Rushett Common Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01568939 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

FOR

RUSHETT COMMON PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

Mr H L Forbes

Mrs A Womersley

REGISTERED OFFICE:

115 Mount Street

London

W1K 3NQ

REGISTERED NUMBER:

01568939 (England and Wales)

AUDITORS:

Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

FIXED ASSETS

Tangible assets

4

715,000

730,000

CURRENT ASSETS

Debtors

5

6,825

12,630

Cash at bank

219,875

189,913

226,700

202,543

CREDITORS

Amounts falling due within one year

6

94,162

21,473

NET CURRENT ASSETS

132,538

181,070

TOTAL ASSETS LESS CURRENT LIABILITIES

847,538

911,070

PROVISIONS FOR LIABILITIES

85,592

67,900

NET ASSETS

761,946

843,170

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Fair value reserve

8

519,239

551,931

Retained earnings

8

241,707

290,239

SHAREHOLDERS' FUNDS

761,946

843,170

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 20 March 2024 and were signed on its behalf by:

Mr H L Forbes - Director

1.	STATUTORY INFORMATION

Rushett Common Properties Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is 115 Mount Street, London, W1K 3NQ. The registered number is 01568939 .

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair 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.

Taxation

Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

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

Leasing incentives

The company from time to time provides incentives to enter into new lease agreements. These incentives may take the form of an initial period of the lease being rent free or at a reduced rent. In accordance with the standard accounting treatment for lease incentives, the rent free period or reduction in rent is allocated on a straight line basis over the full lease term or, where a lease commenced prior to the date of transition to Section 1A of FRS 102, up to the rent review date.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.

Investment properties are measured at cost upon initial recognition. The initial cost of the property comprises of its purchase price and any directly attributable expenditure.

Subsequently, investment property is measured at fair value at each reporting date with changes in fair value recognised in the income statement in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

investment

properties

£

COST OR VALUATION

At 30 March 2022

730,000

Revaluations

(15,000

)

At 29 March 2023

715,000

NET BOOK VALUE

At 29 March 2023

715,000

At 29 March 2022

730,000

Independent professional revaluations of all investment properties, taking into account the open market conditions, were carried out as at 29 March 2023.

In respect of the fixed assets stated at valuations, the comparable historical cost values are as follows:

2023

2022

£

£

Historical cost

110,169

110,169

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

4,809

10,614

Other debtors

2,016

2,016

6,825

12,630

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

76,923

-

Taxation and social security

6,678

4,491

Other creditors

10,561

16,982

94,162

21,473

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary

£1

1,000

1,000

8.

RESERVES

Fair value reserve

£

At 30 March 2022

551,931

Revaluation of investment properties

(15,000

)

Deferred tax on revaluation of investment properties

(17,692

)

At 29 March 2023

519,239

The tax treatment of items included above is the recognition of the movement in the deferred tax liability which will be due on the sale of the investment properties.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

10.	RELATED PARTY DISCLOSURES

As at the statement of financial position date an amount of £76,923 (2022 - £nil) was owed to the immediate parent company.

11.	ULTIMATE PARENT COMPANY