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REGISTERED NUMBER: 05603209 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ROSEWALL PROPERTIES LIMITED

ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ROSEWALL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs S Lahrie
L Mohamed





REGISTERED OFFICE: 113 Hoe Street
Walthamstow
London
E17 4RX





REGISTERED NUMBER: 05603209 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,534 1,805
Investment property 5 37,983,000 37,983,000
37,984,534 37,984,805

CURRENT ASSETS
Stocks 2,000,000 2,000,000
Debtors 6 9,000 4,093,213
Cash at bank 160,058 252,280
2,169,058 6,345,493
CREDITORS
Amounts falling due within one year 7 5,462,855 8,920,690
NET CURRENT LIABILITIES (3,293,797 ) (2,575,197 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,690,737

35,409,608

CREDITORS
Amounts falling due after more than one
year

8

(29,140,894

)

(28,969,900

)

PROVISIONS FOR LIABILITIES 10 (361,250 ) (361,250 )
NET ASSETS 5,188,593 6,078,458

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 11 5,188,591 6,078,456
5,188,593 6,078,458

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 24 February 2025 and were signed on its behalf by:



L Mohamed - Director


ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Rosewall 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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings15% reducing balance

The assets' residual values , useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if an when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 15,810
DEPRECIATION
At 1 January 2023 14,005
Charge for year 271
At 31 December 2023 14,276
NET BOOK VALUE
At 31 December 2023 1,534
At 31 December 2022 1,805

ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 37,983,000
NET BOOK VALUE
At 31 December 2023 37,983,000
At 31 December 2022 37,983,000

Investment properties held by the company is stated at fair value. The director has independently carried out the valuation of the property as at the balance sheet date based on available market information and comparable property valuations.

The fair value determination does not include the services of an external valuer. However, the director believes that the valuation reflects an accurate and fair market value for the properties as of 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,000 -
Amounts owed by group undertakings - 4,093,213
9,000 4,093,213

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 5,381,367 8,803,987
Other creditors 1,500 64,000
Deferred income 79,988 52,703
5,462,855 8,920,690

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more than one year 29,140,894 28,969,900

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 29,140,894 28,969,900

Included within creditors falling due after more than one year is a balance of £29,140,894 (2022: £28,969,900). This liability is secured by a charge over the company’s property assets, comprising both fixed and floating charges, alongside a negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Revaluation timing difference 361,250 361,250

ROSEWALL PROPERTIES LIMITED (REGISTERED NUMBER: 05603209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 361,250
Balance at 31 December 2023 361,250

11. RESERVES
Retained
earnings
£   

At 1 January 2023 6,078,456
Deficit for the year (889,865 )
At 31 December 2023 5,188,591

Included within retained earnings, is an undistributable element attributable to the unrealised gain on investment properties. This amount is adjusted for deferred tax and is presented as follows:

- The unrealised gain on investment properties, net of deferred tax provision, amounts to £1,083,750. (2022:
£1,083,750).

- A deferred tax provision of £361,250 (2022 - £361,250) has been recognised in respect of these unrealised gains.

These unrealised gains on investment properties are retained within the reserves but are considered
non-distributable under FRS 102 Section 1A, given their unrealised status and the associated deferred tax
obligation.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is LMSL Holdings Limited.

The ultimate controlling party are the shareholders of LMSL Holdings Limited by virtue of their holdings in the parent undertaking.