Rubicon Property (Campbell) Limited - Period Ending 2017-02-28

Rubicon Property (Campbell) Limited - Period Ending 2017-02-28


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Rubicon Property (Campbell) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Thompson Elphick Limited
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

 

Rubicon Property (Campbell) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 8

 

Rubicon Property (Campbell) Limited

Company Information

Directors

Mr NG Redman

Mr GP Redman

Registered office

The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

Accountants

Thompson Elphick Limited
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rubicon Property (Campbell) Limited
for the Year Ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rubicon Property (Campbell) Limited for the year ended 28 February 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Rubicon Property (Campbell) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rubicon Property (Campbell) Limited and state those matters that we have agreed to state to the Board of Directors of Rubicon Property (Campbell) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rubicon Property (Campbell) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rubicon Property (Campbell) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rubicon Property (Campbell) Limited. You consider that Rubicon Property (Campbell) 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 accounts of Rubicon Property (Campbell) 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 accounts.

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

Thompson Elphick Limited
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

24 April 2017

 

Rubicon Property (Campbell) Limited

Statement of Comprehensive Income for the Year Ended 28 February 2017

Note

2017
£

2016
£

Profit for the year

 

239,233

70,094

Total comprehensive income for the year

 

239,233

70,094

 

Rubicon Property (Campbell) Limited

(Registration number: 09329255)
Balance Sheet as at 28 February 2017

Note

2017
£

2016
£

Fixed assets

 

Investment property

3

1,250,000

1,065,906

Current assets

 

Cash at bank and in hand

 

56,364

80,909

Creditors: Amounts falling due within one year

4

(996,937)

(1,076,621)

Net current liabilities

 

(940,573)

(995,712)

Net assets

 

309,427

70,194

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

309,327

70,094

Total equity

 

309,427

70,194

For the financial year ending 28 February 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 April 2017 and signed on its behalf by:
 

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

Mr NG Redman

Director

 

Rubicon Property (Campbell) Limited

Statement of Changes in Equity for the Year Ended 28 February 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2016

100

70,094

70,194

Profit for the year

-

239,233

239,233

Total comprehensive income

-

239,233

239,233

At 28 February 2017

100

309,327

309,427

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2015

100

-

100

Profit for the year

-

70,094

70,094

Total comprehensive income

-

70,094

70,094

At 29 February 2016

100

70,094

70,194

 

Rubicon Property (Campbell) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG

These financial statements were authorised for issue by the Board on 24 April 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rubicon Property (Campbell) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Investment properties

2017
£

At 1 March

1,065,906

Fair value adjustments

184,094

At 28 February

1,250,000

The fair value of the property has been determined by the directors.

4

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

5

855,402

929,480

Other creditors

 

141,535

147,141

 

996,937

1,076,621

 

Rubicon Property (Campbell) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

5

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Other borrowings

855,402

929,480

6

FRS 102 first year adoption

The financial statements for the year ending 29 February 2016 were prepared in accordance with United Kingdom Generally Accepted Accounting Practise (UK GAAP). The transition to Section 1A “Small Entities” of FRS 102 has had no impact on its reported financial position or financial performance. Accordingly, no reconciliations of its equity determined under old UK GAAP to its equity under Section 1A “Small Entities” of FRS 102 at 29 February 2016, or its profit determined under old UK GAAP at 29 February 2016 to its profit determined in accordance with Section 1A “Small Entities” of FRS 102 have been presented.