Company No: 00672334 (England and Wales)

Contents

• Company Information
• 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

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	4	46,539		37,065
Investment property	5	1,859,837		1,859,837
Investments	6	2,179,854		1,662,020
		4,086,230		3,558,922
Current assets
Stocks	7	14,119,284		14,121,257
Debtors	8	694,068		631,335
Cash at bank and in hand		1,475,651		863,118
		16,289,003		15,615,710
Creditors
Amounts falling due within one year	9	( 738,859)		( 556,516)
Net current assets		15,550,144		15,059,194
Total assets less current liabilities		19,636,374		18,618,116
Provisions for liabilities		( 75,834)		( 36,746)
Net assets		19,560,540		18,581,370
Capital and reserves
Called-up share capital	10	100,000		100,000
Profit and loss account		19,460,540		18,481,370
Total shareholders' funds		19,560,540		18,581,370

For the financial year ending 31 March 2021 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 Companies Act 2006 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 Limited (registered number: 00672334) were approved and authorised for issue by the Board of Directors on 13 December 2021. 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

Defined contribution schemes
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
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

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		11

3. Tax on profit

	2021		2020
	£		£
Current tax on profit
UK corporation tax	150,713		106,950
Adjustments in respect of prior years
UK corporation tax	( 7,046)		8,665
Total current tax	143,667		115,615
Deferred tax
Origination and reversal of timing differences	39,088		36,746
Total deferred tax	39,088		36,746
Total tax on profit	182,755		152,361

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2020	91,527		74,686		89,189		51,967		307,369
Additions	854		27,795		0		2,296		30,945
At 31 March 2021	92,381		102,481		89,189		54,263		338,314
Accumulated depreciation
At 01 April 2020	87,735		55,002		77,995		49,572		270,304
Charge for the financial year	2,246		14,724		2,100		2,401		21,471
At 31 March 2021	89,981		69,726		80,095		51,973		291,775
Net book value
At 31 March 2021	2,400		32,755		9,094		2,290		46,539
At 31 March 2020	3,792		19,684		11,194		2,395		37,065

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2020	1,859,837
As at 31 March 2021	1,859,837

The 2021 valuations were made by the director, on an open market value for existing use basis. No formal valuation has been obtained.

6. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Carrying value before impairment
At 01 April 2020	933,800		728,220		1,662,020
Additions	170,599		0		170,599
Disposals	( 16,299)		0		( 16,299)
Movement in fair value	363,534		0		363,534
At 31 March 2021	1,451,634		728,220		2,179,854
Provisions for impairment
At 01 April 2020	0		0		0
At 31 March 2021	0		0		0
Carrying value at 31 March 2021	1,451,634		728,220		2,179,854
Carrying value at 31 March 2020	933,800		728,220		1,662,020

7. Stocks

	2021		2020
	£		£
Stocks	14,119,284		14,121,257

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

8. Debtors

	2021		2020
	£		£
Trade debtors	267,979		300,666
Amounts owed by directors	31,634		6,258
Prepayments	4,455		2,785
VAT recoverable	0		45,730
Other debtors	390,000		275,896
	694,068		631,335

9. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	8,040		11,737
Amounts owed to directors	0		366
Other creditors	160,359		113,258
Accruals	350,471		307,359
Corporation tax	150,713		113,996
Other taxation and social security	69,276		9,800
	738,859		556,516

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	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. The pension cost charge represents contributions payable by the company to the fund and amounts to £52,247 (2020: £56,371). Included in creditors at the year end is a group pension fund balance of £7,419 (2020: £7,523)

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	7,419		7,523

12. Related party transactions

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

	2021		2020
	£		£
Amounts owed by group companies with common directors	390,000		749,000

Transactions with the entity's directors

	2021		2020
	£		£
Amounts owed by directors	31,634		6,162

Advances were made to the directors during the year totalling £25,472, credits were made totalling £Nil. The amount outstanding at the year end was £31,634. £31,634 has been repaid within 9 months of the year end.