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Page Company information Directors' report Chartered accountants' independent assurance report Profit and loss account Balance sheet Notes to the financial statements Detailed profit and loss account Schedule to the profit and loss account 1 2 3 4 5 6 10 11
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Directors
Company secretary
Peter Facey
Registered office
Reporting Accountants
Gotham Erskine LLP Chartered Accountants Friendly House 52 - 58 Tabernacle Street London EC2A 4NJ
Bankers
In each case the shares were held on trust for an unincorporated association called New Politics Network.
The report of the directors has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies. This report was approved, and authorised for issue, by the Board on 21 November 2009.
Chartered accountants' independent assurance report to the Directors on the unaudited accounts of Rodell Properties Limited
We have performed certain procedures in respect of the Company's unaudited financial statements for the year ended 31 March 2009 as set out on pages 4 to 11, made enquiries of the Company's Directors and assessed accounting policies adopted by the Directors, in order to gather sufficient evidence for our conclusion in this report. This report is made solely to the Company's Directors, as a body, in accordance with the terms of engagement letter dated 28 October 2009. It has been released to the Directors on the basis that this report shall not be copied, referred to or disclosed, in whole (save for the Directors' own internal purposes or as may be required by law or by a competent regulator) or in part, without our prior written consent. Our work has been undertaken so that we might state to the Directors those matters that we have agreed to state to them in this report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company's Directors as a body for our work, for this report or the conclusions we have formed. Respective responsibilities You have confirmed that you have met your duty as set out in the Directors' statement on page 5. You consider that the Company is exempt from the statutory requirement for an audit for the year. Our responsibility is to form and express an independent conclusion, based on the work carried out, to you on the financial statements. Scope We conducted our engagement in accordance with the Institute of Chartered Accountants in England & Wales Interim Technical Release AAF 03/06. Our work was based primarily upon enquiry, analytical procedures and assessing accounting policies in Accordance with the Financial Reporting Standards for Smaller Entities. If we considered it to be necessary, we also performed limited examination of evidence relevant to certain balances and disclosures in the financial statements. The terms of our engagement exclude any requirement to carry out comprehensive assessment of the risks of material misstatement, a consideration of fraud, laws, regulations and internal controls, and we have not done so. We are not required to, and we do not, express an audit opinion on these financial statements. Conclusion Based on our work, nothing come to our attention to refute the Directors' confirmation that in accordance with the Companies Act 1985 the financial statements give a true and fair view of the state of the Company's affairs as at 31 March 2009 and of its profit for the year then ended and have been properly prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007).
Gotham Erskine LLP Chartered Accountants Friendly House 52 - 58 Tabernacle Street London EC2A 4NJ Date:
Rodell Properties Limited Profit and Loss Account Year ended 31 March 2009
Notes
2008 124,715 (64,694) 60,021 29,478 (6,837) (19,000) 63,662 (13,664) 49,998
Turnover Administrative expenses Operating profit Interest receivable Interest payable Charitable donation Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit on ordinary activities after taxation
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(2,212) 9,987
Statement of Total Recognised Gains & Losses Year ended 31 March 2009
Profit for the financial year Loss on maturity of government securities Total gains and losses recognised since last financial statements 9,987 (9,066) 921 49,998 49,998
Rodell Properties Limited (company registration no. 383326) Balance Sheet as at 31 March 2009
Notes Fixed assets Tangible assets Investment properties Other investments 4 5 6 2009 1,333 1,777,455 1,778,788 2008 1 1,777,455 237,799 2,015,255
Creditors: amounts falling due within one year Net current assets
Net assets/Total assets less current liabilities Capital and reserves Called up share capital Investment & Property Realisation Reserve Revaluation reserve General Reserve Shareholders' funds
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The Directors are satisfied that the Company is entitled to exemption under Section 249A(1) of the Companies Act 1985 and that no member or members have requested an audit pursuant to section 249B(2) of the Act. The directors acknowledge their responsibilities for: (i) (ii) ensuring that the Company keeps proper accounting records which comply with Section 221 of the Companies Act 1985; and preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of Section 226 of the Companies Act 1985, and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the Company.
The financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007). They were approved, and authorised for issue, by the Board on 21 November 2009 and signed on its behalf by:-
Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2009
1 Accounting policies Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007). Turnover Turnover comprises rents receivable and investment income. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful live on the following bases: Building improvements Fixtures and fittings Office and computer equipment 10% of cost 10% of cost 25% of cost
Operating profit The operating profit is stated after charging: Depreciation of tangible fixed assets Directors' emoluments
2009
2008
5,104 -
Taxation
2009 2,212
2008 13,664
The Company was taxed on its investment and rental income at an effective rate of 21% (2008 20%).
Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2009
4 Tangible fixed assets Furniture fittings & equipment Cost At 1 April 2008 Additions At 31 March 2009 Depreciation At 1 April 2008 At 31 March 2009 Net book value At 31 March 2008 At 31 March 2009 31,904 1,332 33,236
31,903 31,903
1 1,333
No depreciation was charged during the year on the additions in the year because they were purchased at the end of the financial year.
