Roughley Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06451484 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

ROUGHLEY PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs M K Bhakar

N R Meredith

REGISTERED OFFICE:

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

REGISTERED NUMBER:

06451484 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co.

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Tangible assets

4

439,059

422,897

CURRENT ASSETS

Debtors

5

24,117

1,798

Cash at bank

7,558

23,106

31,675

24,904

CREDITORS

Amounts falling due within one year

6

74,040

58,392

NET CURRENT LIABILITIES

(42,365

)

(33,488

)

TOTAL ASSETS LESS CURRENT LIABILITIES

396,694

389,409

CREDITORS

Amounts falling due after more than one year

7

(203,616

)

(205,827

)

PROVISIONS FOR LIABILITIES

(7,689

)

(10,775

)

NET ASSETS

185,389

172,807

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

185,289

172,707

SHAREHOLDERS' FUNDS

185,389

172,807

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 23 November 2018 and were signed on its behalf by:

N R Meredith - Director

1.	STATUTORY INFORMATION

Roughley 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.

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.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Going Concern

The financial statements have been prepared on a going concern basis as the directors are of the opinion that the

Company will be able to pay its liabilities as and when they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents net rental income from properties and is recognised in the period to which it relates.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Freehold property is revalued by the directors at the end of each financial period with depreciation charged to

write off the difference in values, down to its estimated realisable value.

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.

Freehold property

Investment property (shown as Land and buildings within the accounts) is included at fair value. Gains are

recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply

when the property is sold.

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2017

350,000

113,261

463,261

Additions

-

109,708

109,708

Disposals

-

(81,418

)

(81,418

)

At 31 December 2017

350,000

141,551

491,551

DEPRECIATION

At 1 January 2017

-

40,364

40,364

Charge for year

-

32,482

32,482

Eliminated on disposal

-

(20,354

)

(20,354

)

At 31 December 2017

-

52,492

52,492

NET BOOK VALUE

At 31 December 2017

350,000

89,059

439,059

At 31 December 2016

350,000

72,897

422,897

The company's land and buildings were professionally revalued at open market value during the year ended 31

December 2011 by Towler Shaw Roberts.

This value has been adopted as deemed cost of the assets concerned on transition to FRS 102.

The comparable amounts for land and buildings at original cost were;

Cost £220,284

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

2,289

-

Other debtors

21,828

1,798

24,117

1,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

6,844

6,844

Hire purchase contracts

4,342

13,134

Trade creditors

53

657

Taxation and social security

7,889

10,559

Other creditors

54,912

27,198

74,040

58,392

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

103,848

111,549

Hire purchase contracts

53,060

47,570

Other creditors

46,708

46,708

203,616

205,827

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

75,450

83,151

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank loans

110,692

118,393

Hire purchase contracts

57,402

60,704

168,094

179,097

The bank holds a debenture and legal charge dated June 2009 over the assets of the company.

Hire purchase assets are secured against the assets to which they relate.

9.

RESERVES

Included in retained earnings is £117,311 (2016: £129,716) of profits which are not available for distribution as

they are unrealised gains on revaluations.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed Mr N Meredith £25,550 (2016: £25,550) and Mrs M Bhakar £21,158 (2016:

£21,158).

11.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Roughley Properties Limited for the year ended 31 December 2017 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Roughley Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Roughley Properties Limited and state those matters that we have agreed to state to the Board of Directors of Roughley Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Roughley Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Roughley Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Roughley Properties Limited. You consider that Roughley Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Roughley Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co.

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

13 November 2018