0
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
11948387
2023-05-01
2024-04-30
11948387
2024-04-30
11948387
2023-04-30
11948387
2022-05-01
2023-04-30
11948387
2023-04-30
11948387
2022-04-30
11948387
bus:Director1
2023-05-01
2024-04-30
11948387
bus:Director2
2023-05-01
2024-04-30
11948387
core:WithinOneYear
2024-04-30
11948387
core:WithinOneYear
2023-04-30
11948387
core:UKTax
2023-05-01
2024-04-30
11948387
core:UKTax
2022-05-01
2023-04-30
11948387
core:ShareCapital
2024-04-30
11948387
core:ShareCapital
2023-04-30
11948387
core:SharePremium
2024-04-30
11948387
core:SharePremium
2023-04-30
11948387
core:RetainedEarningsAccumulatedLosses
2024-04-30
11948387
core:RetainedEarningsAccumulatedLosses
2023-04-30
11948387
core:RevaluationPropertyPlantEquipmentDeferredTax
2024-04-30
11948387
core:RevaluationPropertyPlantEquipmentDeferredTax
2023-04-30
11948387
bus:SmallEntities
2023-05-01
2024-04-30
11948387
bus:AuditExemptWithAccountantsReport
2023-05-01
2024-04-30
11948387
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
11948387
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
11948387
bus:FullAccounts
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
11948387
R & S (Wimbledon) Properties Ltd |
|
Filleted Unaudited Financial Statements |
|
R & S (Wimbledon) Properties Ltd |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
4,700,000 |
4,700,000 |
|
|
|
|
Current assets
Debtors |
6 |
2,956 |
417 |
Cash at bank and in hand |
252,755 |
200,055 |
|
--------- |
--------- |
|
255,711 |
200,472 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
398,518 |
453,385 |
|
--------- |
--------- |
Net current liabilities |
142,807 |
252,913 |
|
------------ |
------------ |
Total assets less current liabilities |
4,557,193 |
4,447,087 |
|
|
|
|
Provisions |
250,000 |
190,000 |
|
------------ |
------------ |
Net assets |
4,307,193 |
4,257,087 |
|
------------ |
------------ |
|
|
|
R & S (Wimbledon) Properties Ltd |
|
Statement of Financial Position (continued) |
|
30 April 2024
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Share premium account |
9 |
3,145,631 |
3,145,631 |
Profit and loss account |
9 |
1,160,562 |
1,110,456 |
|
------------ |
------------ |
Shareholders funds |
4,307,193 |
4,257,087 |
|
------------ |
------------ |
|
|
|
|
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 30 April 2024 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 August 2024
, and are signed on behalf of the board by:
Mr R L Haria |
Mrs S R Haria |
Director |
Director |
|
|
Company registration number:
11948387
R & S (Wimbledon) Properties Ltd |
|
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Hood Road, Wimbledon, London, SW20 0SR.
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.
Going concern
The directors have guaranteed to provide financial support to the company so that it will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.
Taxation
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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
The Company only enters into basic financial instruments 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 non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
34,772 |
23,056 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
60,000 |
190,000 |
|
-------- |
--------- |
Tax on profit |
94,772 |
213,056 |
|
-------- |
--------- |
|
|
|
5.
Tangible assets
|
Investment properties |
|
£ |
Cost |
|
At 1 May 2023 and 30 April 2024 |
|
|
------------ |
Depreciation |
|
At 1 May 2023 and 30 April 2024 |
– |
|
------------ |
Carrying amount |
|
At 30 April 2024 |
|
|
------------ |
At 30 April 2023 |
|
|
------------ |
|
|
The investment properties have been valued at the balance sheet date by the directors using the expected market values of similar properties sold during the year in the same locations.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Prepayments and accrued income |
2,956 |
417 |
|
------- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Accruals and deferred income |
9,178 |
8,095 |
Corporation tax |
34,771 |
23,055 |
Director loan accounts |
354,569 |
422,235 |
|
--------- |
--------- |
|
398,518 |
453,385 |
|
--------- |
--------- |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
250,000 |
190,000 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Revaluation of tangible assets |
250,000 |
190,000 |
|
--------- |
--------- |
|
|
|
9.
Reserves
Profit and loss account - This reserve includes distributable profits of £410,562 (2022: £300,456) and undistributable reserves of £750,000 (2023: £810,000) arising on the revaluation of the investment properties.