Residential Freeholds Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05413818 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

RESIDENTIAL FREEHOLDS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

L C Freilich

SECRETARY:

E Freilich

REGISTERED OFFICE:

5 Sentinel Square

Hendon

London

NW4 2EL

REGISTERED NUMBER:

05413818 (England and Wales)

ACCOUNTANTS:

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

12,084

12,084

Investment property

6

784,290

784,290

796,374

796,374

CURRENT ASSETS

Debtors

7

199,952

22,685

Cash at bank

629

941

200,581

23,626

CREDITORS

Amounts falling due within one year

8

(99,869

)

(90,641

)

NET CURRENT ASSETS/(LIABILITIES)

100,712

(67,015

)

TOTAL ASSETS LESS CURRENT LIABILITIES

897,086

729,359

CREDITORS

Amounts falling due after more than one year

9

(305,470

)

(139,085

)

PROVISIONS FOR LIABILITIES

(90,220

)

(90,220

)

NET ASSETS

501,396

500,054

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

360,879

360,879

Retained earnings

12

140,417

139,075

SHAREHOLDERS' FUNDS

501,396

500,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 September 2017 and were signed by:

L C Freilich - Director

1.	STATUTORY INFORMATION

Residential Freeholds 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 represents invoiced ground rents on investment properties and insurance commissions.

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 cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Cash and cash equivalent

Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid

investments with original maturities of three months or less.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

8,800

Disposals

(8,800

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

8,800

Eliminated on disposal

(8,800

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 31 December 2016

12,084

NET BOOK VALUE

At 31 December 2016

12,084

At 31 December 2015

12,084

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

784,290

NET BOOK VALUE

At 31 December 2016

784,290

At 31 December 2015

784,290

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2014

451,098

Cost

333,192

784,290

If Investment property had not been revalued it would have been included at the following historical cost:

2016

2015

£

£

Cost

333,192

333,192

Investment property was valued on an open market basis on 31 December 2014 by the director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

6,734

18,593

Amounts owed by group undertakings

6,944

-

Other debtors

186,274

4,092

199,952

22,685

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

3,135

9,629

Trade creditors

2,006

1,040

Taxation and social security

5,692

16,007

Other creditors

89,036

63,965

99,869

90,641

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

305,470

139,085

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

275,000

-

Repayable by instalments

Bank loans more 5 yr by instal

-

97,933

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

308,605

148,714

The bank loans are secured against the investment property's held by the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2016

139,075

360,879

499,954

Profit for the year

1,342

1,342

At 31 December 2016

140,417

360,879

501,296

13.	RELATED PARTY DISCLOSURES

Moreland Estate Property Management Limited

A company under common control

During the year Moreland Estate Property Management paid amounts on behalf of the company and charged the

company for management fees and recharges totalling £197,935 (2015: £89,449).

Receipts totalling £161,158 (2015: £110,961) were received by Moreland Estate Property Management Limited

on behalf of the company.

At the balance sheet date £nil (2014: £nil) was included in trade creditors.

Included in other creditors is a balance of £56,128 (2015: £19,351) which represents interest free loans

outstanding at the balance sheet date. The amount is repayable on demand.

2016

2015

£

£

Amount due to related party at the balance sheet date

56,128

19,351

MW Freeholds Limited

A company under common control

The amount is repayable on demand.

2016

2015

£

£

Amount due to related party at the balance sheet date

18,245

18,245

Robshaw South West Ltd

A company under the control of Residential Freeholds Ltd

The amount is repayable on demand.

2016

2015

£

£

Amount due from related party at the balance sheet date

324

-

Edmund Kirby Ltd

A company under common control

The amount is repayable on demand.

2016

2015

£

£

Amount due from related party at the balance sheet date

6,620

-

Ground Rent Investment Ltd

A company under common control

The amount is repayable on demand.

2016

2015

£

£

Amount due from related party at the balance sheet date

144,864

-

Ground Rent Trading Ltd

A company under common control

During the year Ground Rent Trading paid amounts on behalf of the company of £40,000. The amounts are

repayable on demand.

2016

2015

£

£

Amount due from related party at the balance sheet date

40,000

-

14.	ULTIMATE CONTROLLING PARTY

15.	FIRST YEAR ADOPTION

FRS 102 was adopted on 1 January 2016. The transition has resulted in the requirement for a provision for

deferred tax. Therefore the comparatives have been restated. The reconciliation between the old and the new

framework is shown in the Reconciliation of Equity at 1 January 2015 and 31 December 2015. The last Financial

Statements date reported under the previous framework was 31 December 2015.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Residential Freeholds Limited for the year ended 31 December 2016 which comprise the Income

Statement, Statement of Financial Position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Residential Freeholds Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residential Freeholds Limited and state those matters that we have agreed to state to the director of Residential Freeholds Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Residential Freeholds Limited director for our work or for this report.

It is your duty to ensure that Residential Freeholds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Residential Freeholds Limited. You consider that Residential Freeholds 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 financial statements of Residential Freeholds 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 financial statements.

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

25 September 2017