Company registration number 01161456 (England and Wales)
RUSSCHAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
RUSSCHAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RUSSCHAR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
531,411
Current assets
Debtors falling due after more than one year
4
579,524
137,880
Debtors falling due within one year
4
16,065
13,044
Investments
5
81,279
117,032
Cash at bank and in hand
63,900
740,768
267,956
Creditors: amounts falling due within one year
6
(33,239)
(23,732)
Net current assets
707,529
244,224
Total assets less current liabilities
707,529
775,635
Creditors: amounts falling due after more than one year
7
(431,810)
Net assets
707,529
343,825
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
707,429
343,725
Total equity
707,529
343,825
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 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 and delivered 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 14 March 2023 and are signed on its behalf by:
Mr J Levinkind
Director
Company Registration No. 01161456
RUSSCHAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Russchar Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Flat 7, Highview, 5 Holford Road, Hampstead, London, UK, NW3 1AG.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. B
asic
financial
instruments
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Financial
instruments
classified as receivable
or payable
within one year are not amortised.
1.6
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.
1.7
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.
RUSSCHAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Investment property
2022
£
Fair value
At 1 April 2021
531,411
Additions
1,548
Disposals
(875,000)
Revaluations
342,041
At 31 March 2022
Investment property comprises a property in the United Kingdom which was disposed of in the year. The fair value of the investment property has been arrived at on the basis of a valuation carried out at by Prickett & Ellis Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
RUSSCHAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
16,065
13,044
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
579,021
137,392
Other debtors
503
488
579,524
137,880
Total debtors
595,589
150,924
5
Current asset investments
2022
2021
£
£
Other investments
81,279
117,032
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
23,732
23,732
Corporation tax
6,077
Other creditors
3,430
33,239
23,732
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
431,810