Company registration number 14141196 (England and Wales)
RAHIM AND SONS PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
RAHIM AND SONS PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RAHIM AND SONS PROPERTIES LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
1,851,887
Current assets
Debtors
4
12,864
Cash at bank and in hand
326,167
339,031
Creditors: amounts falling due within one year
5
(1,051,244)
Net current liabilities
(712,213)
Total assets less current liabilities
1,139,674
Creditors: amounts falling due after more than one year
6
(1,176,436)
Net liabilities
(36,762)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(36,862)
Total equity
(36,762)

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 period ended 31 October 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
S Rahim
Director
Company registration number 14141196 (England and Wales)
RAHIM AND SONS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
1.1
Reporting period

The financial statements are the company's first financial statements from its date of incorporation to its first accounting period end of 31 October 2023. This period is longer than one year.

1.2
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 the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The company meets its day to day working capital requirements through the provision of funds from its directors and from related companies. In view of these relationships, the directors consider it reasonable to rely on the continued provision of these funds. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.true

1.4
Turnover

Rental income is accounted for on a receivable basis, inclusive of Value Added Tax.

1.5
Investment property

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

RAHIM AND SONS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Company information

Rahim and Sons Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Kenwood Road, Reddish, Stockport, Cheshire, SK5 6PH.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
3
RAHIM AND SONS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 30 May 2022
-
0
Additions
1,851,887
At 31 October 2023
1,851,887

Property held for investment was last revalued by the directors on 31 October 2023. In the opinion of the directors there has been no significant change in the value of the property during the period. The directors believe that the revalued amounts are an accurate reflection of the value of the property as at that date.

4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
12,864
5
Creditors: amounts falling due within one year
2023
£
Bank loans
15,169
Taxation and social security
4,980
Other creditors
1,031,095
1,051,244
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
1,176,436

The bank loan is secured by a first legal charge over the company's property and a guarantee with Rahim & Sons Limited.

Creditors which fall due after five years are as follows:
2023
£
Payable by instalments
1,100,532
RAHIM AND SONS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 5 -
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

The company was incorporated on 30 May 2022. On that date, 100 Ordinary shares of £1 each were issued at par value to establish the share capital of the company.

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