Registered number
12089564
RUKHMILA PROPERTIES LIMITED
Filleted Accounts
31 July 2023
RUKHMILA PROPERTIES LIMITED
Registered number: 12089564
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 38,067,802 27,593,479
Current assets
Debtors 4 61,898 333,736
Cash at bank and in hand 30,299 63,503
92,197 397,239
Creditors: amounts falling due within one year 5 (39,419,830) (28,233,694)
Net current liabilities (39,327,633) (27,836,455)
Total assets less current liabilities (1,259,831) (242,976)
Creditors: amounts falling due after more than one year 6 (1,897,553) (1,907,721)
Net liabilities (3,157,384) (2,150,697)
Capital and reserves
Called up share capital 5 5
Profit and loss account (3,157,389) (2,150,702)
Shareholders' funds (3,157,384) (2,150,697)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rukhmila Zaman
Director
Approved by the board on 12 November 2024
RUKHMILA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Going concern
The financial statements are prepared on a going concern basis, notwithstanding the company having made a loss for the year of £1,006,687 (2022: £1,398,067).In considering the appropriateness of the basis of preparation of these financial statements the directors have indicated that for a period of at least twelve months from the signing of these financial statements they will continue to provide working capital arrangements and cash flow as needed by the company in order to support its continued operations and meet its liabilities.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
Other than
Loans
£
Cost
At 1 August 2022 27,593,479
Additions 10,474,323
At 31 July 2023 38,067,802
4 Debtors 2023 2022
£ £
Rent receivable 14,704 21,311
Prepayment and accrued income 36,989 288,128
Other debtors 10,205 24,297
61,898 333,736
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,591,422 13,392,522
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,494,271 2,228,047
Directors' loan accounts 16,319,617 12,600,405
Other creditors 14,520 12,720
39,419,830 28,233,694
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans ( secured ) 1,897,553 1,907,722
Other creditors - (1)
1,897,553 1,907,721
7 Related party transactions
a.Transactions with director
During the year there were transactions between the company and the directors Mrs Rukhmila Zaman and Mr Saifuzzaman Chowdhury and at the end of the year the company owed to the directors £16,319,617 (2022: £12,600,405).
b.Transactions with other companies
During the year there were transactions between the company and other companies where Mrs Rukhmila Zaman and Mr Saifuzzaman Chowdhury have a participating interest and at the end of the year the company owed to other companies £2,494,271 (2022: £2,228,047 )
8 Other information
RUKHMILA PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 02-121
8 Devonshire Square
London
EC2M 4YJ
RUKHMILA PROPERTIES LIMITED 12089564 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts October 2023 release 2 Rukhmila Zaman No description of principal activity 12089564 2021-08-01 2022-07-31 12089564 core:WithinOneYear 2022-07-31 12089564 core:AfterOneYear 2022-07-31 12089564 core:ShareCapital 2022-07-31 12089564 core:RetainedEarningsAccumulatedLosses 2022-07-31 12089564 2022-08-01 2023-07-31 12089564 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12089564 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12089564 bus:Director40 2022-08-01 2023-07-31 12089564 1 2022-08-01 2023-07-31 12089564 2 2022-08-01 2023-07-31 12089564 countries:England 2022-08-01 2023-07-31 12089564 bus:FRS102 2022-08-01 2023-07-31 12089564 bus:FullAccounts 2022-08-01 2023-07-31 12089564 2023-07-31 12089564 core:WithinOneYear 2023-07-31 12089564 core:AfterOneYear 2023-07-31 12089564 core:ShareCapital 2023-07-31 12089564 core:RetainedEarningsAccumulatedLosses 2023-07-31 12089564 core:AdditionsToInvestments 2023-07-31 12089564 2022-07-31 iso4217:GBP xbrli:pure