Rubicon Property (Heber) Limited - Period Ending 2017-02-28

Rubicon Property (Heber) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Thompson Elphick Limited
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

Rubicon Property (Heber) Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 10

Rubicon Property (Heber) Limited

Company Information

Directors

Mr NG Redman Mr GP Redman

Registered office

The Corner House 2 High Street Aylesford Kent ME20 7BG

Accountants

Thompson Elphick Limited Chartered Certified Accountants The Corner House 2 High Street Aylesford Kent ME20 7BG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rubicon Property (Heber) Limited
for the Year Ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rubicon Property (Heber) Limited for the year ended 28 February 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Rubicon Property (Heber) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rubicon Property (Heber) Limited and state those matters that we have agreed to state to the Board of Directors of Rubicon Property (Heber) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rubicon Property (Heber) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rubicon Property (Heber) 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 Rubicon Property (Heber) Limited. You consider that Rubicon Property (Heber) 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 Rubicon Property (Heber) 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 Elphick Limited
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

24 April 2017

Page 2

Rubicon Property (Heber) Limited

Statement of Comprehensive Income for the Year Ended 28 February 2017

	Note	2017 £	2016 £
Profit for the year		38,336	43,314
Total comprehensive income for the year		38,336	43,314

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 3

Rubicon Property (Heber) Limited

(Registration number: 08893454)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	261	348
Investment property	4	1,189,068	1,189,068
		1,189,329	1,189,416
Current assets
Cash at bank and in hand		71,948	56,503
Creditors: Amounts falling due within one year	5	(652,315)	(35,593)
Net current (liabilities)/assets		(580,367)	20,910
Total assets less current liabilities		608,962	1,210,326
Creditors: Amounts falling due after more than one year	5	(502,417)	(1,142,099)
Provisions for liabilities		(52)	(70)
Net assets		106,493	68,157
Capital and reserves
Called up share capital		100	100
Profit and loss account		106,393	68,057
Total equity		106,493	68,157

For the financial year ending 28 February 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 4

Rubicon Property (Heber) Limited

(Registration number: 08893454)
Balance Sheet as at 28 February 2017

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 April 2017 and signed on its behalf by:
 

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

Mr NG Redman

Director

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 5

Rubicon Property (Heber) Limited

Statement of Changes in Equity for the Year Ended 28 February 2017

	Share capital £	Profit and loss account £	Total £
At 1 March 2016	100	68,057	68,157
Profit for the year	-	38,336	38,336
Total comprehensive income	-	38,336	38,336
At 28 February 2017	100	106,393	106,493

	Share capital £	Profit and loss account £	Total £
At 1 March 2015	100	24,743	24,843
Profit for the year	-	43,314	43,314
Total comprehensive income	-	43,314	43,314
At 29 February 2016	100	68,057	68,157

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 6

Rubicon Property (Heber) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

These financial statements were authorised for issue by the Board on 24 April 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 7

Rubicon Property (Heber) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 8

Rubicon Property (Heber) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

3	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 March 2016	619	619
At 28 February 2017	619	619
Depreciation
At 1 March 2016	271	271
Charge for the year	87	87
At 28 February 2017	358	358
Carrying amount
At 28 February 2017	261	261
At 29 February 2016	348	348

4	Investment properties

	2017 £
At 1 March	1,189,068

The directors have valued the property and have decided that there is no change in the value from last year.

5

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	6	641,009	20,055
Other creditors		11,306	15,538
		652,315	35,593
Due after one year
Loans and borrowings	6	502,417	1,142,099

Page 9

Rubicon Property (Heber) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

6	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	502,417	523,591
Other borrowings	-	618,508
	502,417	1,142,099

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	20,055	20,055
Other borrowings	620,954	-
	641,009	20,055

7	FRS 102 first year adoption

The financial statements for the year ending 29 February 2016 were prepared in accordance with United Kingdom Generally Accepted Accounting Practise (UK GAAP). The transition to Section 1A “Small Entities” of FRS 102 has had no impact on its reported financial position or financial performance. Accordingly, no reconciliations of its equity determined under old UK GAAP to its equity under Section 1A “Small Entities” of FRS 102 at 29 February 2016, or its profit determined under old UK GAAP at 29 February 2016 to its profit determined in accordance with Section 1A “Small Entities” of FRS 102 have been presented.

Page 10