Company registration number 04190306 (England and Wales)
RWS PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
RWS PROPERTIES LIMITED
COMPANY INFORMATION
Directors
S. Marco
R.P. Beaumont
Secretary
S. Marco
Company number
04190306
Registered office
34 Teignmouth Road
London
NW2 4HN
Accountants
HW Fisher Professional Services Limited
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Business address
34 Teignmouth Road
London
NW2 4HN
Bankers
Royal Bank of Scotland
62-63 Threadneedle Street
London
EC2R 8LA
RWS PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Chartered Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 11
RWS PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -
The directors present their report and financial statements for the year ended 31 August 2025.
Principal activities

The principal activity of the company is the holding and managing of investment properties.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S. Marco
R.P. Beaumont
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S. Marco
Director
13 November 2025
RWS PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RWS PROPERTIES LIMITED FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RWS Properties Limited for the year ended 31 August 2025 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of RWS Properties Limited, as a body, in accordance with the terms of our engagement letter dated 25 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of RWS Properties Limited and state those matters that we have agreed to state to the b oard of d irectors of RWS Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RWS Properties Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that RWS Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of RWS Properties Limited. You consider that RWS Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of RWS Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

HW Fisher Professional Services Limited
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
13 November 2025
RWS PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
2025
2024
Notes
£
£
Turnover
1,399,863
1,374,496
Cost of sales
(404,525)
(409,025)
Gross profit
995,338
965,471
Administrative expenses
(37,140)
(18,269)
Operating profit
958,198
947,202
Interest receivable and similar income
2,867
4,024
Interest payable and similar expenses
(79,903)
(70,665)
Fair value gains and losses on investment properties
6
-
0
3,103,460
Profit before taxation
881,162
3,984,021
Tax on profit
4
(218,276)
(1,031,097)
Profit for the financial year
662,886
2,952,924
RWS PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,408
14,954
Investment properties
6
26,159,844
25,940,250
26,176,252
25,955,204
Current assets
Debtors
7
72,302
89,746
Cash at bank and in hand
118,501
183,474
190,803
273,220
Creditors: amounts falling due within one year
8
(421,744)
(440,898)
Net current liabilities
(230,941)
(167,678)
Total assets less current liabilities
25,945,311
25,787,526
Creditors: amounts falling due after more than one year
9
(1,150,000)
(1,150,000)
Provisions for liabilities
10
(4,432,180)
(4,377,281)
Net assets
20,363,131
20,260,245
Capital and reserves
Called up share capital
11
1,001
1,001
Share premium account
4,008,513
4,008,513
Capital reserve
12
326,926
326,926
Investment property reserves
13
13,575,819
13,630,718
Profit and loss reserves
2,450,872
2,293,087
Total equity
20,363,131
20,260,245
RWS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2025
31 August 2025
- 5 -

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 13 November 2025 and are signed on its behalf by:
S. Marco
Director
Company Registration No. 04190306
RWS PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Share capital
Share premium account
Capital reserve
Investment property reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 September 2023
1,001
4,008,513
326,926
11,386,003
2,134,878
17,857,321
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
-
-
2,952,924
2,952,924
Dividends
-
-
-
-
(550,000)
(550,000)
Transfer
-
-
-
2,244,715
(2,244,715)
-
Balance at 31 August 2024
1,001
4,008,513
326,926
13,630,718
2,293,087
20,260,245
Year ended 31 August 2025:
Profit and total comprehensive income for the year
-
-
-
-
662,886
662,886
Dividends
-
-
-
-
(560,000)
(560,000)
Transfer
-
-
-
(54,899)
54,899
-
Balance at 31 August 2025
1,001
4,008,513
326,926
13,575,819
2,450,872
20,363,131
RWS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
1
Accounting policies
Company information

RWS Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Teignmouth Road, London, NW2 4HN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income and service charge fees receivable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RWS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 8 -
Basic financial assets

Basic financial assets, which include debtors and 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

During the current and comparative year there were 2 employees.

RWS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
3
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
197,154
183,000
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
163,377
172,352
Deferred tax
Origination and reversal of timing differences
54,899
858,745
Total tax charge
218,276
1,031,097
5
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost or valuation
At 1 September 2024
60,631
Additions
15,220
Disposals
(33,647)
At 31 August 2025
42,204
Depreciation and impairment
At 1 September 2024
45,677
Depreciation charged in the year
13,766
Eliminated in respect of disposals
(33,647)
At 31 August 2025
25,796
Carrying amount
At 31 August 2025
16,408
At 31 August 2024
14,954
RWS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
6
Investment property
2025
£
Fair value
At 1 September 2024
25,940,250
Additions
219,594
At 31 August 2025
26,159,844

A directors' valuation showed that the market value as at 31 August 2025 was not materially different to the current book value.

If revalued freehold investment properties were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been £8,151,843 (202 4: £7,932,249).

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
48,542
59,506
Prepayments and accrued income
23,760
30,240
72,302
89,746
8
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
163,377
172,352
Other creditors
148,587
168,461
Accruals and deferred income
109,780
100,085
421,744
440,898
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loan
1,150,000
1,150,000

The b ank l oan is secured by a charge on certain properties and their associated assets.

RWS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
4,432,180
4,377,281
4,432,180
4,377,281

Deferred tax arises on the gain of the revaluation of the investment property at a rate of 25% (202 4: 25%).

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 0.01p each
10,000,000
10,000,000
1,000
1,000
Ordinary B Share of £1 each
1
1
1
1
10,000,001
10,000,001
1,001
1,001

The trustees of the Rebecca Webber 1965 Settlement trust currently hold all the shares. Whilst the trustees have an interest in any of the A shares, the B share gives them exclusive voting rights. Once the trustees have no interest in any A shares, voting rights belong exclusively to the A shares and the holder of the B share has no right to vote.

12
Capital reserve

Profits arising on the disposal of properties, net of tax, are transferred each year to a capital reserve.

13
Investment property reserve

The investment property reserve comprises the fair value uplift of the investment properties (net of the associated deferred tax) classified as fixed assets. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Change in Equity. The reserve i s non-distributable.

14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year, dividends of £560,000 (202 4: £550,000) were paid to the shareholders.

During the year £40,512 (202 4: £44,640) was charged by a company in which a director has an interest. Of these costs, £33,138 (202 4: £35,592) have been capitalised as part of investment property additions.

15
Directors' transactions

The two directors rent a part of a property from the company at an open market rent. During the year, rent of £3,000 (202 4: £3,000) was payable to the company.

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