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COMPANY REGISTRATION NUMBER: 03665216
Radiation Limited
Unaudited Financial Statements
31 December 2023
Radiation Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Balance sheet
3
Notes to the financial statements
5
Radiation Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr M Patel
Mr H Shah
Mrs N Shah
Mrs A Patel
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 August 2024 and signed on behalf of the board by:
Mr M Patel
Company Secretary
Registered office:
9A The Broadway
Stanmore
Middlesex
UK
HA7 4DA
Radiation Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Rent receivable
249,664
216,936
Property expenses
31,406
45,538
---------
---------
Gross profit
218,258
171,398
Administrative expenses
70,738
71,955
Other operating income
55,000
55,000
---------
---------
Operating profit
202,520
154,443
Income from shares in group undertakings
25,000
Interest payable and similar expenses
227,442
103,988
---------
---------
Profit before taxation
78
50,455
Tax on profit
----
--------
Profit for the financial year and total comprehensive income
78
50,455
----
--------
Dividends paid and payable
( 8,000)
Retained earnings at the start of the year
1,835,111
1,792,656
------------
------------
Retained earnings at the end of the year
1,835,189
1,835,111
------------
------------
All the activities of the company are from continuing operations.
Radiation Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
5,473,814
5,473,544
Current assets
Debtors
6
1,595,279
1,502,392
Cash at bank and in hand
1,810
992
------------
------------
1,597,089
1,503,384
Creditors: amounts falling due within one year
7
1,931,768
1,847,630
------------
------------
Net current liabilities
334,679
344,246
------------
------------
Total assets less current liabilities
5,139,135
5,129,298
Creditors: amounts falling due after more than one year
8
2,924,714
2,914,955
Provisions
9
379,230
379,230
------------
------------
Net assets
1,835,191
1,835,113
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11
1,835,189
1,835,111
------------
------------
Shareholders funds
1,835,191
1,835,113
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 December 2023 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 .
Radiation Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr M Patel
Director
Company registration number: 03665216
Radiation Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9A The Broadway, Stanmore, Middlesex, HA7 4DA, UK.
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.
Revenue recognition
The rental income shown in the profit and loss account represents amounts receivable for the period.
Deferred tax
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No depreciation or amortisation is provided in respect of investment properties.
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 balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Investments
Investment properties
£
Cost
At 1 January 2023
5,473,544
Additions
270
------------
At 31 December 2023
5,473,814
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
5,473,814
------------
At 31 December 2022
5,473,544
------------
The valuation of investment properties was carried out as at the balance sheet date by the directors on an open market basis. No depreciation is provided in respect of these properties.
On a historical cost basis the investment properties would have been included at a cost of £2,807,892 (2022:£2,807,622)
6. Debtors
2023
2022
£
£
Trade debtors
272,000
436
Other debtors
1,323,279
1,501,956
------------
------------
1,595,279
1,502,392
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,017
1,817
Trade creditors
( 349)
3,731
Social security and other taxes
20
3
Other creditors - Intercompany Balance
1,922,146
1,832,154
Other creditors
6,934
9,925
------------
------------
1,931,768
1,847,630
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,924,714
2,914,955
------------
------------
The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £2,927,731 (2022: £2,914,955). Within this above amount £464,017 is due between 1 and 5 years and £2,460,697 is due after 5 years.
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023 and 31 December 2023
379,230
---------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 9)
379,230
379,230
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
379,230
379,230
---------
---------
11. Profit and loss account
2023 2022
£ £
Distributable reserves 218,472 218,394
Fair value gains on investment properties 1,616,717 1,616,717
------------ ------------
1,835,189 1,835,111
------------ ------------