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Registered number: 12902856










N. RODITI AND CO. LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




















 
N. RODITI AND CO. LIMITED
 
 
Company Information


Directors
R Mowlem 
S N Roditi 




Company secretary
C Shyptur



Registered number
12902856



Registered office
2 Back Lane

London

NW3 1HL




Bankers
HSBC Private Bank
8 Cork Street

London

W1S 3LJ





Citi Private Bank

Citigroup Centre

33 Canada Square

Canary Wharf

London

E14 5LB





 
N. RODITI AND CO. LIMITED
Registered number: 12902856

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,945
3,616

  
11,945
3,616

Current assets
  

Debtors: amounts falling due within one year
 5 
842,362
19,140

Cash at bank and in hand
  
2,957,813
3,565,719

  
3,800,175
3,584,859

Creditors: amounts falling due within one year
 6 
(726,136)
(584,614)

Net current assets
  
 
 
3,074,039
 
 
3,000,245

Total assets less current liabilities
  
3,085,984
3,003,861

  

Net assets
  
3,085,984
3,003,861


Capital and reserves
  

Called up share capital 
 7 
500,000
500,000

Profit and loss account
  
2,585,984
2,503,861

  
3,085,984
3,003,861


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2024.



R Mowlem
S N Roditi
Director
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

N. Roditi and Co. Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 2 Back Lane, London NW3 1HL.
The principal activity of the company during the year was the provision of investment advisory services.
N. Roditi and Co. Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that N. Roditi and Co. Limited is authorised to carry on business, but is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement of £75,000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover comprises of fees received or receivable in respect of investment advisory services provided during the year and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

Page 2

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Other operating income

Other operating income comprises fees received or receivable in respect of staff and support costs recharged during the year and is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Other operating income is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 4

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 April 2023
4,907


Additions
9,648



At 31 March 2024

14,555



Depreciation


At 1 April 2023
1,291


Charge for the year on owned assets
1,319



At 31 March 2024

2,610



Net book value



At 31 March 2024
11,945



At 31 March 2023
3,616


5.


Debtors

2024
2023
£
£


Trade debtors
39,430
5,063

Other debtors
721,080
3,537

Prepayments and accrued income
81,852
10,540

842,362
19,140


Page 5

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
48,124
66,098

Corporation tax
-
417,164

Other taxation and social security
597,591
12,861

Other creditors
1,105
48,442

Accruals and deferred income
79,316
40,049

726,136
584,614



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares shares of £1.00 each
500,000
500,000



8.


Related party transactions

At the balance sheet date, the company was owed £153,568 from a director (2023: £48,045 owed to a director). The company paid interest amounting to £2,344 (2023: £1,759) on the loan. The loan is repayable upon demand. This amount was repaid shortly after the year end.
During the year the company incurred costs of £nil (2023: £14,171) for the rental of decorative furniture and art works from an unincorporated business belonging to a director. At the balance sheet date, the company owed £nil (2023: £4,251) to the unincorporated business, in respect of this rent.
During the year the company incurred costs of £5,000 (2023: £12,404) for business support services from an unincorporated business belonging to a director.

Page 6

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 22 July 2024 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 7