3 01/03/2023 28/02/2024 2024-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 10033555 2023-03-01 2024-02-28 10033555 2024-02-28 10033555 2023-02-28 10033555 2022-03-01 2023-02-28 10033555 2023-02-28 10033555 2022-02-28 10033555 bus:RegisteredOffice 2023-03-01 2024-02-28 10033555 bus:Director1 2023-03-01 2024-02-28 10033555 bus:Director2 2023-03-01 2024-02-28 10033555 core:AfterOneYear 2024-02-28 10033555 core:AfterOneYear 2023-02-28 10033555 core:LandBuildings core:LongLeaseholdAssets 2024-02-28 10033555 core:LandBuildings 2024-02-28 10033555 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 10033555 core:LandBuildings 2023-02-28 10033555 core:WithinOneYear 2024-02-28 10033555 core:WithinOneYear 2023-02-28 10033555 core:ShareCapital 2024-02-28 10033555 core:ShareCapital 2023-02-28 10033555 core:SharePremium 2024-02-28 10033555 core:SharePremium 2023-02-28 10033555 core:RetainedEarningsAccumulatedLosses 2024-02-28 10033555 core:RetainedEarningsAccumulatedLosses 2023-02-28 10033555 core:LandBuildings 2023-02-28 10033555 core:LandBuildings 2023-03-01 2024-02-28 10033555 bus:Director1 2023-02-28 10033555 bus:Director1 2024-02-28 10033555 bus:Director1 2022-02-28 10033555 bus:Director1 2023-02-28 10033555 bus:Director1 2022-03-01 2023-02-28 10033555 bus:SmallEntities 2023-03-01 2024-02-28 10033555 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 10033555 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 10033555 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 10033555 bus:FullAccounts 2023-03-01 2024-02-28
Company registration number: 10033555
RSA Property Investments Limited
Unaudited filleted financial statements
28 February 2024
RSA Property Investments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
RSA Property Investments Limited
Directors and other information
Directors Mr Rizwan Ahmed
Mrs Sarah Zeenat Ahmed
Company number 10033555
Registered office 124 City Road
London
EC1V 2NX
RSA Property Investments Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 7,012,500 6,752,500
_______ _______
7,012,500 6,752,500
Current assets
Debtors 6 27,505 11,098
Cash at bank and in hand 8,654 4,204
_______ _______
36,159 15,302
Creditors: amounts falling due
within one year 7 ( 719,619) ( 666,965)
_______ _______
Net current liabilities ( 683,460) ( 651,663)
_______ _______
Total assets less current liabilities 6,329,040 6,100,837
Creditors: amounts falling due
after more than one year 8 ( 4,564,716) ( 4,592,507)
Provisions for liabilities ( 123,032) ( 58,033)
Accruals and deferred income ( 3,200) ( 2,875)
_______ _______
Net assets 1,638,092 1,447,422
_______ _______
Capital and reserves
Called up share capital 200 200
Share premium account 1,451,927 1,451,927
Profit and loss account 185,965 ( 4,705)
_______ _______
Shareholders funds 1,638,092 1,447,422
_______ _______
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
Mr Rizwan Ahmed
Director
Company registration number: 10033555
RSA Property Investments Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 124 City Road, London, EC1V 2NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold and leasehold properties Total
£ £
Cost or valuation
At 1 March 2023 6,752,500 6,752,500
Revaluation 260,000 260,000
_______ _______
At 28 February 2024 7,012,500 7,012,500
_______ _______
Carrying amount
At 28 February 2024 7,012,500 7,012,500
_______ _______
At 28 February 2023 6,752,500 6,752,500
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 March 2023 6,752,500
Fair value adjustments 260,000
_______
At 28 February 2024 7,012,500
_______
The fair value of the investment properties at the date of the balance sheet was £7,012,500 (2022: £6,752,500). The fair value of the investment properties was assessed internally by the director at the year-end and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of the investment properties.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property Freehold and leasehold properties Total
£ £ £
At 28 February 2024
Aggregate cost 7,012,500 7,012,500 7,012,500
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 7,012,500 7,012,500 7,012,500
_______ _______ _______
At 28 February 2023
Aggregate cost 6,752,500 6,752,500 6,752,500
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 6,752,500 6,752,500 6,752,500
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 19,230 3,583
Other debtors 8,275 7,515
_______ _______
27,505 11,098
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,291 3,128
Other creditors 715,328 663,837
_______ _______
719,619 666,965
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 16,773 22,846
Other creditors 4,547,943 4,569,661
_______ _______
4,564,716 4,592,507
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £316,136 (2023: £346,697) in respect of liabilities payable or repayable by instalments.
Included within creditors: amounts falling due after more than one year is an amount of £ 4,343,006 (2023 £ 4,340,227 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Creditors include long term loans which are secured against an asset of the company of £4,343,006 (2023: £4,340,227) . The loans are secured against the investment properties.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rizwan Ahmed ( 463,820) ( 48,474) ( 512,294)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rizwan Ahmed ( 543,771) 79,951 ( 463,820)
_______ _______ _______