Raglan Castle Properties Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02835055 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Raglan Castle Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N O T Crump

W A L Crump

P M Lawton

E E James

A J Wilkinson

SECRETARY:

W A L Crump

REGISTERED OFFICE:

21 Gold Tops

Newport

South Wales

NP20 4PG

REGISTERED NUMBER:

02835055 (England and Wales)

ACCOUNTANTS:

Guilfoyle Sage LLP

21 Gold Tops

Newport

South Wales

NP20 4PG

SOLICITORS:

Morgan Cole

Bradley Court

Park Place

Cardiff

FIXED ASSETS

Tangible assets

4

138

932,879

Investment property

5

775,000

-

775,138

932,879

CURRENT ASSETS

Debtors

6

31,492

31,492

Cash at bank

10,522

10,644

42,014

42,136

CREDITORS

Amounts falling due within one year

7

21,068

7,434

NET CURRENT ASSETS

20,946

34,702

TOTAL ASSETS LESS CURRENT LIABILITIES

796,084

967,581

CREDITORS

Amounts falling due after more than one year

8

(229,667

)

(254,667

)

PROVISIONS FOR LIABILITIES

(85,081

)

(127,288

)

NET ASSETS

481,336

585,626

CAPITAL AND RESERVES

Called up share capital

10

334,300

334,300

Share premium

10,750

10,750

Fair value reserve

11

214,358

383,186

Retained earnings

(78,072

)

(142,610

)

SHAREHOLDERS' FUNDS

481,336

585,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 20 December 2017 and were signed on its behalf by:

W A L Crump - Director

E E James - Director

1.	STATUTORY INFORMATION

Raglan Castle Properties 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis as the directors believe that

the company will be able to obtain sufficient funding to secure the continued financing of the

company's activities for the foreseeable future.

The significant accounting policies applied in the presentation of these financial statements are set out

below. These policies have been consistently applied to all periods presented unless otherwise stated.

Tangible fixed assets

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

Land and buildings

-

Land nil, poultry buildings 2% on cost

Plant and machinery etc

-

15% 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 balance sheet date.

Deferred tax

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

the balance sheet 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.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are

released to profit over the expected useful lives of the relevant assets by equal instalments. Grants of a

revenue nature are credited to income in the period to which they relate.

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

986,035

5,177

991,212

Reclassification/transfer

(986,035

)

-

(986,035

)

At 31 March 2017

-

5,177

5,177

DEPRECIATION

At 1 April 2016

53,294

5,039

58,333

Charge written back

(53,294

)

-

(53,294

)

At 31 March 2017

-

5,039

5,039

NET BOOK VALUE

At 31 March 2017

-

138

138

At 31 March 2016

932,741

138

932,879

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

(211,035

)

Reclassification/transfer

986,035

At 31 March 2017

775,000

NET BOOK VALUE

At 31 March 2017

775,000

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2011

875,000

Valuation in 2017

(100,000

)

775,000

If investment property had not been revalued it would have been included at the following historical

cost:

31.3.17

31.3.16

£

£

Cost

507,053

396,018

Investment property was valued on fair value basis on 27 February 2017 by Savills (UK) Limited, Chartered Surveyors

.

The investment property has been valued on current market value of the freehold interest, subject to

the existing lease.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Debtors and prepayments

31,492

31,492

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

14,275

2,538

Trade creditors

2,577

99

Corporation tax

2,762

3,343

Accrued expenses

1,454

1,454

21,068

7,434

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans - 1-2 years

15,225

15,225

Bank loans - 2-5 years

45,675

45,675

Bank loans more 5 yr by instal

168,767

193,767

229,667

254,667

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

168,767

193,767

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

243,942

257,205

The bank loan and overdraft are secured by a first legal charge dated 10th December 1993, over the

freehold property and by a first legal charge, dated 15th February 2000 over the freehold land.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

334,300

Ordinary

£1

334,300

334,300

11.

RESERVES

Fair

value

reserve

£

At 1 April 2016

383,186

Investment property revaluation

(168,828

)

At 31 March 2017

214,358

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting

Standard 102 1A (FRS 102 1A).

On the adoption of the requirements of FRS102 1A, deferred tax on fair value gain on investment

properties of £95796 has been recognised on the balance sheet at the date of transition, 1st April 2015