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Registered number: 12488206
R.S PROPERTY PORTFOLIO LTD
Unaudited Financial Statements
For The Year Ended 29 February 2024
Muftals Accountancy Ltd
1 Bromley Lane
Chislehurst
BR7 6LH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12488206
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 150,729 150,729
150,729 150,729
CURRENT ASSETS
Debtors 4 - 7,230
Cash at bank and in hand 8,022 2,983
8,022 10,213
Creditors: Amounts Falling Due Within One Year 5 (36,027 ) (44,124 )
NET CURRENT ASSETS (LIABILITIES) (28,005 ) (33,911 )
TOTAL ASSETS LESS CURRENT LIABILITIES 122,724 116,818
Creditors: Amounts Falling Due After More Than One Year 6 (135,354 ) (134,999 )
NET LIABILITIES (12,630 ) (18,181 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Revaluation reserve 8 3,289 -
Profit and Loss Account (15,920 ) (18,182 )
SHAREHOLDERS' FUNDS (12,630) (18,181)
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R LODH
Director
18/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% Straight Line Basis
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
3. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 March 2023 150,729
As at 29 February 2024 150,729
Net Book Value
As at 29 February 2024 150,729
As at 1 March 2023 150,729
4. Debtors
2024 2023
£ £
Due within one year
Director's loan account - 7,230
- 7,230
Page 3
Page 4
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 9,568 9,567
R.S property investment group ltd (37,149 ) 33,986
Accruals and deferred income 619 571
Director's loan account 62,989 -
36,027 44,124
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Mortgage loan 76,108 76,103
Mortgage loan 1 59,246 58,896
135,354 134,999
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Reserves
Revaluation Reserve
£
Surplus on revaluation 3,289
As at 29 February 2024 3,289
9. General Information
R.S PROPERTY PORTFOLIO LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12488206 . The registered office is 20-22 Wenlock Road, London, England, N1 7GU.
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