Rodd Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01416741 (England and Wales)

Rodd Properties Limited

Directors' Report and

Financial Statements

for the Year Ended 30 April 2022

Page

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

M J Harvey

C L J O'Driscoll

Secretary:

M J Harvey

Registered office:

23 Oatlands Drive

Weybridge

KT13 9LZ

Registered number:

01416741 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

The directors present their report with the financial statements of the company for the year ended 30 April 2022.

Principal activity

The Principal activity of the company in the year under review was that of property ownership and rental.

Directors

The directors shown below have held office during the whole of the period from 1 May 2021 to the date of this report.

M J Harvey

C L J O'Driscoll

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

M J Harvey - Director

7 December 2022

Fixed assets

Tangible assets

4

78,386

98,413

Investments

5

469,869

450,923

Investment property

6

9,372,432

8,429,969

9,920,687

8,979,305

Current assets

Debtors

7

352,237

290,760

Cash at bank and in hand

159,134

716,433

511,371

1,007,193

Creditors

Amounts falling due within one year

8

602,911

550,618

Net current (liabilities)/assets

(91,540

)

456,575

Total assets less current liabilities

9,829,147

9,435,880

Creditors

Amounts falling due after more than one year

9

(2,751,270

)

(2,356,084

)

Provisions for liabilities

(806,250

)

(806,250

)

Net assets

6,271,627

6,273,546

Capital and reserves

Called up share capital

1,000

1,000

Share premium

2,756,297

2,756,297

Retained earnings

3,514,330

3,516,249

6,271,627

6,273,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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 and authorised for issue on 7 December 2022 and were signed on its behalf by:

M J Harvey - Director

1.	Statutory information

Rodd 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting polices 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 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The following areas are subject to significant judgement:

-Depreciation

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.

Turnover

Turnover represents amounts receivable for rent and services provided in the year and is stated net of VAT.

Tangible fixed assets

Motor Vehicles - 4 years reducing balance

Plant and Machinery - 25% straight line

Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is

reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and

subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss .

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and

operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .

Investment property

Investment property is included at fair value. Gains and losses are recognised in the income statement.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section

12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to

the contractual provisions of the instrument

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction

is measured at the present value of the future receipts discounted at a market rate of interest. Financial

assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire

or are settled, or when the company transfers the financial asset and substantially all the risks and rewards

of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the

present value of the estimated cash flows discounted at the asset’s original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised.

The impairment reversal is recognised in profit or loss.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been

affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the

present value of the estimated cash flows discounted at the asset’s original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised.

The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire

or are settled, or when the company transfers the financial asset and substantially all the risks and rewards

of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors , bank loans and loans from fellow group companies that are

classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course

of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged

or cancelled.

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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to

settle the obligation is recognised at present value. When a provision i s measured at present value, the

unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3.	Employees and directors

The average number of employees during the year was 3 .

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 May 2021

154,056

Additions

4,562

At 30 April 2022

158,618

Depreciation

At 1 May 2021

55,643

Charge for year

24,589

At 30 April 2022

80,232

Net book value

At 30 April 2022

78,386

At 30 April 2021

98,413

5.	Fixed asset investments

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Cost or valuation

At 1 May 2021

388,849

62,074

450,923

Additions

-

9,000

9,000

Revaluations

-

9,946

9,946

At 30 April 2022

388,849

81,020

469,869

Net book value

At 30 April 2022

388,849

81,020

469,869

At 30 April 2021

388,849

62,074

450,923

Cost or valuation at 30 April 2022 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2022

388,849

81,020

469,869

6.	Investment property

Total

£

Fair value

At 1 May 2021

8,429,969

Additions

942,463

At 30 April 2022

9,372,432

Net book value

At 30 April 2022

9,372,432

At 30 April 2021

8,429,969

Investment property comprises of six properties. The fair value of the investment property has been arrived at on the basis of valuations carried out by Avison Young, a global commercial real estate services firm. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Director has assessed this when attributing a market value to the properties as at 30 April 2022.

7.

Debtors

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

95,668

84,931

Other debtors

176,546

205,829

272,214

290,760

Amounts falling due after more than one year:

Other debtors

80,023

-

Aggregate amounts

352,237

290,760

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

225,743

225,743

Finance leases

36,300

36,300

Trade creditors

48,992

24,479

Amounts owed to group undertakings

42,695

42,695

Taxation and social security

58,331

22,412

Other creditors

190,850

198,989

602,911

550,618

9.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

2,661,225

2,229,739

Finance leases

13,138

49,438

Other creditors

76,907

76,907

2,751,270

2,356,084

10.	Secured debts

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

2,886,968

2,455,482

The long term loans are secured by a first legal charge over both freehold and leasehold properties.

11.	Directors' advances, credits and guarantees

The amount due to Directors at the balance sheet date was £84,627 (2021: £59,885)

12.	Non distributable reserves

2022

2021

£

£

At the beginning and end of the year

3,476,766

3,476,766

Included within profit and loss reserves are non-distributable profits relating to the uplift of fair value of the investment property, as set out above.

Amount distributable as at the balance sheet date is £ 6,383 (2021: £39,218).