REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
ROMANYS PROPERTIES LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
ROMANYS PROPERTIES LIMITED |
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Chartered Accountants' Report | 2 |
|
Balance Sheet | 3 |
|
Notes to the Financial Statements | 5 |
|
ROMANYS PROPERTIES LIMITED |
|
Company Information |
for the Year Ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
5th Floor, Congress House |
14 Lyon Road |
Harrow |
HA1 2EN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
ROMANYS PROPERTIES LIMITED |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ROMANYS PROPERTIES LIMITED for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of ROMANYS PROPERTIES LIMITED, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ROMANYS PROPERTIES LIMITED and state those matters that we have agreed to state to the Board of Directors of ROMANYS PROPERTIES LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ROMANYS PROPERTIES LIMITED and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that ROMANYS PROPERTIES LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of ROMANYS PROPERTIES LIMITED. You consider that ROMANYS PROPERTIES LIMITED is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of ROMANYS PROPERTIES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
5th Floor, Congress House |
14 Lyon Road |
Harrow |
HA1 2EN |
|
|
Date: ............................................. |
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Balance Sheet |
31 December 2020 |
|
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than
one year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
|
|
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Balance Sheet - continued |
31 December 2020 |
|
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Capital Contribution | 13 |
|
|
Fair value reserve | 13 |
|
|
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
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
|
|
|
|
|
|
|
|
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
ROMANYS PROPERTIES LIMITED is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents rental income receivable, excluding value added tax. The rent is recognised when the company has the right to consideration. |
|
Investments in subsidiaries |
Investment in subsidiary is recognised at the net asset value of the subsidiary entity. |
|
Investment property |
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
|
Where the investment property can not be measured without undue cost or effort, it will be measured at cost. |
|
Financial instruments |
Classification of financial instruments issued by the Company |
In accordance with FRS 102, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: |
- they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and |
- where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. |
|
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for theyear comprises current and deferred tax. Tax is recognised in the Income StatementIncome 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 sheetbalance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheetbalance 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 yearyear 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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2019 - NIL). |
|
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1 January 2020 |
|
Impairments | ( |
) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
4. | FIXED ASSET INVESTMENTS - continued |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: 51 Brewer Street, Soho, London, W1F 9UQ |
Nature of business:
|
% |
Class of shares: | holding |
|
|
31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
|
|
(Loss)/profit for the year | ( |
) |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
|
Impairments | (970,000 | ) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
Fair value at 31 December 2020 is represented by: |
£ |
Valuation in 2014 | 500,000 |
Valuation in 2015 | 255,000 |
Valuation in 2016 | 220,000 |
Valuation in 2017 | 195,000 |
Valuation in 2020 | (970,000 | ) |
Cost | 5,000,000 |
5,200,000 |
|
Investment property was valued by the management at £5,200,000 which was confirmed by desktop valuation provided by Duff & Phelps (Real Estate Advisory Group, RICS) on 16 December 2020.The directors are of the opinion that the value remains unchanged as at 31 December 2020. |
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
|
|
Amounts owed by associates |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts (see note 9) |
|
|
Tax |
|
|
VAT | 7,775 | 8,994 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other loans (see note 9) |
|
|
|
The existing bank loan facility was renewed on 24th March 2016 for a period until 11th May 2021. |
|
9. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 108,000 |
|
Amts owed to group undertaking | 1,701,728 | 1,547,025 |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.20 | 31.12.19 |
£ | £ |
Bank loans | 2,232,238 | 2,339,704 |
|
The above are secured by way of a legal charge over the property 52 to 56 Camden High Street, London & a cash account in which rents are received. Interest on the above loan is payable at the rate of 2.55% plus 3 month Libor rate. |
|
11. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax | 1,014,183 | 946,863 |
|
Deferred |
tax |
£ |
Balance at 1 January 2020 |
|
Timing difference | 67,320 |
Balance at 31 December 2020 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
|
13. | RESERVES |
Fair |
Retained | Capital | value |
earnings | Contribution | reserve | Totals |
£ | £ | £ | £ |
|
At 1 January 2020 | ( |
) |
|
|
1,914,950 |
Deficit for the year | ( |
) | ( |
) |
Capital contribution -Decrease | - | (154,703 | ) | - | (154,703 | ) |
At 31 December 2020 | ( |
) |
|
|
825,260 |
|
14. | CONTINGENT LIABILITIES |
|
A group set-off is held on current account balances of the company by HSBC bank. |
ROMANYS PROPERTIES LIMITED (Registered number: 02540078) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The director has given a personal guarantee of £50,000 to secure the bank loan. |
|
16. | RELATED PARTY DISCLOSURES |
|
During the year, £82,848 (2019: £82,848) was receivable from Romanys Limited, a 100% subsidiary. |
|
At the year end an amount of £1,701,728 (2019: £1,547,025) was payable to Moolsons Holdings Limited, the parent company. |
|
17. | ULTIMATE CONTROLLING PARTY |
|
The company's immediate parent undertaking is Moolsons Holdings Limited, a company incorporated in the British Virgin Islands. Moolsons Holding Limited is controlled by Sovereign Trust (Isle of Man) Limited. |
|
Mr B M Pindolia, Mr M Pindolia & Mr K Pindolia are the ultimate controlling party. |