Company registration number 03551429 (England and Wales)
RSSB SOUTHALL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
RSSB SOUTHALL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
RSSB SOUTHALL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
5
1,419,000
1,419,000
Current assets
Debtors
6
2,238
4,987
Cash at bank and in hand
6,463
27,228
8,701
32,215
Creditors: amounts falling due within one year
7
(72,958)
(119,407)
Net current liabilities
(64,257)
(87,192)
Total assets less current liabilities
1,354,743
1,331,808
Creditors: amounts falling due after more than one year
8
(580,452)
(542,652)
Net assets
774,291
789,156
Capital and reserves
Called up share capital
2
2
Revaluation reserve
510,229
510,229
Profit and loss reserves
264,060
278,925
Total equity
774,291
789,156
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 15 July 2022 and are signed on its behalf by:
Dr S Naidoo
Director
Company Registration No. 03551429
RSSB SOUTHALL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
2
510,229
278,977
789,208
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
181,127
181,127
Distributions to parent charity under gift aid
-
-
(181,179)
(181,179)
Balance at 31 December 2020
2
510,229
278,925
789,156
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
163,135
163,135
Distributions to parent charity under gift aid
-
-
(178,000)
(178,000)
Balance at 31 December 2021
2
510,229
264,060
774,291
RSSB SOUTHALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
RSSB Southall Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Haynes Park, Church End, Haynes, Bedford, MK45 3BL.
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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced value of rental income excluding VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
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.
1.6
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.
RSSB SOUTHALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
RSSB SOUTHALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
18,362
Disposals
(18,362)
At 31 December 2021
Depreciation and impairment
At 1 January 2021
18,362
Eliminated in respect of disposals
(18,362)
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
5
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
1,419,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,238
4,987
RSSB SOUTHALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
31,265
Other creditors
72,958
88,142
72,958
119,407
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
580,452
542,652
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Anthony Epton and the auditor was Goldwins Limited.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
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The RSSB British Isles is a charity parent company that provided the company with financial support on an arm's length basis. Dr S Naidoo is a director of RSSB Southall Limited and also holds office of chairperson and trustee of RSSB British Isles.
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During the year, the following transactions took place:
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- Gift Aid donations of
£178,000
(20
20
: £
181,179
) w
ere
paid to RSSB British Isles.
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Amount owed to RSSB British Isles
|
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Interest
payable
to RSSB British Isles
|
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Interest is charged at 5% per annum.
The loan is unsecured.
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RSSB SOUTHALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
11
Parent company
Radha Soami Satsang Beas British Isles (RSSB British Isles) a registered charity in the United Kingdom, is regarded by the Directors of the company as the immediate and the ultimate parent undertaking.
The undertaking for which the company is a member and for which group financial statements are prepared is
Radha Soami Satsang Beas British Isles.