RIFCO PROPERTIES LIMITED 31/07/2022 iXBRL

RIFCO PROPERTIES LIMITED 31/07/2022 iXBRL

RIFCO PROPERTIES LIMITED - Company Information

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3 31/07/2022 2022-07-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01059189 2021-08-01 2022-07-31 01059189 2022-07-31 01059189 2021-07-31 01059189 2020-08-01 2021-07-31 01059189 2021-07-31 01059189 core:PlantMachinery 2021-08-01 2022-07-31 01059189 core:FurnitureFittingsToolsEquipment 2021-08-01 2022-07-31 01059189 bus:Director1 2021-08-01 2022-07-31 01059189 bus:Director2 2021-08-01 2022-07-31 01059189 core:WithinOneYear 2022-07-31 01059189 core:WithinOneYear 2021-07-31 01059189 core:LandBuildings core:OwnedOrFreeholdAssets 2021-07-31 01059189 core:PlantMachinery 2021-07-31 01059189 core:FurnitureFittingsToolsEquipment 2021-07-31 01059189 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 01059189 core:PlantMachinery 2022-07-31 01059189 core:FurnitureFittingsToolsEquipment 2022-07-31 01059189 core:AfterOneYear 2022-07-31 01059189 core:AfterOneYear 2021-07-31 01059189 core:LandBuildings core:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 01059189 core:ShareCapital 2022-07-31 01059189 core:ShareCapital 2021-07-31 01059189 core:SharePremium 2022-07-31 01059189 core:SharePremium 2021-07-31 01059189 core:CapitalRedemptionReserve 2022-07-31 01059189 core:CapitalRedemptionReserve 2021-07-31 01059189 core:HedgingReserve 2022-07-31 01059189 core:HedgingReserve 2021-07-31 01059189 core:RetainedEarningsAccumulatedLosses 2022-07-31 01059189 core:RetainedEarningsAccumulatedLosses 2021-07-31 01059189 core:BetweenOneFiveYears 2021-07-31 01059189 core:RevaluationInvestmentPropertyDeferredTax 2022-07-31 01059189 core:RevaluationInvestmentPropertyDeferredTax 2021-07-31 01059189 core:TaxLossesCarry-forwardsDeferredTax 2022-07-31 01059189 core:TaxLossesCarry-forwardsDeferredTax 2021-07-31 01059189 core:LandBuildings core:OwnedOrFreeholdAssets 2021-07-31 01059189 core:PlantMachinery 2021-07-31 01059189 core:FurnitureFittingsToolsEquipment 2021-07-31 01059189 core:DeferredTaxation 2021-07-31 01059189 core:DeferredTaxation 2022-07-31 01059189 bus:Director2 2021-07-31 01059189 bus:Director2 2022-07-31 01059189 bus:Director2 2020-07-31 01059189 bus:Director2 2021-07-31 01059189 bus:Director2 2020-08-01 2021-07-31 01059189 bus:SmallEntities 2021-08-01 2022-07-31 01059189 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 01059189 bus:FullAccounts 2021-08-01 2022-07-31 01059189 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 01059189 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 01059189 core:DeferredTaxation 2021-08-01 2022-07-31 01059189 core:FinancialAssetsFairValueThroughProfitOrLossDeferredTax 2022-07-31 01059189 core:AfterOneYear 2021-08-01 2022-07-31 01059189 1 2021-08-01 2022-07-31
Company registration number: 01059189
RIFCO PROPERTIES LIMITED
Unaudited filleted financial statements
31 July 2022
RIFCO PROPERTIES LIMITED
Contents
Statement of financial position
Notes to the financial statements
RIFCO PROPERTIES LIMITED
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 17,302,535 18,882,483
_________ _________
17,302,535 18,882,483
Current assets
Debtors 6 722,693 175,339
Investments 7 590,516 -
Cash at bank - 431,415
_________ _______
1,313,209 606,754
Creditors: amounts falling due
within one year 8 ( 340,550) ( 1,267,131)
_________ _________
Net current assets/(liabilities) 972,659 ( 660,377)
_________ _________
Total assets less current liabilities 18,275,194 18,222,106
Creditors: amounts falling due
after more than one year 9 ( 1,575,675) ( 3,383,548)
Provisions for liabilities 10 ( 1,546,819) ( 1,144,138)
_________ _________
Net assets 15,152,700 13,694,420
_________ _________
Capital and reserves
Called up share capital 30,500 30,500
Share premium account 230,100 230,100
Capital redemption reserve 19,500 19,500
Fair value reserve 7,629,839 7,085,872
Profit and loss account 7,242,761 6,328,448
