Rosper Estates Limited Filleted accounts for Companies House (small and micro)

ROSPER ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3536247

Rosper Estates Limited

Filleted Unaudited Financial Statements

For the Year Ended

31 January 2018

Rosper Estates Limited

Financial Statements

Year Ended 31st January 2018

Contents	Page

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Rosper Estates Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Rosper Estates Limited

Year Ended 31st January 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st January 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

PEYTON TYLER MEARS Chartered accountant

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

19 September 2018

Rosper Estates Limited

Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed Assets

Tangible assets	5	14,195,321	13,051,540
Investments	6	1	1
		-------------	-------------
		14,195,322	13,051,541

Current Assets

Debtors	7	260,784	217,893
Cash at bank and in hand		575,099	472,806
		---------	---------
		835,883	690,699

Creditors: amounts falling due within one year	8	1,011,454		918,111
		------------		---------
Net Current Liabilities			175,571	227,412
			-------------	-------------
Total Assets Less Current Liabilities			14,019,751	12,824,129

Creditors: amounts falling due after more than one year	9		3,102,166	3,325,426

Provisions	526,311	199,720
	-------------	-------------
Net Assets	10,391,274	9,298,983
	-------------	-------------

Capital and Reserves

Called up share capital	1,000	1,000
Fair value reserve	5,115,038	4,291,629
Profit and loss account	5,275,236	5,006,354
	-------------	------------
Shareholders Funds	10,391,274	9,298,983
	-------------	------------

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.

For the year ending 31st January 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 .

Rosper Estates Limited

Statement of Financial Position (continued)

31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 19 September 2018 , and are signed on behalf of the board by:

N.J. Percival	S.W.J. Rose
Director	Director

Company registration number: 3536247

Rosper Estates Limited

Notes to the Financial Statements

Year Ended 31st January 2018

1. General Information

The company is a private company limited by shares, registered in England. The address of the registered office is Beacon End Farmhouse, London Road, Stanway, Colchester, Essex, CO3 0NQ.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue Recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Property sales are recognised on completion of contract.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	50% straight line

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.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 as a finance cost in profit or loss in the period it arises.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tangible Assets

	Investment properties	Assets under construction	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1st February 2017	12,500,000	543,111	43,978	13,087,089
Additions	–	–	381	381
Revaluations	1,150,000	–	–	1,150,000
	-------------	---------	--------	-------------
At 31st January 2018	13,650,000	543,111	44,359	14,237,470
	-------------	---------	--------	-------------
Depreciation
At 1st February 2017	–	–	35,549	35,549
Charge for the year	–	–	6,600	6,600
	-------------	---------	--------	-------------
At 31st January 2018	–	–	42,149	42,149
	-------------	---------	--------	-------------
Carrying amount
At 31st January 2018	13,650,000	543,111	2,210	14,195,321
	-------------	---------	--------	-------------
At 31st January 2017	12,500,000	543,111	8,429	13,051,540
	-------------	---------	--------	-------------

Tangible assets held at valuation

The investment properties were revalued during the year to a total value of £13,650,000. N.J. Percival RICS, a director of the company, revalued the properties on a fair value basis.

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:

	Investment properties
	£
At 31st January 2018
Aggregate cost	8,008,651
Aggregate depreciation	–
	------------
Carrying value	8,008,651
	------------

At 31st January 2017
Aggregate cost	8,008,651
Aggregate depreciation	–
	------------
Carrying value	8,008,651
	------------

6. Investments

	Shares in participating interests
	£
Cost
At 1st February 2017 and 31st January 2018	1
	----
Impairment
At 1st February 2017 and 31st January 2018	–
	----

Carrying amount
At 31st January 2018	1
	----
At 31st January 2017	1
	----

7. Debtors

	2018	2017
	£	£
Trade debtors	113,474	88,298
Other debtors	147,310	129,595
	---------	---------
	260,784	217,893
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	337,843	337,843
Trade creditors	103,456	73,931
Amounts owed to group undertakings and undertakings in which the company has a participating interest	98,000	49,000
Corporation tax	135,631	94,347
Social security and other taxes	948	1,733
Other creditors	335,576	361,257
	------------	---------
	1,011,454	918,111
	------------	---------

Lloyds Bank Plc holds the following security in respect of loans and overdrafts:-

A first legal charge dated 29th June 2015 over the freehold property at Lakes Industrial Estate, Lower Chapel Hill, Braintree,Essex and at Stansted Courtyard and land to the west of Stansted Courtyard, Parsonage Road, Takeley, Essex, CM226PU.

An unlimited debenture dated 29th June 2015 incorporating a fixed and floating charge.

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	3,102,166	3,325,426
	------------	------------

Lloyds Bank Plc holds the following security in respect of loans and overdrafts:-

An unlimited debenture dated 29th June 2015 incorporating a fixed and floating charge.

10. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
S.W.J. Rose	( 39,000)	39,000	–	–
	--------	--------	----	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
S.W.J. Rose	( 39,000)	78,000	( 78,000)	( 39,000)
	--------	--------	--------	--------