Rags Properties Limited - Period Ending 2017-03-31

Registration number: 09530079

Rags Properties Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2016 to 31 March 2017

Rags Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Rags Properties Limited

Company Information

Directors

Mr S B Bass Mr G D Ward Mr A W Price

Registered office

Whitehall Waterfront 2 Riverside Way Leeds West Yorkshire LS1 4EH

Accountants

Murray Harcourt Partners LLP Elizabeth House 13-19 Queen Street Leeds West Yorkshire LS1 2TW

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Rags Properties Limited

(Registration number: 09530079)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	4	943,326	929,744
Current assets
Debtors	5	17,099	15,703
Creditors: Amounts falling due within one year	6	(89,990)	(84,748)
Net current liabilities		(72,891)	(69,045)
Total assets less current liabilities		870,435	860,699
Creditors: Amounts falling due after more than one year	6	(787,491)	(818,928)
Net assets		82,944	41,771
Capital and reserves
Called up share capital		4	4
Profit and loss account		82,940	41,767
Total equity		82,944	41,771

For the financial period ending 31 March 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 period 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.

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

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

Mr S B Bass

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Rags Properties Limited

Notes to the Financial Statements for the Period from 1 May 2016 to 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:
Whitehall Waterfront
2 Riverside Way
Leeds
West Yorkshire
LS1 4EH

These accounts cover the period 1 May 2016 to 31 March 2017. In the prior year they covered the period from 8 April 2015 to 30 April 2016. The reason for preparing accounts for a shorter period in the current year was to bring the year end in line with the partnership accounts. The comparatives are therefore not entirely comparable.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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 tenants in relation to unpaid rents.

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.

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Rags Properties Limited

Notes to the Financial Statements for the Period from 1 May 2016 to 31 March 2017

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.

3	Staff numbers

The average number of persons employed by the company (including directors) in the period, was 3 (2016 - 3).

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Rags Properties Limited

Notes to the Financial Statements for the Period from 1 May 2016 to 31 March 2017

4	Investment properties

	2017 £
At 1 May	929,743
Additions	13,583
At 31 March	943,326

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

The property has not been formally revalued on the basis that the directors believe the fair value at 31 March 2017 equals historical cost.

5

Debtors

	2017 £	2016 £
Trade debtors	5,800	1,444
Other debtors	11,299	14,259
Total current trade and other debtors	17,099	15,703

6

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	59,967	59,659
Trade creditors		6,926	4,185
Taxation and social security		4,848	7,424
Other creditors		18,249	13,480
		89,990	84,748
Due after one year
Loans and borrowings	7	787,491	818,928

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Rags Properties Limited

Notes to the Financial Statements for the Period from 1 May 2016 to 31 March 2017

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	787,491	818,928

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	59,659	59,659
Bank overdrafts	308	-
	59,967	59,659

Bank borrowings are secured by way of a legal charge over the investment property together with a personal guarantee totalling £165,000 from the directors.

8	Related party transactions

Milners Solicitors

(Business under common control)
During the year the company received rental income from Milners Solicitors £90,194 (2016: £86,552). At the balance sheet date the amount due from Milners Solicitors was £11,301 (2016: £14,259).

S B Bass

(Director and shareholder)
At the balance sheet date the amount due to S B Bass was £568 (2016: £4,769).

G D Ward

(Director and shareholder)
At the balance sheet date the amount due to G D Ward was £18 (2016: £4,219).

A W Price

(Director and shareholder)
At the balance sheet date the amount due to A W Price was £292 (2016: £4,493).

9	Transition to FRS 102

This is the first year that the Company has presented its results under FRS 102. In view of this, the financial statements for the prior year are also required to be adjusted to an FRS 102 basis and accordingly the Company is now presenting financial statements that include comparative figures prepared in accordance with FRS 102. The date of transition to FRS 102 is 8th April 2015. There were no material adjustments arising from the adoption of FRS 102.

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