_________ _________
Shareholders funds 15,152,700 13,694,420
_________ _________
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 March 2023 , and are signed on behalf of the board by:
Mr C Rifat
Director
Company registration number: 01059189
RIFCO PROPERTIES LIMITED
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Cranbourne Road, Muswell Hill, London, N10 2BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the rent receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, which includes purchase price and any directly attributable expenditure. Subsequently, investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these revaluations.
Current asset investments
Current asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from director. Debt instruments that are receivable or payable within one year, such as trade receivables and payables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tangible assets
Freehold properties Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost or valuation
At 1 August 2021 18,828,362 394,342 4,829 19,227,533
Additions 1,563,909 - 2,017 1,565,926
Disposals ( 4,681,000) - ( 1,600) ( 4,682,600)
Revaluation 1,549,251 - - 1,549,251
_________ _______ _______ _________
At 31 July 2022 17,260,522 394,342 5,246 17,660,110
_________ _______ _______ _________
Depreciation
At 1 August 2021 - 341,704 3,346 345,050
Charge for the year - 13,160 845 14,005
Disposals - - ( 1,480) ( 1,480)
_______ _______ _______ _______
At 31 July 2022 - 354,864 2,711 357,575
_______ _______ _______ _______
Carrying amount
At 31 July 2022 17,260,522 39,478 2,535 17,302,535
_________ _______ _______ _________
At 31 July 2021 18,828,362 52,638 1,483 18,882,483
_________ _______ _______ _________
In the opinion of the directors, the value of the properties (including plant and machinery) at 31 July 2022 is £17,300,000.
6. Debtors
2022 2021
£ £
Trade debtors 696,674 -
Prepayments and accrued income 968 168,382
Other debtors 25,051 6,957
_______ _______
722,693 175,339
_______ _______
7. Investments
2022 2021
£ £
Market value
Listed investments short term 590,516 -
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank overdraft and loans (secured) 102,979 418,112
Accruals and deferred income 122,643 781,961
Corporation tax 81,001 57,611
Social security and other taxes 10,177 3,818
Other creditors 23,750 5,629
_______ _________
340,550 1,267,131
_______ _________
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans (secured) 1,560,000 3,383,548
Other creditors 15,675 -
_________ _________
1,575,675 3,383,548
_________ _________
Included within other creditors are the net proceeds of a non refundable deposit received in respect of an investment property sold subject to planning consent being obtained in 2024.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 August 2021 1,144,138 1,144,138
Deferred tax on revaluation of listed investments 20,514 20,514
Deferred tax on revaluation of investment properties 302,657 302,657
Deferred tax on unused capital losses 79,510 79,510
_________ _________
At 31 July 2022 1,546,819 1,546,819
_________ _________
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 10) 1,546,819 1,144,138
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Fair value adjustment of listed investments 20,514 -
Fair value adjustment of investment properties 1,527,874 1,225,217
Unused captal losses ( 1,569) ( 81,079)
_________ _________
1,546,819 1,144,138
_________ _________
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 2,027 4,053
Later than 1 year and not later than 5 years - 2,027
_______ _______
2,027 6,080
_______ _______
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr C Rifat 6,956 50,158 ( 40,000) 17,114
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr C Rifat ( 58,686) 825,642 ( 760,000) 6,956
_______ _______ _______ _______
Interest has been charged to Mr C Rifat (director) at 2.00% per annum.
14. Controlling party
Mr C Rifat (director) has a controlling interest in the company.