Rolfe East (Letting and Management) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05702169 (England and Wales)

Financial Statements for the Year Ended 31 March 2017

for

Rolfe East (Letting and Management) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Rolfe

Mr S East

Mr A M Wakefield

Mr J Hadfield

Mr R Barrett

SECRETARY:

Mr A Rolfe

REGISTERED OFFICE:

51 The Mall

Ealing

London

W5 3TA

REGISTERED NUMBER:

05702169 (England and Wales)

ACCOUNTANTS:

Campbell & Co

Uplands Court

Stowupland Road

Stowmarket

Suffolk

IP14 5AN

BANKERS:

Allied Irish Bank (GB)

14 Neeld Parade

Wembley

Middlesex

HA9 6SW

FIXED ASSETS

Intangible assets

4

915,000

1,050,000

Tangible assets

5

1,076,221

1,062,385

1,991,221

2,112,385

CURRENT ASSETS

Debtors

6

411,932

425,430

Cash at bank and in hand

174,014

373,965

585,946

799,395

CREDITORS

Amounts falling due within one year

7

429,564

493,747

NET CURRENT ASSETS

156,382

305,648

TOTAL ASSETS LESS CURRENT LIABILITIES

2,147,603

2,418,033

CREDITORS

Amounts falling due after more than one year

8

(499,565

)

(525,801

)

PROVISIONS FOR LIABILITIES

(13,563

)

(13,099

)

NET ASSETS

1,634,475

1,879,133

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

9

1,437,833

1,437,833

Retained earnings

195,642

440,300

SHAREHOLDERS' FUNDS

1,634,475

1,879,133

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 22 December 2017 and were signed on its behalf by:

Mr S East - Director

1.	STATUTORY INFORMATION

Rolfe East (Letting and Management) Ltd 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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Goodwill

Paid for Goodwill in respect of incomplete work in progress & sales leads from Rolfe East (South West London)

Ltd has been amortised over it's useful life of 1 year, being the being time expected to convert work in progress

and sales leads to income.

Paid for Goodwill in respect of incomplete work in progress, sales leads and trade goodwill from Rolfe East

(West London) Ltd, has been amortised over it's expected useful life of 10 years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2016 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST OR VALUATION

At 1 April 2016

and 31 March 2017

1,410,000

AMORTISATION

At 1 April 2016

360,000

Charge for year

135,000

At 31 March 2017

495,000

NET BOOK VALUE

At 31 March 2017

915,000

At 31 March 2016

1,050,000

Cost or valuation at 31 March 2017 is represented by:

Goodwill

£

Valuation in 2016

1,410,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2016

975,000

247,665

1,222,665

Additions

22,283

25,224

47,507

Disposals

-

(34,826

)

(34,826

)

At 31 March 2017

997,283

238,063

1,235,346

DEPRECIATION

At 1 April 2016

-

160,280

160,280

Charge for year

-

26,313

26,313

Eliminated on disposal

-

(27,468

)

(27,468

)

At 31 March 2017

-

159,125

159,125

NET BOOK VALUE

At 31 March 2017

997,283

78,938

1,076,221

At 31 March 2016

975,000

87,385

1,062,385

Included in cost or valuation of land and buildings is freehold land of £ 997,283 (2016 - £ 975,000 ) which is not

depreciated.

Cost or valuation at 31 March 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

161,590

-

161,590

Valuation in 2016

226,242

-

226,242

Cost

609,451

238,063

847,514

997,283

238,063

1,235,346

If freehold land & buildings had not been revalued they would have been included at the following historical

cost:

31/3/17

31/3/16

£

£

Cost

609,451

587,168

Value of land in freehold land and buildings

609,451

587,168

Freehold land and buildings were valued on an open market value basis on 31 December 2014 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

95,079

188,951

Amounts owed by participating interests

137,990

82,335

Other debtors

178,863

154,144

411,932

425,430

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans and overdrafts

80,304

89,244

Trade creditors

45,088

69,801

Taxation and social security

212,744

226,985

Other creditors

91,428

107,717

429,564

493,747

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans

499,565

525,801

9.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

1,437,833

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

31/3/17

31/3/16

£

£

Mr S East

Balance outstanding at start of year

68,793

72,988

Amounts advanced

92,352

73,244

Amounts repaid

(74,109

)

(77,439

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

87,036

68,793

Mr A Rolfe

Balance outstanding at start of year

42,306

60,105

Amounts advanced

85,964

66,139

Amounts repaid

(79,277

)

(83,938

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

48,993

42,306

The directors were provided with loans as detailed during the year. Interest was charged at the market rate using

the average balance outstanding method.

The balances outstanding were fully repaid by 31st December 2017.

11.	RELATED PARTY DISCLOSURES

Rolfe East (Sherborne) Ltd

A company in which Rolfe East (Letting & Management) Ltd are shareholders

The company recharged costs in the normal course of business to Rolfe East (Sherborne) Ltd in the sum of

£47,478 (2016 - £620).

The price charged was the normal market price in the case of each individual transaction. At the balance sheet

date the amount owed by Rolfe East (Sherborne) Ltd was £48,098 (2016 - £620l)

Rolfe East Properties

An investment business owned by Ashley Rolfe & Simon East.

The company leased/purchased facilities / services in the normal course of business from Rolfe East Properties in

the sum of £67,890 (2016 - £62,232).The price charged was the normal market price in the case of each

individual transaction.

In addition the company made loans to Rolfe East Properties in the sum of £8,177 (2016 - £Nil).

At the balance sheet date the amount owed by Rolfe East Properties was £89,892 (2016 - £81,715).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Rolfe.

The ultimate controlling party is Mr S East.