Roseshire Properties Limited 31/07/2017 iXBRL

Roseshire Properties Limited 31/07/2017 iXBRL

ROSESHIRE PROPERTIES LTD - Company Information

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Company registration number: 03508337
Roseshire Properties Limited
Unaudited filleted financial statements
31 July 2017
Roseshire Properties Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Roseshire Properties Limited
Directors and other information
Director A Eichenstein
Secretary R Eichenstein
Company number 03508337
Registered office 37 Oldhill
South Tottenham
London
N16 6LR
Accountants Rothfeld & Co
149A Stamford Hill
London
N16 5LL
Bankers Barclays Bank PLC
Leicester
LE87 2BB
Roseshire Properties Limited
Statement of financial position
31 July 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 4 750,782 491,585
Investments 5 544,057 544,057
_______ _______
1,294,839 1,035,642
Current assets
Debtors 6 78,820 56,715
Cash at bank and in hand 433 5,829
_______ _______
79,253 62,544
Creditors: amounts falling due
within one year 7 ( 689,585) ( 443,209)
_______ _______
Net current liabilities ( 610,332) ( 380,665)
_______ _______
Total assets less current liabilities 684,507 654,977
Creditors: amounts falling due
after more than one year 8 ( 317,224) ( 340,076)
Provisions for liabilities ( 25,500) ( 22,100)
_______ _______
Net assets 341,783 292,801
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 341,782 292,800
_______ _______
Shareholders funds 341,783 292,801
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2018 , and are signed on behalf of the board by:
A Eichenstein
Director
Company registration number: 03508337
Roseshire Properties Limited
Statement of changes in equity
Year ended 31 July 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2015 1 264,340 264,341
Profit for the year 38,460 38,460
_______ _______ _______
Total comprehensive income for the year - 38,460 38,460
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 31 July 2016 and 1 August 2016 1 292,800 292,801
Profit for the year 48,982 48,982
_______ _______ _______
Total comprehensive income for the year - 48,982 48,982
_______ _______ _______
At 31 July 2017 1 341,782 341,783
_______ _______ _______
Roseshire Properties Limited
Notes to the financial statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 37 Oldhill, South Tottenham, London, N16 6LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost or valuation
At 1 August 2016 220,524 137,318 21,839 379,681
Additions 65,000 175,000 - 240,000
Revaluation 150,000 - - 150,000
_______ _______ _______ _______
At 31 July 2017 435,524 312,318 21,839 769,681
_______ _______ _______ _______
Depreciation
At 1 August 2016 - - 18,096 18,096
Charge for the year - - 803 803
_______ _______ _______ _______
At 31 July 2017 - - 18,899 18,899
_______ _______ _______ _______
Carrying amount
At 31 July 2017 435,524 312,318 2,940 750,782
_______ _______ _______ _______
At 31 July 2016 220,524 137,318 3,743 361,585
_______ _______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 August 2016 220,524
Fair value adjustments 150,000
_______
At 31 July 2017 370,524
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
At 31 July 2017
Aggregate cost 137,318 21,839 159,157
Aggregate depreciation - (18,096) (18,096)
_______ _______ _______
Carrying amount 137,318 3,743 141,061
_______ _______ _______
At 31 July 2016
Aggregate cost 137,318 21,839 159,157
Aggregate depreciation - (18,899) (18,899)
_______ _______ _______
Carrying amount 137,318 2,940 140,258
_______ _______ _______
5. Investments
Other loans Total
£ £
Cost
At 1 August 2016 and 31 July 2017 544,057 544,057
_______ _______
Impairment
At 1 August 2016 and 31 July 2017 - -
_______ _______
Carrying amount
At 31 July 2017 544,057 544,057
_______ _______
At 31 July 2016 544,057 544,057
_______ _______
6. Debtors
2017 2016
£ £
Other debtors 78,820 56,715
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 22,000 22,000
Corporation tax 8,486 8,041
Social security and other taxes 1,343 587
Other creditors 657,756 412,581
_______ _______
689,585 443,209
_______ _______
8. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts 317,224 340,076
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
A Eichenstein ( 15,000) ( 240,000) ( 255,000)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
A Eichenstein ( 5,000) ( 10,000) ( 15,000)
_______ _______ _______
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
Reconciliation of equity
At 1 August 2015 At 31 July 2016
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 906,445 - 906,445 905,642 130,000 1,035,642
Current assets 25,434 - 25,434 62,544 - 62,544
Creditors amounts falling due within 1 year ( 413,443) - ( 413,443) ( 443,209) - ( 443,209)
_______ _______ _______ _______ _______ _______
Net current liabilities ( 388,009) - ( 388,009) ( 380,665) - ( 380,665)
_______ _______ _______ _______ _______ _______
Total assets less current liabilities 518,436 - 518,436 524,977 130,000 654,977
Creditors amounts falling due after more than 1 year ( 361,995) - ( 361,995) ( 340,076) - ( 340,076)
Provisions for liabilities - - - - ( 22,100) ( 22,100)
_______ _______ _______ _______ _______ _______
Net assets 156,441 - 156,441 184,901 107,900 292,801
_______ _______ _______ _______ _______ _______
Equity 156,440 - 156,440 184,901 107,900 292,801
_______ _______ _______ _______ _______ _______
Reconciliation of profit or loss for the year
No transitional adjustments were required.