Robin Mills Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05635174 (England and Wales)

ROBIN MILLS PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Marshall

B Chorzelewski

T O W Storey

SECRETARY:

D K Marshall

REGISTERED OFFICE:

Robin Mills

Leeds Road

Idle

Bradford

West Yorkshire

BD10 9TE

REGISTERED NUMBER:

05635174 (England and Wales)

ACCOUNTANTS:

UHY BPR Heaton

Chartered Accountants

Glenewes House

Gate Way Drive

Leeds

West Yorkshire

LS19 7XY

FIXED ASSETS

Tangible assets

4

4,000

8,000

Investment property

5

4,600,000

4,600,000

4,604,000

4,608,000

CURRENT ASSETS

Debtors

6

59,583

63,333

Cash at bank

524,961

578,321

584,544

641,654

CREDITORS

Amounts falling due within one year

7

96,887

104,154

NET CURRENT ASSETS

487,657

537,500

TOTAL ASSETS LESS CURRENT LIABILITIES

5,091,657

5,145,500

PROVISIONS FOR LIABILITIES

8

(207,500

)

(134,000

)

PENSION LIABILITY

9

(762,000

)

(1,060,000

)

NET ASSETS

4,122,157

3,951,500

CAPITAL AND RESERVES

Called up share capital

120,000

120,000

Non-distributable reserve

2,090,351

2,090,351

Retained earnings

1,911,806

1,741,149

SHAREHOLDERS' FUNDS

4,122,157

3,951,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 25 March 2024 and were signed on its behalf by:

D K Marshall - Director

1.	STATUTORY INFORMATION

Robin Mills 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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound.

Turnover and income recognition

Revenue is recognised to the extent that the company has obtained the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable for services rendered, excluding discounts, and is stated net of VAT.

Interest income is recognised as interest accrues using the effective interest method.

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

-

Straight line over 11 years

Investment property

Investment property is measured at fair value annually with any changes recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Where the arrangement does constitute a financing transaction, e.g. debt with basic terms, the initial measurement is of amortised cost using the effective interest method. In subsequent years the debt instrument is measured at amortised cost less impairment.

Impairment

At the end of each reporting period where there is objective evidence of impairment of any financial asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments

The company does not have any financial instruments that would not be classed as 'basic'.

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 has responsibility for a closed defined contribution pension scheme where certain members benefit from a Guaranteed Minimum Pension (GMP) underpin. The assets and liabilities of the scheme are measured using the Projected Unit Method. Contributions made by the company in the year are shown as a reduction of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2022

and 30 November 2023

43,860

DEPRECIATION

At 1 December 2022

35,860

Charge for year

4,000

At 30 November 2023

39,860

NET BOOK VALUE

At 30 November 2023

4,000

At 30 November 2022

8,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2022

and 30 November 2023

4,600,000

NET BOOK VALUE

At 30 November 2023

4,600,000

At 30 November 2022

4,600,000

Fair value at 30 November 2023 is represented by:

£

Valuation in 2015

2,519,295

Valuation in 2016

100,000

Valuation in 2017

(200,000

)

Valuation in 2018

100,000

Valuation in 2019

(31,944

)

Cost

2,112,649

4,600,000

Investment property was valued on open market basis on 30 November 2018 by Andrew Idle Associates .

The directors consider that this valuation is still appropriate.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

399

Other debtors

59,583

62,934

59,583

63,333

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

19,532

18,286

Taxation and social security

48,810

55,147

Other creditors

28,545

30,721

96,887

104,154

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

1,000

2,000

Remeasurement of investment property

397,000

397,000

Arising on employee benefit obligations

(190,500

)

(265,000

)

207,500

134,000

Deferred tax

£

Balance at 1 December 2022

134,000

Income Statement

33,000

Other Comprehensive Income

40,500

Balance at 30 November 2023

207,500

9.	EMPLOYEE BENEFIT OBLIGATIONS

The company sponsors a hybrid pension arrangement in the UK. It is a defined contribution pension scheme where certain members benefit from a Guaranteed Minimum Pension (GMP) underpin. The scheme is administered within a trust which is legally separate from the company. Trustees are appointed and act in the interests of the scheme and all relevant stakeholders, including the members and the company. The trustees are also responsible for the investment of the scheme's assets.

The scheme is subject to regular actuarial valuations which are usually carried out every three years. The last formal actuarial valuation was carried out as at 1 August 2021. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with the accounting disclosures which are determined using best estimate assumptions.

The latest actuarial valuation of the scheme was carried out as at 1 August 2021. The company is currently paying contributions of £12,000 per month to address the funding deficit.

The results of the 1 August 2021 valuation have been projected forward to 30 November 2023 by a qualified independent actuary. The figures in this disclosure were measured using the Projected Unit Method.

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2023

2022

£

£

Current service cost

-

-

Net interest from net defined benefit liability

42,000

18,000

Past service cost

-

-

42,000

18,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

2023

2022

£

£

Opening defined benefit obligation

4,310,000

6,838,000

Interest cost

185,000

111,000

Benefits paid

(101,000

)

(195,000

)

Actuarial gains and losses

(557,000

)

(2,444,000

)

3,837,000

4,310,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

2023

2022

£

£

Opening fair value of scheme assets

3,250,000

5,650,000

Contributions by employer

177,000

174,000

Interest income

143,000

93,000

Benefits paid

(101,000

)

(195,000

)

Return on plan assets (excluding interest income)

(394,000

)

(2,472,000

)

3,075,000

3,250,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2023

2022

£

£

Actuarial gains and losses

557,000

2,444,000

Return on plan assets (excluding interest income)

(394,000

)

(2,472,000

)

163,000

(28,000

)

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

2023

2022

£

£

Return seeking

1,417,000

2,363,000

Bonds

1,535,000

842,000

Cash

123,000

45,000

3,075,000

3,250,000

The scheme has no investments in the company or in property occupied by the company.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023

2022

Liability discount rate

5.20%

4.35%

Inflation assumption - RPI

3.20%

3.05%

Inflation assumption - CPI (pre 2030)

2.20%

2.05%

Inflation assumption - CPI (post 2030)

3.20%

3.05%