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Registered number: 00537207
ROYEL PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
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ROYEL PROPERTIES LIMITED
REGISTERED NUMBER: 00537207
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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ROYEL PROPERTIES LIMITED
REGISTERED NUMBER: 00537207
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 5 APRIL 2017
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 on 5 December 2017.
The notes on pages 4 to 9 form part of these financial statements.
Page 2
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ROYEL PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2017
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Dividends: Equity capital
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2016
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Fair value movement transfer
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Dividends: Equity capital
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The notes on pages 4 to 9 form part of these financial statements.
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Page 3
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
Royel Properties Limited is a private Company limited by shares and incorporated in England. The registered office is 64 New Cavendish Street, London, W1G 8TB. The principal activity of the Company is that of property investment.
The financial statements are presented in Sterling, which is the functional currency of the Company.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
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. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property and land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Page 4
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Page 5
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 reporting 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 Statement of Financial Position 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 reporting date.
Page 6
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
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Freehold
investment
property
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Cash and cash equivalents
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Page 7
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Page 8
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ROYEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
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Related party transactions
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Included in debtors are the following amounts due from Companies where C W Lewis is a Director:-
- An amount due form Lewis & Tucker Management Limited of £27,590 (2016 - £19,115);
- An amount due from Finsbury Square Property Company Limited of £1,851 (2016 - £1,851);
- An amount due from Royel Residences Limited of £1,946 (2016 - £1,946);
- An amount due from Royel Developments Limited of £501 (2016 - £501).
Included within creditors are the following amounts due to the Directors of the Company:-
- C W Lewis £15,777 (2016 -£7,754);
- L B Glyn £15,754 (2016 - £7,754).
Also included within creditors is a Shareholder loan amounting to £8,954 (2016 - £954).
Included within expenses are management fees paid to Lewis & Tucker Management Limited of £3,371
(2016 - £2,216).
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There is no overall controlling party.
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First time adoption of FRS 102
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FRS 102 requires that revaluations of investment property are recognised in the Statement of Comprehensive Income and that deferred tax is provided on these gains. The impact of this transition can be reconciled as follows:
Statement of Changes in Equity as previously stated at 5 April 2016 £63,261
Impact of revaluation of investment properties £436,882
Impact of deferred tax (£87,377)
Statement of Chnages in Equity as restated at 5 April 2016 £412,766
Statement of Comprehensive Income as previously stated for the year ended 5 April 2016 £29,081
Impact of revaluation of investment properties £436,882
Impact of deferred tax (£87,377)
Statement of Comprehensive Income as restated for the year ended 5 April 2016 £378,586
Page 9
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