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Registered number: 13292246









RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
REGISTERED NUMBER: 13292246

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
285,000
298,737

  
285,000
298,737

Current assets
  

Debtors: amounts falling due within one year
 5 
56,210
57,437

Cash at bank and in hand
 6 
7,060
22,861

  
63,270
80,298

Creditors: amounts falling due within one year
 7 
(360,738)
(171,735)

Net current liabilities
  
 
 
(297,468)
 
 
(91,437)

Total assets less current liabilities
  
(12,468)
207,300

Creditors: amounts falling due after more than one year
 8 
-
(207,809)

  

Net liabilities
  
(12,468)
(509)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(12,568)
(609)

  
(12,468)
(509)


Page 1

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
REGISTERED NUMBER: 13292246
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.


P Kerrigan
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

RSC Propco Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, England, UB8 2FX. 
The company specialises in letting and operating of investment property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, despite the company reporting net current liabilities of £297,468 (2023 - £91,437). Included within creditors are loans totalling £350,760 (2023 - £155,760) from related undertakings who have confirmed that they will not seek repayment of the loans until such time as the company has sufficient working capital. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue represents rents receivable from investment properties, service charges and management charges. Revenue is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.

Page 3

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.6

Taxation

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 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the director, during the year was 1 (2023 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
298,737


Fair value change
(13,737)



At 31 December 2024
285,000

The investment property was valued by the director, on an open market value for existing use basis.



Page 5

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Other debtors
56,210
56,210

Prepayments and accrued income
-
1,227

56,210
57,437



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,060
22,861

7,060
22,861



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to related undertaking
350,760
155,760

Corporation tax
415
-

Other creditors
7,013
6,493

Accruals and deferred income
2,550
9,482

360,738
171,735



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
207,809

-
207,809


Bank loans were redeemed during the year.

Page 6

 
RSC PROPCO LTD (FORMERLY GG-925-155 LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
-
207,809

-
207,809



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



11.


Related party transactions

Included within other creditors due in less than one year, is an amount of £7,013 (2023 - £6,493) due to the director of the company.
 
At the year end, the company owed £350,760 (2023 - £155,760) to a company in which the director has a beneficial interest.


12.


Controlling party

The controlling party is the director by virtue of his 100% shareholding in the company.

 
Page 7