Company registration number 07358241 (England and Wales)
ROWDELL ROAD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROWDELL ROAD PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ROWDELL ROAD PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
4,300
7,119
Investment property
4
2,795,068
2,795,068
2,799,368
2,802,187
Current assets
Trade and other receivables
5
493,990
220,928
Cash and cash equivalents
28,169
712,215
522,159
933,143
Current liabilities
6
(1,034,661)
(1,432,755)
Net current liabilities
(512,502)
(499,612)
Net assets
2,286,866
2,302,575
Equity
Called up share capital
7
2,297,769
2,297,769
Retained earnings
(10,903)
4,806
Total equity
2,286,866
2,302,575
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 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 member has not required the company to obtain an audit of its financial statements for the year 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 18 September 2024 and are signed on its behalf by:
M. Abdulkader
Director
Company registration number 07358241 (England and Wales)
ROWDELL ROAD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Rowdell Road Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
1.1
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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basistrue. At the time of approving the financial statements, the directors have a reasonable expectation that with both their and the parent Trust's continued financial support, the company will have adequate resources to continue its operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Revenue
Revenue represents amounts receivable net of VAT in relation to rents and service charges receivable from the company's investment properties and income from event management.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery etc
5 years straight line
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 credited or charged to profit or loss.
1.5
Investment properties
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. The surplus or deficit on revaluation is recognised in the income statement.
1.6
Financial instruments
Financial instruments are recognised in the company's statement of financial position 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.
ROWDELL ROAD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
2
Employees
There were no employees during the year (2022: None).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
22,180
Depreciation and impairment
At 1 January 2023
15,061
Depreciation charged in the year
2,819
At 31 December 2023
17,880
Carrying amount
At 31 December 2023
4,300
At 31 December 2022
7,119
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,795,068
The directors consider that the current book value represents the fair value of the property as at 31 December 2023.
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
40,621
13,788
Other receivables
453,369
207,140
493,990
220,928
ROWDELL ROAD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Current liabilities
2023
2022
£
£
Trade payables
130,246
18,192
Amounts owed to group undertakings
171,279
211,838
Taxation and social security
309,298
Other payables
733,136
893,427
1,034,661
1,432,755
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
2,297,769
2,297,769
8
Related party transactions
At the end of the year, the company was indebted to one of its directors in the amount of £720,000 (2022: £720,000). The amount is unsecured, interest free and repayable on demand.
In 2022, the company made a distribution to Dawat-e-Hadiyah Trust (United Kingdom) ("Dawat") by way of charitable donation amounting to £70,365. As at 31 December 2023, there was a balance due to Dawat of £171,279 (2022: £211,838).
9
Parent entity
Dawat-e-Hadiyah Trust (United Kingdom) is the parent Trust. The principal place of business of the Trust is 6 Mohammedi Park Complex, Rowdell Road, Northolt, UB5 6AG.