Robin Mills Properties Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05635174 (England and Wales)

ROBIN MILLS PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Marshall

B Chorzelewski

T O W Storey

SECRETARY:

D K Marshall

REGISTERED OFFICE:

Robin Mills

Leeds Road

Idle

Bradford

West Yorkshire

BD10 9TE

REGISTERED NUMBER:

05635174 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

27a Lidget Hill

Pudsey

Leeds

West Yorkshire

LS28 7LG

FIXED ASSETS

Tangible assets

4

28,000

32,000

Investment property

5

4,500,000

4,700,000

4,528,000

4,732,000

CURRENT ASSETS

Debtors

6

17,110

14,772

Cash at bank

389,148

320,673

406,258

335,445

CREDITORS

Amounts falling due within one year

7

100,643

115,244

NET CURRENT ASSETS

305,615

220,201

TOTAL ASSETS LESS CURRENT LIABILITIES

4,833,615

4,952,201

PROVISIONS FOR LIABILITIES

8

(149,760

)

(59,400

)

PENSION LIABILITY

9

(689,000

)

(1,310,000

)

NET ASSETS

3,994,855

3,582,801

CAPITAL AND RESERVES

Called up share capital

120,000

120,000

Non-distributable reserve

2,550,629

2,697,629

Retained earnings

1,324,226

765,172

SHAREHOLDERS' FUNDS

3,994,855

3,582,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 24 April 2018 and were signed on its behalf by:

D K Marshall - Director

B Chorzelewski - Director

T O W Storey - Director

1.	STATUTORY INFORMATION

Robin Mills 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 (£).

The information in the accounts is rounded to the nearest pound.

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 and income recognition

Turnover represents the company's right to consideration for rental income.

Tangible fixed assets

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

Plant and machinery

-

Straight line over 11 years

Investment property

Investment property is measured at fair value annually with any changes recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial

assets classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include

cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal

commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at

transaction price less impairment (if any) due to concerns over recoverability.

Where the arrangement does constitute a financing transaction, e.g. debt with basic terms, the initial

measurement is of amortised cost using the effective interest method. In subsequent years the debt

instrument is measured at amortised cost less impairment.

Impairment

At the end of each reporting period where there is objective evidence of impairment of any financial

asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments

Other financial instruments are those that do not qualify as basic due to the fact that they have more

complicated terms and would normally include complex bank loans, derivatives (including interest rate

SWAPS), options and foreign exchange forward contracts, investments in convertible debt and

convertible preference shares, rights, warrants and futures contracts and asset-backed securities.

Most 'other' financial instruments are measured at fair value with movements in fair value 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.

Pension costs and other post-retirement benefits

The company has responsibility for a closed defined contribution pension scheme where certain

members benefit from a Guaranteed Minimum Pension (GMP) underpin. The assets and liabilities of

the scheme are measured using the Projected Unit Method. Contributions made by the company in the

year are shown as a reduction of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2016

and 30 November 2017

43,860

DEPRECIATION

At 1 December 2016

11,860

Charge for year

4,000

At 30 November 2017

15,860

NET BOOK VALUE

At 30 November 2017

28,000

At 30 November 2016

32,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2016

4,700,000

Revaluations

(200,000

)

At 30 November 2017

4,500,000

NET BOOK VALUE

At 30 November 2017

4,500,000

At 30 November 2016

4,700,000

Fair value at 30 November 2017 is represented by:

£

Valuation in 2015

2,519,295

Valuation in 2016

100,000

Valuation in 2017

(200,000

)

Cost

2,080,705

4,500,000

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

cost:

2017

2016

£

£

Cost

2,080,705

2,080,705

Aggregate depreciation

(473,334

)

(433,334

)

Investment property was valued on open market basis on 30 November 2017 by Andrew Idle Associates

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,088

490

Other debtors

16,022

14,282

17,110

14,772

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

14,933

16,105

Taxation and social security

65,157

77,180

Other creditors

20,553

21,959

100,643

115,244

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

4,760

6,400

Remeasurement of investment property

262,000

315,000

Arising on employee benefit obligations

(117,000

)

(262,000

)

149,760

59,400

Deferred

tax

£

Balance at 1 December 2016

59,400

Income Statement

(39,640

)

Other Comprehensive Income

130,000

Balance at 30 November 2017

149,760

9.	EMPLOYEE BENEFIT OBLIGATIONS

The company sponsors a hybrid pension arrangement in the UK. It is a defined contribution pension

scheme where certain members benefit from a Guaranteed Minimum Pension (GMP) underpin. The

scheme is administered within a trust which is legally separate from the company. Trustees are

appointed and act in the interests of the scheme and all relevant stakeholders, including the members

and the company. The trustees are also responsible for the investment of the scheme's assets.

The scheme is subject to regular actuarial valuations which are usually carried out every three years.

The last actuarial valuation took place as at 1 August 2015. These actuarial valuations are carried out

in accordance with the requirements of the Pensions Act 2004 and so include margins for prudence.

This contrasts with the accounting disclosures which are determined using best estimate assumptions.

The results of the 1 August 2015 valuation have been projected forward to 30 November 2017 by a

qualified independent actuary. The figures in this disclosure were measured using the Projected Unit

Method.

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

2017

2016

£

£

Present value of funded obligations

(4,639,000

)

(4,225,000

)

Fair value of plan assets

4,639,000

4,225,000

-

-

Present value of unfunded obligations

(689,000

)

(1,310,000

)

Deficit

(689,000

)

(1,310,000

)

Net liability

(689,000

)

(1,310,000

)

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2017

2016

£

£

Current service cost

-

-

Net interest from net defined benefit liability

36,000

17,000

Past service cost

-

-

36,000

17,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

2017

2016

£

£

Opening defined benefit obligation

5,535,000

4,522,000

Interest cost

155,000

169,000

Benefits paid

(186,000

)

(175,000

)

Actuarial (gains)/losses

(176,000

)

1,019,000

5,328,000

5,535,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

2017

2016

£

£

Opening fair value of scheme assets

4,225,000

4,009,000

Contributions by employer

99,000

180,000

Interest income

119,000

152,000

Benefits paid

(186,000

)

(175,000

)

Return on plan assets (excluding interest income)

382,000

59,000

4,639,000

4,225,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2017

2016

£

£

Actuarial (gains)/losses

176,000

(1,019,000

)

Return on plan assets (excluding interest income)

382,000

59,000

558,000

(960,000

)

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

2017

2016

£

£

Return seeking

4,564,000

4,002,000

Bonds

-

184,000

Cash

75,000

39,000

4,639,000

4,225,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2017

2016

Liability discount rate

2.60%

2.85%

Inflation (RPI)

3.40%

3.45%

Inflation (CPI)

2.40%

2.45%

Commencing this year, the company now pays investment fees directly rather than investment fees

being charged to the pension scheme members. Contributions paid by the company have reduced to

reflect the fact that the company pays this extra charge.

10.	ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of its directors.

11.	FIRST YEAR ADOPTION

1.

Investment Property

Investment property has been accounted for at fair value with movements in fair value being recognised in profit or loss in accordance with FRS 102. Depreciation provided in the comparative year under old UK GAAP has been reversed.

2.

Pension scheme disclosures

The pension scheme liability has been accounted for in accordance with FRS 102 and the transactions previously accounted for under old UK GAAP have been removed. The deferred tax asset arising on the pension scheme liability is shown as a component of deferred tax rather than within the pension scheme note.

3.

Deferred tax

Provision has been made in respect of timing differences arising as a result of the application of FRS 102 including deferred tax arising on the remeasurement of investment property.