Roborough Investments Limited 31/05/2018 iXBRL

Roborough Investments Limited 31/05/2018 iXBRL

ROBOROUGH INVESTMENTS LIMITED - Company Information

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31/05/2018 2018-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-06-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 00943986 2017-06-01 2018-05-31 00943986 2018-05-31 00943986 2017-05-31 00943986 2016-06-01 2017-05-31 00943986 2017-05-31 00943986 bus:Director1 2017-06-01 2018-05-31 00943986 core:WithinOneYear 2018-05-31 00943986 core:WithinOneYear 2017-05-31 00943986 core:LandBuildings core:OwnedOrFreeholdAssets 2017-05-31 00943986 core:FurnitureFittingsToolsEquipment 2017-05-31 00943986 core:LandBuildings core:OwnedOrFreeholdAssets 2018-05-31 00943986 core:FurnitureFittingsToolsEquipment 2018-05-31 00943986 core:ShareCapital 2018-05-31 00943986 core:ShareCapital 2017-05-31 00943986 core:RevaluationReserve 2018-05-31 00943986 core:RevaluationReserve 2017-05-31 00943986 core:RetainedEarningsAccumulatedLosses 2018-05-31 00943986 core:RetainedEarningsAccumulatedLosses 2017-05-31 00943986 core:FurnitureFittingsToolsEquipment 2017-06-01 2018-05-31 00943986 core:LandBuildings core:OwnedOrFreeholdAssets 2017-05-31 00943986 core:FurnitureFittingsToolsEquipment 2017-05-31 00943986 bus:Director1 2017-05-31 00943986 bus:Director1 2018-05-31 00943986 bus:Director1 2016-05-31 00943986 bus:Director1 2017-05-31 00943986 bus:Director1 2016-06-01 2017-05-31 00943986 bus:SmallEntities 2017-06-01 2018-05-31 00943986 bus:AuditExemptWithAccountantsReport 2017-06-01 2018-05-31 00943986 bus:FullAccounts 2017-06-01 2018-05-31 00943986 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 00943986 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31
Company registration number: 00943986
Roborough Investments Limited
Unaudited filleted financial statements
31 May 2018
ROBOROUGH INVESTMENTS LIMITED
Contents
Statement of financial position
Notes to the financial statements
ROBOROUGH INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 751,569 751,328
_______ _______
751,569 751,328
Current assets
Debtors 6 1,510 1,200
Cash at bank and in hand 44,287 21,489
_______ _______
45,797 22,689
Creditors: amounts falling due
within one year 7 ( 62,702) ( 60,596)
_______ _______
Net current liabilities ( 16,905) ( 37,907)
_______ _______
Total assets less current liabilities 734,664 713,421
Provisions for liabilities ( 40,665) -
_______ _______
Net assets 693,999 713,421
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 466,777 507,442
Profit and loss account 8 227,122 205,879
_______ _______
Shareholders funds 693,999 713,421
_______ _______
For the year ending 31 May 2018 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 22 August 2018 , and are signed on behalf of the board by:
Mr R L Smith
Director
Company registration number: 00943986
ROBOROUGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, PL6 8LT.
Principal activity
The principal activity of the company was that of a property investment company.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is represented by rents receivable. Revenue from rents received is recognised when the significant risks and rewards of ownership of the goods have transferred to the landlord, 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost/valuation
At 1 June 2017 750,000 14,325 764,325
Additions - 633 633
_______ _______ _______
At 31 May 2018 750,000 14,958 764,958
_______ _______ _______
Depreciation
At 1 June 2017 - 12,997 12,997
Charge for the year - 392 392
_______ _______ _______
At 31 May 2018 - 13,389 13,389
_______ _______ _______
Carrying amount
At 31 May 2018 750,000 1,569 751,569
_______ _______ _______
At 31 May 2017 750,000 1,328 751,328
_______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 June 2017 and 31 May 2018 750,000
_______
The market valuation of the investment property has been undertaken by the directors based on the market conditions.
6. Debtors
2018 2017
£ £
Other debtors 1,510 1,200
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Accruals and deferred income 11,911 10,533
Social security and other taxes 10,791 10,063
Other creditors 40,000 40,000
_______ _______
62,702 60,596
_______ _______
8. Reserves
Revaluation reserve:The revaluation reserve of £466,777 is after providing for the potential capital gains liability of £40,665, which has been treated as a deferred tax provision under the provision for liabilities. Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 June 2017 Loans to / (from) the directors Balance at 31 May 2018
£ £ £
Directors ( 40,000) - ( 40,000)
_______ _______ _______
Loans to / (from) directors at 1 June 2016 Loans to / (from) the directors Balance at 31 May 2017
£ £ £
Directors ( 20,000) ( 20,000) ( 40,000)
_______ _______ _______