Rox Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC318158 (Scotland)

Rox Property Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Sheridan

K J Sims

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AS

REGISTERED NUMBER:

SC318158 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

36 St Andrew Square

Edinburgh

EH2 2AD

FIXED ASSETS

Investment property

3

80,000

95,000

CURRENT ASSETS

Debtors

4

100

10,175

Cash at bank

15,682

17,617

15,782

27,792

CREDITORS

Amounts falling due within one year

5

53,225

65,679

NET CURRENT LIABILITIES

(37,443

)

(37,887

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,557

57,113

CAPITAL AND RESERVES

Called up share capital

7

100

100

Fair value reserve

8

(45,643

)

(30,643

)

Retained earnings

88,100

87,656

SHAREHOLDERS' FUNDS

42,557

57,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 13 December 2018 and were signed on its behalf by:

S G Sheridan - Director

1.	STATUTORY INFORMATION

Rox Property Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

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 revenue recognition

Turnover represents net rental and consultancy fee income, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where rent is paid in advance, this is

calculated and shown separately as deferred income.

Consultancy fees are recognised when the service has been provided and all obligations to the

customers under the agreement have been fulfilled.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in

fair value are recognised in the profit and loss account for the year. A reduction in value due to the

fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the

property is sold and at the year-end is included in the fair value reserve with the relevant change in

fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value. All loans with related parties are all repayable on

demand.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

95,000

Revaluations

(15,000

)

At 31 March 2018

80,000

NET BOOK VALUE

At 31 March 2018

80,000

At 31 March 2017

95,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2010

(643

)

Valuation in 2012

(25,000

)

Valuation in 2014

(35,000

)

Valuation in 2015

30,000

Valuation in 2018

(15,000

)

Cost

125,643

80,000

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

historical cost:

2018

2017

£

£

Cost

125,643

125,643

Investment property was valued on an open market basis on 31 March 2018 by the director .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

10,075

Other debtors

100

100

100

10,175

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

49,091

52,507

Amounts owed to participating interests

774

774

Taxation and social security

906

9,847

Other creditors

2,454

2,551

53,225

65,679

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

49,091

52,507

The Royal Bank of Scotland plc holds both a standard security and a floating charge over the

investment property at 218 High Street, Arbroath.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

50

Ordinary A

£1

50

50

25

Ordinary B

£1

25

25

25

Ordinary C

£1

25

25

100

100

8.

RESERVES

Fair

value

reserve

£

At 1 April 2017

(30,643

)

Transfer in year

(15,000

)

At 31 March 2018

(45,643

)

The fair value reserve represents the net revaluation surplus on investment properties that is not

readily distributable as realised earnings.

9.	RELATED PARTY DISCLOSURES

During the year the company repaid £Nil (2017: £13,200) of a loan due to a director. At the year end

the amount outstanding was £774 (2017: £774).