Rossmore Court Leaseholding Limited - Limited company accounts 23.1

REGISTERED NUMBER: 03245136 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Rossmore Court Leaseholding Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

J A Cheung Shan Yuen

K Kikiras

R Leelasena

H J Simmonds

A Musa

S Bhandari

SECRETARY:

PA Registrars Limited

REGISTERED OFFICE:

Wilberforce House

Station Road

London

NW4 4QE

REGISTERED NUMBER:

03245136 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 30 September 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property rental, management and administration of the head lease interest known as Rossmore Court, Park Road, London NW1.

REVIEW OF BUSINESS

Income and operating costs were in line with expectations. Net profit for the year was £49,140 (2021: £6,434). The net assets as at the reporting date were £374,779 (2021: £342,839). The directors recommend a dividend of £200 per ordinary share for the year (2021: £200).

On 23 March 2022, the long leasehold interest to Flat 131 Rossmore Court and its associated deferred tax were transferred from its subsidiary, Oscar-Rambo Trading Ltd, at fair value to the company.

DIRECTORS

The directors during the year under review were:

J A Cheung Shan Yuen

K Kikiras

R Leelasena

H J Simmonds

A Musa

S Bhandari (appointed 24 February 2022)

J I P Jackson-Okolo (resigned 17 January 2022)

The beneficial interests of the directors, except for S Bandari, holding office on 30 September 2022 in the issued share capital of the company were 1 share each (2021:1).

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

GOING CONCERN

The directors have a reasonable expectation that the company has adequate resources for the foreseeable future and for a minimum period of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J A Cheung Shan Yuen - Director

3 March 2023

TURNOVER

30,916

31,480

Administrative expenses

(29,751

)

20,408

OPERATING PROFIT and

PROFIT BEFORE TAXATION

60,667

11,072

Tax on profit

11,527

4,638

PROFIT FOR THE FINANCIAL YEAR

49,140

6,434

FIXED ASSETS

Investments

4

100

100

Investment property

5

399,478

1

399,578

101

CURRENT ASSETS

Debtors

6

30,776

334,070

Cash at bank

51,868

32,921

82,644

366,991

CREDITORS

Amounts falling due within one year

7

77,127

24,253

NET CURRENT ASSETS

5,517

342,738

TOTAL ASSETS LESS CURRENT LIABILITIES

405,095

342,839

PROVISIONS FOR LIABILITIES

8

30,316

-

NET ASSETS

374,779

342,839

CAPITAL AND RESERVES

Called up share capital

9

86

86

Retained earnings

10

374,693

342,753

SHAREHOLDERS' FUNDS

374,779

342,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 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 3 March 2023 and were signed on its behalf by:

J A Cheung Shan Yuen - Director

1.	STATUTORY INFORMATION

Rossmore Court Leaseholding 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.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources for the foreseeable future and for a minimum period of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Rossmore Court Leaseholding Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

The directors, in the determination of the fair value of an investment property have made key assumptions in respect of the state of the property market as to it, inflation rate of return and property value.

Turnover

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

Turnover represents rents receivable for the period.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost

Computer equipment - 25% on cost

3.	EMPLOYEES AND DIRECTORS

During the year, the company had no employees other than the directors who received no remuneration.

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2021

and 30 September 2022

100

NET BOOK VALUE

At 30 September 2022

100

At 30 September 2021

100

As at the reporting date, the company holds 100% of the ordinary share capital in Oscar-Rambo Trading Limited, a company registered in England and Wales, whose aggregate capital and reserves as at 30 September 2022 is £57,945 (2021: £50,747).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2021

1

Additions

654

Revaluations

37,758

Transfer from Oscar-Rambo

Trading Ltd

361,065

At 30 September 2022

399,478

NET BOOK VALUE

At 30 September 2022

399,478

At 30 September 2021

1

Investment property represent the headlease interest relating to Rossmore Court, London, NW1 and the long leasehold interest relating to Flat 131 Rossmore Court, London, NW1.

On 23 March 2022, the long leasehold interest relating to Flat 131 Rossmore Court and its associated deferred tax (note 8) were transferred from its subsidiary, Oscar -Rambo Trading Ltd, at fair value to the company.

The valuation is based on the discounted cash flow method which requires the directors to make judgements, estimates and assumptions due to the nature of the leasehold.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

-

283,717

Other debtors

30,776

50,353

30,776

334,070

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

57,074

-

Taxation and social security

4,353

4,566

Other creditors

15,700

19,687

77,127

24,253

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

30,316

-

Deferred

tax

£

Transfer from Oscar-Rambo

Trading Ltd

23,142

Provided during the year

7,174

Balance at 30 September 2022

30,316

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

86

Ordinary shares

£1

86

86

10.

RESERVES

Retained

earnings

£

At 1 October 2021

342,753

Profit for the year

49,140

Dividends

(17,200

)

At 30 September 2022

374,693

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption permitted by paragraph 33.1A 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 other group members which are wholly owned subsidiaries.

12.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.