RO Developments Limited - Limited company accounts 16.1

REGISTERED NUMBER: 04320285 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 March 2017

for

RO Developments Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

R G St J Rowlandson FCA

E T M Rowlandson

C R Bain MAPM, MBIM

SECRETARY:

Finance And Industrial Trust Limited(The)

REGISTERED OFFICE:

Graham House

7 Wyllyotts Place

Potters Bar

Hertfordshire

EN6 2JD

REGISTERED NUMBER:

04320285 (England and Wales)

AUDITORS:

Grant Thornton UK LLP

Chartered Accountants and Statutory Auditors

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of development of commercial properties. The

company's subsidiary companies are involved in property management.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report.

R G St J Rowlandson FCA

E T M Rowlandson

C R Bain MAPM, MBIM

Other changes in directors holding office are as follows:

R Bourne MRICS - resigned 3 February 2017

The group has made qualifying third party indemnity provisions for the benefit of its directors which were made during

the year and remain in force at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Grant Thornton UK LLP, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Finance And Industrial Trust Limited(The) - Secretary

4 October 2017

We have audited the financial statements of RO Developments Limited for the year ended 31 March 2017 on pages six

to thirteen. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at

www.frc.org.uk/auditscopeukprivate.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Directors' Report for the financial year for which the financial statements are prepared is

consistent with the financial statements.

- the Directors' Report has been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the company and its environment obtained in the course of the Audit,

we have not identified any material misstatements in the Report of the Directors'.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

David Newstead (Senior Statutory Auditor)

for and on behalf of Grant Thornton UK LLP

Chartered Accountants and Statutory Auditors

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU

11 October 2017

TURNOVER

-

194,880

Administrative expenses

720,009

804,111

OPERATING LOSS

4

(720,009

)

(609,231

)

Interest receivable and similar income

96,414

117,775

(623,595

)

(491,456

)

Interest payable and similar expenses

-

3,618

LOSS BEFORE TAXATION

(623,595

)

(495,074

)

Tax on loss

5

(123,334

)

(98,242

)

LOSS FOR THE FINANCIAL YEAR

(500,261

)

(396,832

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(500,261

)

(396,832

)

FIXED ASSETS

Tangible assets

6

3,170

1,083

Investments

7

115

115

3,285

1,198

CURRENT ASSETS

Debtors: amounts falling due within one year

8

3,982,853

4,664,405

Cash in hand

76

137

3,982,929

4,664,542

CREDITORS

Amounts falling due within one year

9

(72,261

)

(251,526

)

NET CURRENT ASSETS

3,910,668

4,413,016

TOTAL ASSETS LESS CURRENT LIABILITIES

3,913,953

4,414,214

CAPITAL AND RESERVES

Called up share capital

140

140

Share premium

665

665

Retained earnings

3,913,148

4,413,409

SHAREHOLDERS' FUNDS

3,913,953

4,414,214

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 October 2017 and were signed on its behalf by:

E T M Rowlandson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2015

140

4,810,241

665

4,811,046

Changes in equity

Total comprehensive income

-

(396,832

)

-

(396,832

)

Balance at 31 March 2016

140

4,413,409

665

4,414,214

Changes in equity

Total comprehensive income

-

(500,261

)

-

(500,261

)

Balance at 31 March 2017

140

3,913,148

665

3,913,953

1.	STATUTORY INFORMATION

RO Developments 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 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.

These financial statements are the company's first in accordance with FRS102.

Preparation of consolidated financial statements

The financial statements contain information about RO Developments Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

RO Trading Limited, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is stated net of VAT and represents amounts receivable from third parties in respect of property sales

and rent receivable from development sites. All turnover arises in the UK.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less

estimated residual value, of each asset, on a straight line basis over its expected useful life. Residual value is

calculated on prices prevailing at the date of acquisition.

Pension costs

The company operates a defined contribution group personal pension scheme. The amount charged to the profit

and loss account represents contributions payable by the company to the individual policies effected by the

employees with an independent Insurance Company in funds separate from the company's finances. Differences

between contributions payable and contributions paid are shown as Other Creditors at the year end.

Taxation

Corporation tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted

by the balance sheet date.

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

sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or

a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Investments

Fixed asset investments in shares in group undertakings and in unlisted investments are shown at cost less

provision for impairment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 4 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

31.3.17

31.3.16

£

£

Depreciation - owned assets

1,647

698

Pension costs

18,877

14,096

5.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.3.17

31.3.16

£

£

Current tax:

UK corporation tax

(123,334

)

(98,242

)

Tax on loss

(123,334

)

(98,242

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

31.3.17

31.3.16

£

£

Loss before tax

(623,595

)

(495,074

)

Loss multiplied by the standard rate of corporation tax in the UK of 20% (2016 - 20%)

(124,719

)

(99,015

)

Effects of:

Expenses not deductible for tax purposes

1,963

971

Capital allowances in excess of depreciation

(578

)

(198

)

Total tax credit

(123,334

)

(98,242

)

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

30,712

Additions

3,734

At 31 March 2017

34,446

DEPRECIATION

At 1 April 2016

29,629

Charge for year

1,647

At 31 March 2017

31,276

NET BOOK VALUE

At 31 March 2017

3,170

At 31 March 2016

1,083

7.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

52

63

115

NET BOOK VALUE

At 31 March 2017

52

63

115

At 31 March 2016

52

63

115

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

RO St Bernards Limited

Registered office:

Nature of business: Property development

%

Class of shares:

holding

Ordinary £1

100.00

RO24 Stonebridge Management Company Limited

Registered office:

Nature of business: Property Management

%

Class of shares:

holding

Ordinary £1

100.00

Dragon 24 Llanelli Management Company Limited

Registered office:

Nature of business: Property Management

%

Class of shares:

holding

Ordinary £1

100.00

Associated companies

EPMK Management Limited

Registered office:

Nature of business: Property management

%

Class of shares:

holding

Ordinary shares

10.70

Harlow Business Park Management Limited

Registered office:

Nature of business: Property management

%

Class of shares:

holding

Ordinary

5.00

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Amounts owed by group undertakings

3,806,673

4,500,587

Other debtors

17,602

31,822

Tax

123,334

98,242

VAT

14,813

-

Prepayments

20,431

33,754

3,982,853

4,664,405

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

1,229

330

Amounts owed to group undertakings

51

50

Amounts owed to associates

63

64

Social security and other taxes

9,110

15,295

VAT

-

17,361

Other creditors

50,803

48,044

Accrued expenses

11,005

170,382

72,261

251,526

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

11.	POST BALANCE SHEET EVENTS

There has been no event since the balance sheet date that could materially affect the state of affairs of the

company as at 31 March 2017 or that requires disclosure.

12.	ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

13.	FIRST YEAR ADOPTION

The Financial Reporting Standard 102 was adopted for the accounting period. There are no adjustments required

to results or balances at 31 March 2016 or 31 March 2017 as a result of the application of FRS 102.