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

Rubicon Property (Shrubbery) 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 (Shrubbery) 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 11

Rubicon Property (Shrubbery) 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 (Shrubbery) 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 (Shrubbery) Limited for the year ended 28 February 2017 as set out on pages 3 to 11 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 (Shrubbery) 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 (Shrubbery) Limited and state those matters that we have agreed to state to the Board of Directors of Rubicon Property (Shrubbery) 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 (Shrubbery) 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 (Shrubbery) 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 (Shrubbery) Limited. You consider that Rubicon Property (Shrubbery) 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 (Shrubbery) 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

21 April 2017

Page 2

Rubicon Property (Shrubbery) Limited

Statement of Comprehensive Income for the Year Ended 28 February 2017

	Note	2017 £	2016 £
Profit for the year		527,590	30,004
Total comprehensive income for the year		527,590	30,004

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 3

Rubicon Property (Shrubbery) Limited

(Registration number: 08021338)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	671	1,863
Investment property	4	1,600,000	1,122,059
		1,600,671	1,123,922
Current assets
Debtors	5	-	851
Cash at bank and in hand		63,703	22,307
		63,703	23,158
Creditors: Amounts falling due within one year		(78,430)	(64,939)
Net current liabilities		(14,727)	(41,781)
Total assets less current liabilities		1,585,944	1,082,141
Creditors: Amounts falling due after more than one year		(558,722)	(582,270)
Provisions for liabilities		(134)	(373)
Net assets		1,027,088	499,498
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,026,988	499,398
Total equity		1,027,088	499,498

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.

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.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 4

Rubicon Property (Shrubbery) Limited

(Registration number: 08021338)
Balance Sheet as at 28 February 2017

Approved and authorised by the Board on 21 April 2017 and signed on its behalf by:
 

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

Mr NG Redman

Director

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 5

Rubicon Property (Shrubbery) 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	499,398	499,498
Profit for the year	-	527,590	527,590
Total comprehensive income	-	527,590	527,590
At 28 February 2017	100	1,026,988	1,027,088

	Share capital £	Profit and loss account £	Total £
At 1 March 2015	100	469,394	469,494
Profit for the year	-	30,004	30,004
Total comprehensive income	-	30,004	30,004
At 29 February 2016	100	499,398	499,498

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Rubicon Property (Shrubbery) 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 21 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
Furniture, fittings and equipment	25% straight line

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 (Shrubbery) 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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 (Shrubbery) Limited

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

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2016	4,769	4,769
At 28 February 2017	4,769	4,769
Depreciation
At 1 March 2016	2,906	2,906
Charge for the year	1,192	1,192
At 28 February 2017	4,098	4,098
Carrying amount
At 28 February 2017	671	671
At 29 February 2016	1,863	1,863

4	Investment properties

	2017 £
At 1 March	1,122,059
Fair value adjustments	477,941
At 28 February	1,600,000

The fair value of the property has been determined by the directors.

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2017 £	2016 £
Trade debtors	-	851
	-	851

Page 9

Rubicon Property (Shrubbery) 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	558,722	582,270

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	22,303	22,303
Other borrowings	44,808	42,636
	67,111	64,939

7	Transition to FRS 102

Transfer of revaluation reserve to profit and loss reserve.

Balance Sheet at 1 March 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Revaluation reserve		520,559	(520,559)	-	-
Profit and loss account		(51,165)	520,559	-	469,394
Total equity		469,394	-	-	469,394

Page 10

Rubicon Property (Shrubbery) Limited

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

Balance Sheet at 29 February 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Revaluation reserve		520,559	(520,559)	-	-
Profit and loss account		(21,161)	520,559	-	499,398
Total equity		499,398	-	-	499,398

Page 11