Robin Mills Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05635174 (England and Wales)

ROBIN MILLS PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Marshall

B Chorzelewski

T O W Storey

SECRETARY:

D K Marshall

REGISTERED OFFICE:

Robin Mills

Leeds Road

Idle

Bradford

West Yorkshire

BD10 9TE

REGISTERED NUMBER:

05635174 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

27a Lidget Hill

Pudsey

Leeds

West Yorkshire

LS28 7LG

FIXED ASSETS

Tangible assets

4

20,000

24,000

Investment property

5

4,600,000

4,600,000

4,620,000

4,624,000

CURRENT ASSETS

Debtors

6

25,532

34,322

Cash at bank

532,441

438,457

557,973

472,779

CREDITORS

Amounts falling due within one year

7

120,030

123,088

NET CURRENT ASSETS

437,943

349,691

TOTAL ASSETS LESS CURRENT LIABILITIES

5,057,943

4,973,691

PROVISIONS FOR LIABILITIES

8

(188,400

)

(203,080

)

PENSION LIABILITY

9

(502,000

)

(450,000

)

NET ASSETS

4,367,543

4,320,611

CAPITAL AND RESERVES

Called up share capital

120,000

120,000

Non-distributable reserve

2,217,351

2,244,295

Retained earnings

2,030,192

1,956,316

SHAREHOLDERS' FUNDS

4,367,543

4,320,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 24 March 2020 and were signed on its behalf by:

D K Marshall - Director

1.	STATUTORY INFORMATION

Robin Mills Properties Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company

rounded to the nearest pound.

Turnover and income recognition

Turnover represents the company's right to consideration for rental income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Straight line over 11 years

Investment property

Investment property is measured at fair value annually with any changes recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial

assets classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include

cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal

commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at

transaction price less impairment (if any) due to concerns over recoverability.

Where the arrangement does constitute a financing transaction, e.g. debt with basic terms, the initial

measurement is of amortised cost using the effective interest method. In subsequent years the debt

instrument is measured at amortised cost less impairment.

Impairment

At the end of each reporting period where there is objective evidence of impairment of any financial

asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments

The company does not have any financial instruments that would not be classed as 'basic'.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income 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 sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance 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 year 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.

Pension costs and other post-retirement benefits

The company has responsibility for a closed defined contribution pension scheme where certain

members benefit from a Guaranteed Minimum Pension (GMP) underpin. The assets and liabilities of

the scheme are measured using the Projected Unit Method. Contributions made by the company in the

year are shown as a reduction of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2018

and 30 November 2019

43,860

DEPRECIATION

At 1 December 2018

19,860

Charge for year

4,000

At 30 November 2019

23,860

NET BOOK VALUE

At 30 November 2019

20,000

At 30 November 2018

24,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2018

4,600,000

Additions

31,944

Remeasurement

(31,944

)

At 30 November 2019

4,600,000

NET BOOK VALUE

At 30 November 2019

4,600,000

At 30 November 2018

4,600,000

Fair value at 30 November 2019 is represented by:

£

Valuation in 2015

2,519,295

Valuation in 2016

100,000

Valuation in 2017

(200,000

)

Valuation in 2018

100,000

Valuation in 2019

(31,944

)

Cost

2,112,649

4,600,000

If investment property had not been revalued it would have been included at the following historical

cost:

2019

2018

£

£

Cost

2,112,649

2,080,705

Aggregate depreciation

(553,334

)

(513,334

)

Investment property was valued on open market basis on 30 November 2018 by Andrew Idle Associates

.

The directors consider that this valuation is still appropriate.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

601

Other debtors

25,532

33,721

25,532

34,322

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

17,367

26,822

Taxation and social security

80,675

51,331

Other creditors

21,988

44,935

120,030

123,088

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

3,400

4,080

Remeasurement of investment property

270,000

275,000

Arising on employee benefit obligations

(85,000

)

(76,000

)

188,400

203,080

Deferred

tax

£

Balance at 1 December 2018

203,080

Income Statement

4,320

Other Comprehensive Income

(19,000

)

Balance at 30 November 2019

188,400

9.	EMPLOYEE BENEFIT OBLIGATIONS

The company sponsors a hybrid pension arrangement in the UK. It is a defined contribution pension

scheme where certain members benefit from a Guaranteed Minimum Pension (GMP) underpin. The

scheme is administered within a trust which is legally separate from the company. Trustees are

appointed and act in the interests of the scheme and all relevant stakeholders, including the members

and the company. The trustees are also responsible for the investment of the scheme's assets.

The scheme is subject to regular actuarial valuations which are usually carried out every three years.

The last actuarial valuation took place as at 1 August 2018. These actuarial valuations are carried out

in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for

prudence. This contrasts with the accounting disclosures which are determined using best estimate

assumptions.

The results of the 1 August 2018 valuation have been projected forward to 30 November 2019 by a

qualified independent actuary. The figures in this disclosure were measured using the Projected Unit

Method.

Under the Schedule of Contributions agreed as part of the 2018 valuation, the company agreed to

make fixed monthly contributions into the plan totalling £72,000 p.a. over the period to 31 May 2022.

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2019

2018

£

£

Current service cost

-

-

Net interest from net defined benefit liability

12,000

18,000

Past service cost

-

-

12,000

18,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

2019

2018

£

£

Opening defined benefit obligation

4,829,000

5,328,000

Interest cost

145,000

141,000

Benefits paid

(119,000

)

(170,000

)

Actuarial gains and losses

763,000

(470,000

)

5,618,000

4,829,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

2019

2018

£

£

Opening fair value of scheme assets

4,379,000

4,639,000

Contributions by employer

72,000

-

Interest income

133,000

123,000

Benefits paid

(119,000

)

(170,000

)

Return on plan assets (excluding interest income)

651,000

(213,000

)

5,116,000

4,379,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2019

2018

£

£

Actuarial gains and losses

(763,000

)

470,000

Return on plan assets (excluding interest income)

651,000

(213,000

)

(112,000

)

257,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

2019

2018

£

£

Return seeking

3,869,000

4,295,000

Bonds

1,187,000

-

Cash

60,000

84,000

5,116,000

4,379,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2019

2018

Liability discount rate

1.95%

3.05%

Inflation (RPI)

3.10%

3.45%

Inflation (CPI)

2.10%

2.45%