Rodmill Properties Ltd
Rodmill Properties Ltd
Registered number: 09966911
Unaudited Financial Statements
For The Year Ended
31 March 2021
Richardson & Co
Chartered Accountants
13 Oxford Road
Altrincham
Cheshire
WA14 2DY
Rodmill Properties Ltd
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Rodmill Properties Ltd
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
09966911
For the 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.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 5 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 295,504 | 200,485 | |||
Page 1
Rodmill Properties Ltd
Balance Sheet (continued)
As at
31 March 2021
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Rodmill Properties Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably mesured. Revenue is measured as the fair value of the consideration received or receivable, excluding dscounts, rebates, value added tax and other sales taxes.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
1.4.
Investment Properties
Investment property is carried at fair value determined by the directors/external valuers 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 profit and loss.
1.5.
Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within on year, typically trade debtors and creditors, are measured, initially and subsequently, at the indiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument consittute a financial transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found , an impairment loss is recognised in the Statement of comprehensive income.
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Rodmill Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
1.8.
Finance Costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 2)
3.
Tangible Assets
Investment Properties | Fixtures & Fittings | Total | |
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£ | £ | £ | |
Cost or Valuation | |||
As at
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As at
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Depreciation | |||
As at
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Provided during the period | - |
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As at
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Net Book Value | |||
As at
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As at
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The 2021 valuations were made by the directors, on an open market value for existing use basis.
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Rodmill Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
4.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
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£ | £ | ||
Bank loans and overdrafts |
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Corporation tax |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured ititially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.
The bank loans are secured on the assets of the company.
5.
Creditors: Amounts Falling Due After More Than One Year
2021 | 2020 | ||
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£ | £ | ||
Bank loans |
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The loan is secured on the company's land and buildings
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2021 | 2020 | ||
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£ | £ | ||
Bank loans and overdrafts | 770,000 | 790,000 |
7.
Related Party Transactions
The company was under the control of the directors throughout the current period. The balance owed to the directors by the company at 31 March 2021 was £225,095 (2020 £251,787).
8.
General Information
Rodmill Properties Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
09966911
. The registered office is 13 Oxford Road, Altrincham, WA14 2DY.
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