditors is an amount of £57,791 (2022: £57,791) owed to A to Z Property Services, a partnership in which the directors are partners.

 

Included within other creditors is an amount of £23,921 (2022: £26,171) owed to B Motiram, an individual connected to the directors.

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