Rightstep Estates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05293887 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

RIGHTSTEP ESTATES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Reich

REGISTERED OFFICE:

99 Clapton Common

London

E5 9AB

REGISTERED NUMBER:

05293887 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

5

954

1,122

Investment property

6

400,000

375,000

400,954

376,122

CURRENT ASSETS

Cash at bank

2,017

7,580

CREDITORS

Amounts falling due within one year

7

97,734

104,772

NET CURRENT LIABILITIES

(95,717

)

(97,192

)

TOTAL ASSETS LESS CURRENT LIABILITIES

305,237

278,930

CREDITORS

Amounts falling due after more than one year

8

175,214

181,934

NET ASSETS

130,023

96,996

CAPITAL AND RESERVES

Called up share capital

10

1

1

Fair value reserve

11

122,449

97,449

Retained earnings

11

7,573

(454

)

SHAREHOLDERS' FUNDS

130,023

96,996

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 director acknowledges his 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 director on 29 August 2018 and were signed by:

D Reich - Director

1.	STATUTORY INFORMATION

Rightstep Estates 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.

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 preparing the financial statements

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

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 December 2015.

Changes in accounting policies

Under previous accounting framework (FRSSE), Investment properties were stated at their historical cost. Under

the new accounting framework (FRS 102), they are stated at their fair value with changes in the fair value

recognized in Income Statement.

On the date of transition to FRS 102, there was a fair value gain of £72,449 on remeasurement of investment

properties which has been recognized in equity.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 December 2016

and 30 November 2017

5,694

DEPRECIATION

At 1 December 2016

4,572

Charge for year

168

At 30 November 2017

4,740

NET BOOK VALUE

At 30 November 2017

954

At 30 November 2016

1,122

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2016

375,000

Revaluations

25,000

At 30 November 2017

400,000

NET BOOK VALUE

At 30 November 2017

400,000

At 30 November 2016

375,000

Fair value at 30 November 2017 is represented by:

£

Valuation in 2015

72,449

Valuation in 2016

25,000

Valuation in 2017

25,000

Cost

277,551

400,000

Investment property was valued on an open market basis on 30 November 2017 by the director .

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Other creditors

97,734

104,772

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans

175,214

181,934

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Bank loans

175,214

181,934

Bank loans are secured by a first charge over company's investment properties and bear interest at variable rates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.17

30.11.16

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 December 2016

(454

)

97,449

96,995

Profit for the year

33,027

33,027

Fair value adjustment

(25,000

)

25,000

-

At 30 November 2017

7,573

122,449

130,022

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D Reich.