Rathdale Limited Company accounts

Rathdale Limited Company accounts

RATHDALE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02815634
Rathdale Limited
Financial Statements
30 April 2020
Rathdale Limited
Financial Statements
Year ended 30 April 2020
Contents
Page
Directors' report
1
Independent auditor's report to the members
3
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8
Rathdale Limited
Directors' Report
Year ended 30 April 2020
The directors present their report and the financial statements of the company for the year ended 30 April 2020 .
Directors
The directors who served the company during the year were as follows:
D Feldman
H Feldman
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 July 2021 and signed on behalf of the board by:
D Feldman
Director
Rathdale Limited
Independent Auditor's Report to the Members of Rathdale Limited
Year ended 30 April 2020
Opinion
We have audited the financial statements of Rathdale Limited (the 'company') for the year ended 30 April 2020 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Phillip Smulovitch
(Senior Statutory Auditor)
For and on behalf of
GK & Co. LLP
Chartered accountants & statutory auditor
Hallswelle House
1 Hallswelle Road
London
NW11 0DH
22 July 2021
Rathdale Limited
Statement of Income and Retained Earnings
Year ended 30 April 2020
2020
2019
Note
£
£
Turnover
18,559
18,726
--------
--------
Gross profit
18,559
18,726
Property outgoings
4,658
4,658
Administrative expenses
4,070
2,269
--------
--------
Operating profit
9,831
11,799
Other interest receivable and similar income
5
115,749
273,423
---------
---------
Profit before taxation
125,580
285,222
Tax on profit
–
–
---------
---------
Profit for the financial year and total comprehensive income
125,580
285,222
---------
---------
Dividends paid and payable
–
( 13,000,000)
Retained earnings at the start of the year
8,480,426
21,195,204
------------
-------------
Retained earnings at the end of the year
8,606,006
8,480,426
------------
-------------
All the activities of the company are from continuing operations.
Rathdale Limited
Statement of Financial Position
30 April 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
6
253,967
253,967
Investments
7
100
100
---------
---------
254,067
254,067
Current assets
Debtors
8
14,104,780
39,805,022
Cash at bank and in hand
80,356
66,296
-------------
-------------
14,185,136
39,871,318
Creditors: amounts falling due within one year
9
5,832,197
31,643,959
-------------
-------------
Net current assets
8,352,939
8,227,359
------------
------------
Total assets less current liabilities
8,607,006
8,481,426
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
8,606,006
8,480,426
------------
------------
Shareholders funds
8,607,006
8,481,426
------------
------------
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2021 , and are signed on behalf of the board by:
D Feldman
Director
Company registration number: 02815634
Rathdale Limited
Notes to the Financial Statements
Year ended 30 April 2020
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1Hallswelle Road, London, NW11 0DH.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents gross rental income and service charges receivable on straight-line basis. All income arose in the United Kingdom.
Investment property
Investment property is initially recorded 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Auditor's Remuneration
2020
2019
£
£
Fees payable for the audit of the financial statements
2,250
2,250
-------
-------
5. Other Interest Receivable and Similar Income
2020
2019
£
£
Interest on cash and cash equivalents
115,749
38,545
Interest on bank deposits
–
234,878
---------
---------
115,749
273,423
---------
---------
6. Tangible Assets
Freehold investment property
£
Cost
At 1 May 2019 and 30 April 2020
253,967
---------
Depreciation
At 1 May 2019 and 30 April 2020
–
---------
Carrying amount
At 30 April 2020
253,967
---------
At 30 April 2019
253,967
---------
The directors consider that the cost price of the property represents the current market value.
7. Investments
Investment in subsidiary
£
Cost
At 1 May 2019 and 30 April 2020
100
----
Impairment
At 1 May 2019 and 30 April 2020
–
----
Carrying amount
At 30 April 2020
100
----
At 30 April 2019
100
----
The investment in subsidiary comprises of a 100% holding in Exikon Limited a company incorporated in England.
8. Debtors
2020
2019
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
11,086,771
36,901,965
Other debtors
3,018,009
2,903,057
-------------
-------------
14,104,780
39,805,022
-------------
-------------
9. Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
5,573,570
31,140,995
Other creditors
258,627
502,964
------------
-------------
5,832,197
31,643,959
------------
-------------
10. Controlling Party
The ultimate holding company is Castledock Limited, a company incorporated in United Kingdom.