IRIS Accounts Production v24.2.0.383 02540078 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 true false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh025400782022-12-31025400782023-12-31025400782023-01-012023-12-31025400782021-12-31025400782022-01-012022-12-31025400782022-12-3102540078ns15:EnglandWales2023-01-012023-12-3102540078ns14:PoundSterling2023-01-012023-12-3102540078ns10:Director12023-01-012023-12-3102540078ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102540078ns10:SmallEntities2023-01-012023-12-3102540078ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102540078ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102540078ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102540078ns10:FullAccounts2023-01-012023-12-3102540078ns10:OrdinaryShareClass12023-01-012023-12-3102540078ns10:Director22023-01-012023-12-3102540078ns10:RegisteredOffice2023-01-012023-12-3102540078ns5:CurrentFinancialInstruments2023-12-3102540078ns5:CurrentFinancialInstruments2022-12-3102540078ns5:Non-currentFinancialInstruments2023-12-3102540078ns5:Non-currentFinancialInstruments2022-12-3102540078ns5:ShareCapital2023-12-3102540078ns5:ShareCapital2022-12-3102540078ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102540078ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102540078ns5:RetainedEarningsAccumulatedLosses2023-12-3102540078ns5:RetainedEarningsAccumulatedLosses2022-12-3102540078ns5:CostValuation2022-12-3102540078ns5:ImpairmentReversalProvisionsForImpairmentInvestments2023-12-3102540078ns5:CostValuation2023-12-3102540078ns5:Subsidiary12023-01-012023-12-3102540078ns5:Subsidiary112023-01-012023-12-3102540078ns5:Subsidiary12023-12-3102540078ns5:Subsidiary12022-12-3102540078ns5:Subsidiary12022-01-012022-12-3102540078ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102540078ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102540078ns5:CurrentFinancialInstruments2023-01-012023-12-3102540078ns5:Non-currentFinancialInstruments2023-01-012023-12-3102540078ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3102540078ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3102540078ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3102540078ns5:DeferredTaxation2022-12-3102540078ns5:DeferredTaxation2023-12-3102540078ns10:OrdinaryShareClass12023-12-3102540078ns5:RetainedEarningsAccumulatedLosses2022-12-3102540078ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102540078ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 02540078 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

ROMANYS PROPERTIES LIMITED

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROMANYS PROPERTIES LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M L R Pindolia
K M L Pindolia





REGISTERED OFFICE: Lixmere House,
211 Kenton Road,
Kenton,
Middlesex
HA3 0HD





REGISTERED NUMBER: 02540078 (England and Wales)





ACCOUNTANTS: Telic Advisory Limited
5th Floor, Congress House
14 Lyon Road
Harrow
HA1 2EN

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 704,183 618,219
Investment property 5 5,200,000 5,200,000
5,904,183 5,818,219

CURRENT ASSETS
Debtors 6 81,475 87,763
Cash at bank 108,194 135,169
189,669 222,932
CREDITORS
Amounts falling due within one year 7 2,466,807 2,480,962
NET CURRENT LIABILITIES (2,277,138 ) (2,258,030 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,627,045

3,560,189

CREDITORS
Amounts falling due after more than
one year

8

(1,810,000

)

(1,910,000

)

PROVISIONS FOR LIABILITIES 11 (964,573 ) (986,064 )
NET ASSETS 852,472 664,125

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 20,000 20,000
Fair value reserve 13 4,584,301 4,584,301
Retained earnings 13 (3,751,829 ) (3,940,176 )
SHAREHOLDERS' FUNDS 852,472 664,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 September 2024 and were signed on its behalf by:





M L R Pindolia - Director


ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

ROMANYS PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income receivable, excluding value added tax. The rent is recognised when the company has the right to consideration.

Investments in subsidiaries
Investment in subsidiary is recognised at the net asset value of the subsidiary entity.

Investment property
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Where the investment property can not be measured without undue cost or effort, it will be measured at cost.

Financial instruments
Classification of financial instruments issued by the Company
In accordance with FRS 102, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:
- they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
- where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.


ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for theyear comprises current and deferred tax. Tax is recognised in the Income StatementIncome 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 sheetbalance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheetbalance 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 yearyear 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 618,219
Reversal of impairments 85,964
At 31 December 2023 704,183
NET BOOK VALUE
At 31 December 2023 704,183
At 31 December 2022 618,219

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Romanys Limited
Registered office: 51 Brewer Street, Soho, London, W1F 9UQ
Nature of business: Suppliers of bathrooms and allied products
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 704,183 618,219
Profit for the year 85,964 4,773

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 5,200,000
NET BOOK VALUE
At 31 December 2023 5,200,000
At 31 December 2022 5,200,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2009 3,623,652
Valuation in 2010 680,000
Valuation in 2014 500,000
Valuation in 2015 255,000
Valuation in 2016 220,000
Valuation in 2017 195,000
Valuation in 2020 (970,000 )
Cost 696,348
5,200,000

Investment property was valued by the management at £5,200,000 which was confirmed by desktop valuation provided by Duff & Phelps (Real Estate Advisory Group, RICS) on 16 December 2020.The directors are of the opinion that the value remains unchanged as at 31 December 2023.

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 63,674 20,791
Amounts owed by associates - 40,000
Loan refinance costs 17,801 26,972
81,475 87,763

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9)
100,000

100,000
Amounts owed to group undertakings 2,222,152 2,222,152
Tax 22,708 28,471
VAT 7,411 7,763
Other creditors 57,550 65,240
Accruals and deferred income 56,986 57,336
2,466,807 2,480,962

Amounts owed to group undertaking includes a loan payable to Moolsons Holdings Limited, the parent entity, of £2,222,152. The loan is interest-free, unsecured and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 9) 1,810,000 1,910,000

The bank loan facility was refinanced on 26 February 2021 for a period of 5 years.

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,000 100,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 100,000 100,000

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,710,000 1,810,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,910,000 2,010,000

The above are secured by way of a first legal charge over the property 52 to 56 Camden High Street, London. Interest on the above loan is payable at the rate of 3.3% per annum over the Market Rate.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 964,573 986,064

Deferred
tax
£   
Balance at 1 January 2023 986,064
Timing difference (21,491 )
Balance at 31 December 2023 964,573

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20,000 Ordinary £1 20,000 20,000

ROMANYS PROPERTIES LIMITED (Registered number: 02540078)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 (3,940,176 ) 4,584,301 644,125
Profit for the year 188,347 188,347
At 31 December 2023 (3,751,829 ) 4,584,301 832,472

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director has given a personal guarantee of £50,000 to secure the bank loan.

15. RELATED PARTY DISCLOSURES

At the year end an amount of £2,222,152 ((2022: £2,222,152) was payable to Moolsons Holdings Limited, the parent company.

16. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Moolsons Holdings Limited, a company incorporated in the British Virgin Islands. Moolsons Holding Limited is controlled by Sovereign Trust (Isle of Man) Limited.

Mr B M Pindolia, Mr M Pindolia & Mr K Pindolia are the ultimate controlling party.