R. Carr Properties Limited - Period Ending 2017-03-31

Registration number: 04379505

R. Carr Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

R. Carr Properties Limited

Contents

Accountants' Report	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
R. Carr Properties Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R. Carr Properties Limited for the year ended 31 March 2017 as set out on pages 2 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of R. Carr Properties 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 R. Carr Properties Limited and state those matters that we have agreed to state to the Board of Directors of R. Carr Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R. Carr Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R. Carr Properties 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 R. Carr Properties Limited. You consider that R. Carr Properties 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 R. Carr Properties 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.

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

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

19 December 2017

Page 1

R. Carr Properties Limited

(Registration number: 04379505)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	122	144
Investment property	4	315,000	270,000
		315,122	270,144
Current assets
Debtors	5	273	4,692
Cash at bank and in hand		30,455	26,608
		30,728	31,300
Creditors: Amounts falling due within one year	6	(10,652)	(8,750)
Net current assets		20,076	22,550
Total assets less current liabilities		335,198	292,694
Creditors: Amounts falling due after more than one year	6	(202,487)	(202,540)
Provisions for liabilities		(2,579)	(629)
Net assets		130,132	89,525
Capital and reserves
Called up share capital		1	1
Other reserves		90,353	47,303
Profit and loss account		39,778	42,221
Total equity		130,132	89,525

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 4 to 10 form an integral part of these financial statements.

Page 2

R. Carr Properties Limited

(Registration number: 04379505)
Balance Sheet as at 31 March 2017

Approved and authorised by the director on 14 December 2017
 

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

Mr Robert Dillon Carr

Director

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

Page 3

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

The principal place of business is:
Pastures Cottage
School Lane
Dinton
Aylesbury
HP17 8UZ

These financial statements were authorised for issue by the director on 14 December 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.

The presentation and functional currency is considered to be pounds sterling because that is the currency in the primary economic environment in which the company operates.

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
Investment properties	Not depreciated
Fixtures and fittings	15% reducing balance

Page 4

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 5

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Financial instruments

Classification
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
 
 

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	736	736
At 31 March 2017	736	736
Depreciation
At 1 April 2016	592	592
Charge for the year	22	22
At 31 March 2017	614	614
Carrying amount
At 31 March 2017	122	122
At 31 March 2016	144	144

Revaluation

The fair value of the company's Investment property was revalued on 31 March 2017. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £270,000 (2016 - £270,000).

4	Investment properties

	2017 £
At 1 April	270,000
Fair value adjustments	45,000
At 31 March	315,000

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

Page 6

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Debtors

	2017 £	2016 £
Other debtors	273	1,148
Directors Loan	-	3,544
Total current trade and other debtors	273	4,692

6

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		7,996	8,750
Directors Loan		2,656	-
		10,652	8,750
Due after one year
Loans and borrowings	7	202,487	202,540

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	202,487	202,540

	2017 £	2016 £
Current loans and borrowings
Directors Loan	2,656	-

Page 7

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Repayments by director £	At 31 March 2017 £
Mr Robert Dillon Carr
Amounts owed to/(from) director	(3,544)	6,200	2,656

2016	At 1 April 2015 £	Repayments by director £	At 31 March 2016 £
Mr Robert Dillon Carr
Amounts owed to/(from) director	(7,413)	3,869	(3,544)

Dividends paid to directors

	2017 £	2016 £
Mr Robert Dillon Carr
Dividends paid	3,500	-

9	Transition to FRS 102

The company adopted FRS 102 for the year ended 31 March 2017 and has restated the comparative prior year amounts.

The company has made the following changes for FRS 102 adoption:

- Investment properties have been revalued.
- Deferred tax on investment property gains have been recognised.

Page 8

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		270,170	(270,000)	-	170
Investment property		-	270,000	-	270,000
		270,170	-	-	270,170
Current assets
Debtors		8,561	-	-	8,561
Cash at bank and in hand		20,375	-	-	20,375
		28,936	-	-	28,936
Creditors: Amounts falling due within one year		(8,838)	-	-	(8,838)
Net current assets		20,098	-	-	20,098
Total assets less current liabilities		290,268	-	-	290,268
Creditors: Amounts falling due after more than one year		(202,551)	-	-	(202,551)
Provisions for liabilities		-	-	(1,024)	(1,024)
Net assets/(liabilities)		87,717	-	(1,024)	86,693
Capital and reserves
Called up share capital		(1)	-	-	(1)
Revaluation reserve		(47,932)	47,932	-	-
Other reserves		-	(47,932)	1,024	(46,908)
Profit and loss account		(39,784)	-	-	(39,784)
Total equity		(87,717)	-	1,024	(86,693)

Page 9

R. Carr Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		270,144	(270,000)	-	144
Investment property		-	270,000	-	270,000
		270,144	-	-	270,144
Current assets
Debtors		4,692	-	-	4,692
Cash at bank and in hand		26,608	-	-	26,608
		31,300	-	-	31,300
Creditors: Amounts falling due within one year		(8,750)	-	-	(8,750)
Net current assets		22,550	-	-	22,550
Total assets less current liabilities		292,694	-	-	292,694
Creditors: Amounts falling due after more than one year		(202,540)	-	-	(202,540)
Provisions for liabilities		-	-	(629)	(629)
Net assets/(liabilities)		90,154	-	(629)	89,525
Capital and reserves
Called up share capital		(1)	-	-	(1)
Revaluation reserve		(47,932)	47,932	-	-
Other reserves		-	(47,932)	629	(47,303)
Profit and loss account		(42,221)	-	-	(42,221)
Total equity		(90,154)	-	629	(89,525)

Page 10