ACCOUNTS - Final Accounts

ROPLEY PROPERTIES LIMITED - Company Information

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Registered number: 00858793

ROPLEY PROPERTIES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 MARCH 2019

ROPLEY PROPERTIES LIMITED

REGISTERED NUMBER: 00858793

BALANCE SHEET

AS AT 29 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Investment property	4		300,000		370,000
			300,000		370,000
Current assets
Debtors: amounts falling due within one year	5	21		11,171
Cash at bank and in hand	6	238,142		274,539
		238,163		285,710
Creditors: amounts falling due within one year	7	(8,387)		(12,747)
Net current assets			229,776		272,963
Total assets less current liabilities			529,776		642,963
Net assets			529,776		642,963

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	528,776	641,963
	529,776	642,963

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr E Reed

Director

Date: 3 October 2019

The notes on pages 2 to 5 form part of these financial statements.

Page 1

ROPLEY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2019

1.	General information

Ropley Properties Limited is a private company limited by shares, incorporated in England and Wales. The registered office of the Company is 10 Norwich Street, London, EC4A 1BD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue represents rents receivable from investment properties.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3

Investment property

Investment property is carried at fair value, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.
Fair value is determined annually by directors and where the directors consider appropiate by external valuers. Valuations are derived from the current market rents and investment property yields for comparable property.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Page 2

ROPLEY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2019

2.Accounting policies (continued)

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

Page 3

ROPLEY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2019

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 30 March 2018	370,000
	Deficit on revaluation	(70,000)
	At 29 March 2019	300,000

The 2019 valuations were made by Brackenbridge Hanson Tate, Chartered Surveyors, and Savills, Chartered Surveyors, on an open market value for existing use basis.

Debtors

					2019	2018
					£	£


Other debtors	21	-
Deferred taxation	-	11,171
	21	11,171

6.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	238,142	274,539

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Corporation tax	26	1,653
Other taxation and social security	-	358
Other creditors	1	-
Accruals and deferred income	8,360	10,736
	8,387	12,747

Page 4

ROPLEY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2019

8.	Deferred taxation

	2019	2018
	£	£

At beginning of year	11,171	11,171
Charged to profit or loss	(11,171)	-
At end of year	-	11,171

The deferred tax asset is made up as follows:
	2019	2018
	£	£

	Capital losses	-	11,171
		-	11,171

9.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

1,000 (2018 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

10.	Controlling party

The Company is controlled by Mrs A Trollope.

11.	Auditor's information

The auditor's report on the financial statements for the year ended 29 March 2019 was unqualified.

The audit report was signed on 7 October 2019 by Mr Michael Farwell MA FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston.

Page 5