Company No: 00672334 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	W M Bird
	J F Clark
	D E Rodway
	C W G Rodway
REGISTERED OFFICE	The Crown House
	Blackpole East
	Blackpole Road
	Worcester
	WR3 8SG
	United Kingdom
COMPANY NUMBER	00672334(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	1-3 College Yard
	Worcester
	WR1 2LB

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lansdowne Rodway Estates Ltd for the financial year ended 31 March 2020 which comprises the Statement of Financial Position and the related notes 1 to 12 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Lansdowne Rodway Estates Ltd 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 profit of Lansdowne Rodway Estates Ltd. You consider that Lansdowne Rodway Estates Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Lansdowne Rodway Estates Ltd. 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.

This report is made solely to the Board of Directors of Lansdowne Rodway Estates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lansdowne Rodway Estates Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lansdowne Rodway Estates Ltd and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

1-3 College Yard
Worcester
WR1 2LB

15 December 2020

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	37,065		49,410
Investment property	4	1,859,837		1,859,837
Investments	5	1,662,020		1,742,214
		3,558,922		3,651,461
Current assets
Stocks	6	14,121,257		12,849,411
Debtors
- due within one year	7	631,335		404,541
- due after more than one year	7	0		749,000
Cash at bank and in hand	8	863,118		1,107,239
		15,615,710		15,110,191
Creditors
Amounts falling due within one year	9	( 556,516)		( 572,456)
Net current assets		15,059,194		14,537,735
Total assets less current liabilities		18,618,116		18,189,196
Provisions for liabilities		( 36,746)		0
Net assets		18,581,370		18,189,196
Capital and reserves
Called-up share capital	10	100,000		100,000
Profit and loss account		18,481,370		18,089,196
Total shareholders' funds		18,581,370		18,189,196

For the financial year ending 31 March 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Lansdowne Rodway Estates Ltd (registered number: 00672334) were approved and authorised for issue by the Board of Directors on 15 December 2020. They were signed on its behalf by:

C W G Rodway Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Lansdowne-Rodway Estates Limited (00672334) is a private Company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Crown House, Blackpole East, Blackpole Road, Worcester, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Lansdowne-Rodway Estates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised on the date of completion, when the significant risks and rewards of ownership of the properties have passed to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery - 12.5% Straight line
Motor vehicles - 20.0% Straight line
Fixtures and fittings- 12.5% Straight line
Computer equipment- 20.0% Straight line


Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	11	11

3. Tangible assets

	Plant and machinery	Vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost/Valuation
At 01 April 2019	89,450	74,686	89,189	49,761	303,086
Additions	2,077	0	0	2,206	4,283
At 31 March 2020	91,527	74,686	89,189	51,967	307,369
Accumulated depreciation
At 01 April 2019	85,515	48,947	72,276	46,938	253,676
Charge for the financial year	2,220	6,055	5,719	2,634	16,628
At 31 March 2020	87,735	55,002	77,995	49,572	270,304
Net book value
At 31 March 2020	3,792	19,684	11,194	2,395	37,065
At 31 March 2019	3,935	25,739	16,913	2,823	49,410

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2019	1,859,837
As at 31 March 2020	1,859,837

The 2020 valuations were made by the director, on an open market value for existing use basis. No formal valuation has been obtained.

5. Fixed asset investments

	Listed investments	Other investments	Total
	£	£	£
Carrying value before impairment
At 01 April 2019	1,013,994	728,220	1,742,214
Additions	129,833	0	129,833
Disposals	( 151,571)	0	( 151,571)
Movement in fair value	( 58,456)	0	( 58,456)
At 31 March 2020	933,800	728,220	1,662,020
Provisions for impairment
At 01 April 2019	0	0	0
At 31 March 2020	0	0	0
Carrying value at 31 March 2020	933,800	728,220	1,662,020
Carrying value at 31 March 2019	1,013,994	728,220	1,742,214

6. Stocks

	2020	2019
	£	£
Stocks	14,121,257	12,849,411
	14,121,257	12,849,411

All stock relates to freehold land and building stock and work in progress.

7. Debtors

	2020	2019
	£	£
Debtors: amounts falling due within one year
Trade debtors	300,666	249,021
Amounts owed by directors	6,258	0
Prepayments	2,785	9,504
VAT recoverable	45,730	0
Other debtors	275,896	146,016
	631,335	404,541

Debtors: amounts falling due after more than one year
Other debtors	0	749,000
	0	749,000

8. Cash and cash equivalents

	2020	2019
	£	£
Cash at bank and in hand	863,024	1,107,141
	863,024	1,107,141

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	11,737	33,134
Amounts owed to directors	366	366
Other creditors	113,258	101,500
Accruals	307,359	275,747
Corporation tax	113,996	120,608
Other taxation and social security	9,800	41,101
	556,516	572,456

10. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each (2019: 100,000 shares of £ 1.00 each)	100,000	100,000
	100,000	100,000

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2020	2019
	£	£
Unpaid contributions due to the fund (inc. in other creditors)	7,523	7,514
	7,523	7,514

12. Related party transactions

Transactions with companies in which the entity itself has a participating interest

	2020	2019
	£	£
Amounts owed by group companies	0	749,000