REGISTERED NUMBER: |
RSSB SOUTHALL LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
RSSB SOUTHALL LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 7 |
RSSB SOUTHALL LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Unit 2 Hatherton Court |
21 Hatherton Street |
Walsall |
West Midlands |
WS4 2LA |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
RSSB Southall Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
These 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 £. |
Turnover |
Turnover represents net invoiced value of rent receivable excluding VAT. Rent is included in turnover in the year in which it is receivable.Rental income under operating leases (net of any incentives to the lessee) is recognised on a straight-line basis over the lease term. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment etc - 20% on cost |
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 recognised in the profit and loss account in the year of disposal. |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Any impairment loss arising is charged to the profit and loss account in the year to which it relates. |
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 value at the reporting end date. Changes in value are recognised in profit or loss. |
Equity instruments |
Equity instruments issued by the company are recognised 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. |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Retirement benefit payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis that the company will continue to be supported by its parent Radha Soami Satsang Beas British Isles. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
As the income statement has been omitted from the filing copy of the financial statements, the following information relating to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006. |
The auditor's report was unqualified. |
The senior statutory auditor was Jassal and Company. |
11. | RELATED PARTY DISCLOSURES |
Transactions with related parties |
During the year the company entered into the following transactions with related parties. |
RSSB British Isles |
RSSB British Isles is a registered charity parent undertaking that provided the company with financial support on an arm's length basis. Dr S Naidoo is a director of RSSB Southall Limited and also holds office of chairperson and Trustee of RSSB British Isles. Mr Sanjeev Taggar is a director of RSSB Southall Limited and also holds office as a Trustee of RSSB British Isles. |
During the year, the following transactions took place: |
Gift Aid donations amounting to £162,000 (2022: £185,320) were paid to RSSB British Isles. |
At the balance sheet date there was a loan owing to RSSB British Isles of £595,524 (2022: £583,200). The loan is unsecured and interest at 5% per annum is charged. |
At the balance sheet date there was an amount owed by RSSB British Isles of £125,000 (2022: £104,974l). |
During the year the company paid interest on the loan of £22,773 (2022: £22,201). |
RSSB SOUTHALL LIMITED (REGISTERED NUMBER: 03551429) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | ULTIMATE CONTROLLING PARTY |
Radha Soami Satsang Beas British Isles, a registered charity in the United Kingdom, is regarded by the Directors as the immediate and ultimate parent undertaking. |
The undertaking for which the company is a member and for which group financial statements are prepared is Radha Soami Satsang Beas British Isles, its registered office is located at Haynes Park, Church End, Haynes, Bedford, Bedfordshire, MK45 3BL. A copy of the group financial statements can be obtained from this address. |