Investment properties Cost and valuation of freehold properties at 31 March 2009 and 31 March 2008 were both as follows: 1,175,124 602,331 1,777,455
A valuation of the freeholds was carried out by Baker Lambie, Chartered Surveyors of Myddleton Square, London EC1, in February 2001.
Other investments
2009 -
Government securities at cost - all matured during the year Government securities at market value
Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2009
7 Debtors 2009 24,160 8,172 47,758 4,106 84,196 2008 22,943 2,252 29,938 4,106 59,239
Trade debtors Prepayments and accrued income Inter company accounts: Unlock Democracy - see Note 13 New Politics Network Limited - see Note 13 ACT recoverable (after one year)
Trade creditors Loan from Unlock Democracy (see below) Corporation tax Other taxes (VAT) Other creditors
The loan from Unlock Democracy (from New Politics Network Limited up to 31 March 2008 - see Note 13) is unsecured and interest is payable annually at 2% above base rate. The loan is repayable on demand.
2009 100
2008 100
Allotted, called up and fully paid - Ordinary Shares of 1 each Brought forward Issued in the year Carried forward 100 100
60 40 100
2009 633,518
2008 633,518
Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2009
11 Reserves - Profit and loss account 2009 (270,927) 9,987 1,956,381 (9,066) (17,000) 1,669,375 2008 (265,925) 49,998 (55,000) (270,927)
At 1 April 2008 Profit for the year Transfer from Investment & Property Realisation Reserve Loss on maturity of Government securities Dividends At 31 March 2009
12 Post balance sheet events Since the year end, the company has commenced refurbishment of a rental property at an estimated total cost of 100,000.
13 Related parties - New Politics Network and Unlock Democracy All the Company's shares are held on trust for an unincorporated association, New Politics Network (NPN), accounts of which are included on page 12. NPN receives dividends from the Company and passes them on to Unlock Democracy, a company incorporated in England and Wales, which shares the aims of NPN. The directors of the Company are also directors of NPN, Unlock Democracy and another company called New Politics Network Limited which transferred its activities, assets and liabilities to Unlock Democracy on 1 April 2008. The following transactions took place between the Company and Unlock Democracy (2008 - New Politics Network Limited): 2009 2008 Office services charged to Unlock Democracy by the Company Office costs recharged to the Company by Unlock Democracy Loan interest (note 8) charged to the Company by Unlock Democracy Management fees charged to the Company by Unlock Democracy for services provided 19,113 3,346 5,093 35,082 14,494 6,837 34,008
At the year end, Unlock Democracy owed the Company 47,758 (2008 - 29,938) and was owed 90,664 (2008 - 90,664) for the loan described in Note 8.
Rodell Properties Limited Detailed Profit and Loss Account Year ended 31 March 2009
for the information of the directors only 2009 Turnover Rental outgoings Overheads (56,705) (16,934) (73,639) Operating profit Interest receivable Interest payable Donation to Poverty & Environment Trust 23,781 (5,093) (72,000) (53,312) Profit before tax 12,199 65,511 29,478 (6,837) (19,000) 3,641 63,662 2008
139,150
124,715
Details of Turnover, Rental outgoings and Overheads are given on page 11.
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Rodell Properties Limited Schedule to the Profit and Loss Account Year ended 31 March 2009
for the information of the directors only 2009 Interest receivable Interest from government stock Bank interest receivable Rental outgoings Management fees Printing and stationery Rates Water Cleaning Leased telecom line Repairs and maintenance Depreciation - freehold properties Bad debt provision Administrative expenses Audit fees Bank charges Light and heat Security and services Insurances Photocopier Sundry Professional fees IT Maintenance Total operating costs 6,290 17,491 23,781 2008 12,580 16,898 29,478
34,008 1,138 5,347 143 2,895 1,589 2,387 5,104 4,139 56,750
2,880 560 1,712 1,313 840 1,121 645 5,895 1,968 16,934 73,639
2,800 496 384 814 1,520 594 1,015 321 7,944 64,694
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New Politics Network Income and Expenditure Account Year ended 31 March 2009
2009 Dividend income Grants Unlock Democracy New Politics Network Operating surplus Retained surplus brought forward Retained surplus carried forward 17,000 2008 55,000
(17,000) Nil
(55,000) Nil
Nil
Nil
NOTE New Politics Network is an unincorporated association which beneficially owns all the shares in Rodell Properties Limited through 10 custodian trustees, each of whom owns 10 shares. The original shares in the company were given to the association and hence there is no cost shown in the balance sheet. The association has no other assets or liabilities. The association passes dividend income received from Rodell to an organisation called Unlock Democracy (until 31 March 2008 to New Politics Network Limited) an organisation which shares the aims of the association for constitutional change towards more participatory notions of governance and democratic change. The Association is administered by Peter Facey, who is the company secretary of Rodell Properties Limited and the director of Unlock Democracy.
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