Rolfe East (Letting and Management) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05702169 (England and Wales)

Financial Statements for the Year Ended 31 March 2023

for

Rolfe East (Letting and Management) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Rolfe

Mr J Hadfield

Mr R Barrett

Mr S Active

SECRETARY:

Mr A Rolfe

REGISTERED OFFICE:

19 The Mall

Ealing

London

W5 2PJ

REGISTERED NUMBER:

05702169 (England and Wales)

ACCOUNTANTS:

Campbell & Co

Office 17

Buxhall Business Park

Buxhall

Suffolk

IP14 3DJ

BANKERS:

Allied Irish Bank (GB)

14 Neeld Parade

Wembley

Middlesex

HA9 6SW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

748,196

752,898

748,196

752,898

CURRENT ASSETS

Debtors

6

135,927

235,241

Cash at bank and in hand

30,952

114,905

166,879

350,146

CREDITORS

Amounts falling due within one year

7

331,360

440,401

NET CURRENT LIABILITIES

(164,481

)

(90,255

)

TOTAL ASSETS LESS CURRENT LIABILITIES

583,715

662,643

CREDITORS

Amounts falling due after more than one year

8

(256,430

)

(294,398

)

PROVISIONS FOR LIABILITIES

(8,080

)

(11,521

)

NET ASSETS

319,205

356,724

CAPITAL AND RESERVES

Called up share capital

800

800

Revaluation reserve

9

243,290

243,290

Capital redemption reserve

200

200

Retained earnings

74,915

112,434

SHAREHOLDERS' FUNDS

319,205

356,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 26 June 2023 and were signed on its behalf by:

Mr A Rolfe - Director

1.	STATUTORY INFORMATION

Rolfe East (Letting and Management) Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Paid for Goodwill in respect of incomplete work in progress & sales leads from Rolfe East (South West London) Ltd has been amortised over it's useful life of 1 year, being the being time expected to convert work in progress and sales leads to income.

Paid for Goodwill in respect of incomplete work in progress, sales leads and trade goodwill from Rolfe East (West London) Ltd, has been amortised over it's expected useful life of 10 years.

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 etc

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

360,000

AMORTISATION

At 1 April 2022

and 31 March 2023

360,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2022

774,291

254,624

1,028,915

Additions

-

10,380

10,380

At 31 March 2023

774,291

265,004

1,039,295

DEPRECIATION

At 1 April 2022

71,333

204,684

276,017

Charge for year

-

15,082

15,082

At 31 March 2023

71,333

219,766

291,099

NET BOOK VALUE

At 31 March 2023

702,958

45,238

748,196

At 31 March 2022

702,958

49,940

752,898

Included in cost or valuation of land and buildings is freehold land of £ 771,333 (2022 - £ 771,333 ) which is not depreciated.

Cost or valuation at 31 March 2023 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

161,590

-

161,590

Valuation in 2016

226,242

-

226,242

Valuation in 2018

(73,209

)

-

(73,209

)

Cost

459,668

265,004

724,672

774,291

265,004

1,039,295

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

31/3/23

31/3/22

£

£

Cost

456,710

456,710

Value of land in freehold land and buildings

456,710

456,710

Freehold land and buildings were valued on an open market value basis on 31 December 2016 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Trade debtors

41,010

127,453

Other debtors

94,917

107,788

135,927

235,241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts

104,010

63,165

Hire purchase contracts

-

3,756

Trade creditors

42,489

37,303

Taxation and social security

127,324

259,557

Other creditors

57,537

76,620

331,360

440,401

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans

256,430

294,398

9.

RESERVES

Revaluation

reserve

£

At 1 April 2022

and 31 March 2023

243,290

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23

31/3/22

£

£

Mr A Rolfe

Balance outstanding at start of year

(7,550

)

(67,896

)

Amounts advanced

76,502

115,266

Amounts repaid

(59,728

)

(54,920

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,224

(7,550

)

Mr J Hadfield

Balance outstanding at start of year

20,331

21,040

Amounts advanced

17,077

21,853

Amounts repaid

(17,100

)

(22,562

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,308

20,331

Mr R Barrett

Balance outstanding at start of year

20,331

21,040

Amounts advanced

17,077

21,853

Amounts repaid

(17,100

)

(22,562

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,308

20,331

The directors were provided with interest free loans as detailed during the year and in accordance with the terms of the related agreement.

All the loans are due to be repaid by 31st December 2023

11.	RELATED PARTY DISCLOSURES

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.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Rolfe.

The ultimate controlling party is Mr A Rolfe.