Rebal Estates Limited - Period Ending 2016-03-31

Registration number: 04467921

Rebal Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2016
 

Thompson Jones Business Solutions Limited
Chartered Accountants
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Rebal Estates Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 10

Rebal Estates Limited
Company Information

Directors

Mrs J E Davies Mr M C Davies

Company secretary

Mr M C Davies

Registered office

The Coach House The Village Burton Wirral CH64 5TE

Solicitors

Lees & Partners Solicitors 44/45 Hamilton Square Birkenhead Wirral CH41 5AR

Bankers

Barclays Bank PLC Ellesmere Port South Wirral CH65 0AT

Accountants

Thompson Jones Business Solutions Limited Chartered Accountants 2 Heap Bridge Bury Lancashire BL9 7HR

Page 1

Rebal Estates Limited
Directors' Report for the Year Ended 31 March 2016

The directors present their report and the unaudited financial statements for the year ended 31 March 2016.

Directors of the company

The directors who held office during the year were as follows:

Mrs J E Davies

Mr M C Davies

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 5 October 2016 and signed on its behalf by:

.........................................
Mr M C Davies
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rebal Estates Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rebal Estates Limited for the year ended 31 March 2016 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Rebal Estates Limited, as a body, in accordance with the terms of our engagement letter dated 31 October 2014. Our work has been undertaken solely to prepare for your approval the accounts of Rebal Estates Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rebal Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rebal Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rebal Estates Limited. You consider that Rebal Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rebal Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thompson Jones Business Solutions Limited
Chartered Accountants
2 Heap Bridge
Bury
Lancashire
BL9 7HR

5 October 2016

Page 3

Rebal Estates Limited
Profit and Loss Account for the Year Ended 31 March 2016

		Note			2016 £			2015 £
Turnover					259,865			259,578
Administrative expenses					(229,666)			(175,542)
Operating profit		2			30,199			84,036
Other interest receivable and similar income					88			174
Interest payable and similar charges					(12,732)			(13,942)
Profit on ordinary activities before taxation					17,555			70,268
Tax on profit on ordinary activities		4			(3,650)			(13,920)
Profit for the financial year		11			13,905			56,348

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

Rebal Estates Limited
(Registration number: 04467921)
Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			3,545,292			3,545,669
Current assets
Debtors		6			10,864			1,461
Cash at bank and in hand					2,600			32,771
					13,464			34,232
Creditors: Amounts falling due within one year		7			(404,585)			(352,579)
Net current liabilities					(391,121)			(318,347)
Total assets less current liabilities					3,154,171			3,227,322
Creditors: Amounts falling due after more than one year		8			(421,798)			(471,254)
Net assets					2,732,373			2,756,068
Capital and reserves
Called up share capital		9			20			20
Revaluation reserve		11			1,867,143			1,867,143
Profit and loss account		11			865,210			888,905
Shareholders' funds					2,732,373			2,756,068

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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.

Approved and authorised for issue by the Board on 5 October 2016 and signed on its behalf by:

.........................................
Mr M C Davies
Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

Rebal Estates Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the management of investment properties.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	30% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Loss on sale of tangible fixed assets		-			276
Depreciation of tangible fixed assets		377			631

Page 6

Rebal Estates Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration		8,000			8,000

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		3,650			13,920

5	Tangible fixed assets

		Investment properties £			Fixtures and fittings £			Total £
Cost or valuation
At 1 April 2015		3,544,412			7,310			3,551,722
Depreciation
At 1 April 2015		-			6,053			6,053
Charge for the year		-			377			377
At 31 March 2016		-			6,430			6,430
Net book value
At 31 March 2016		3,544,412			880			3,545,292
At 31 March 2015		3,544,412			1,257			3,545,669

Revaluations
  The investment properties class of fixed assets was revalued on 31 March 2014 by the directors. The basis of this valuation was their opinion of open market value. This class of assets has a current value of £3,544,412 (2015 - £3,544,412).

6

Debtors

		2016 £			2015 £
Other debtors		10,864			1,461

Page 7

Rebal Estates Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Bank loans and overdrafts		63,477			62,188
Amounts owed to group undertakings and undertakings in which the company has a participating interest		-			254,622
Corporation tax		3,650			13,920
Other creditors		337,458			21,849
		404,585			352,579

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Bank loan		63,477			62,188

8	Creditors: Amounts falling due after more than one year

		2016 £			2015 £
Bank loans and overdrafts		421,798			471,254

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Bank loan		421,798			471,254

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		110,290			159,746

Page 8

Rebal Estates Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

9	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10
Ordinary A shares of £1 each		10			10			10			10
		20			20			20			20

10

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		37,600			75,000

11

Reserves

		Revaluation reserve £			Profit and loss account £			Total £
At 1 April 2015		1,867,143			888,905			2,756,048
Profit for the year		-			13,905			13,905
Dividends		-			(37,600)			(37,600)
At 31 March 2016		1,867,143			865,210			2,732,353

12	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

M C Davies and J E Davies (Directors and shareholders) During the year the company paid dividends of £37,600 (2015: £75,000) to the directors. At the balance sheet date the amount due to M C Davies and J E Davies was £335,062 (2015 - £2,332).

Copper Folly Limited (Related by virtue of common directors) During the year the company paid £143,250 (2015 - £110,992) to Copper Folly Limited for general repairs and maintenance of the properties and £32,438 for management fees. At the balance sheet date the amount due to Copper Folly Limited was £nil (2015 - £254,622).

Page 9

Rebal Estates Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

13

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 10