Company Registration No. 03483248 (England and Wales)
RAWDON INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
RAWDON INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAWDON INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
4,635,723
5,530,109
Current assets
Debtors
3
201,155
56,950
Cash at bank and in hand
39,849
279,943
241,004
336,893
Creditors: amounts falling due within one year
4
(1,600,562)
(1,842,108)
Net current liabilities
(1,359,558)
(1,505,215)
Total assets less current liabilities
3,276,165
4,024,894
Creditors: amounts falling due after more than one year
5
(1,969,672)
(2,141,705)
Provisions for liabilities
(105,378)
(112,788)
Net assets
1,201,115
1,770,401
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
1,201,111
1,770,397
Total equity
1,201,115
1,770,401
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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.
RAWDON INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 September 2018
Mr B R Scott
Director
Company Registration No. 03483248
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Rawdon Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hyning Bank, High Biggins, Kirkby Lonsdale, Carnforth, LA6 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents
rents received in the year.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
All of the company's financial liabilities are basic financial liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
2
Investment property
2017
£
Fair value
At 1 January 2017
5,530,110
Additions
723
Transfers
(49,110)
Revaluations
(846,000)
At 31 December 2017
4,635,723
For investment properties under construction their fair value has been considered to be the costs incurred on the sites to date.
The completed investment properties were last valued on 18 October 2017 by L Carter MRICS of Savills (UK) Limited.
Transfers above relate to costs incurred on a site which is no longer being developed by the company.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
7,797
Other debtors
141,000
32,650
Prepayments and accrued income
60,155
16,503
201,155
56,950
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
173,285
172,485
Trade creditors
1,500
36,715
Amounts due to group undertakings
1,189,478
1,435,403
Taxation and social security
101,662
62,015
Other creditors
134,637
135,490
1,600,562
1,842,108
Bank loans totalling £173,285 (2016: £172,485) are secured by f
ixed and floating charges over the undertaking and all property and assets present and
future.
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,969,672
2,141,705
Bank loans totalling £1,969,672 (2016: £2,141,705) are secured by f
ixed and floating charges over the undertaking and all property and assets present and
future.
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4
4
4
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Category
Description of
Income
Expenditure
transaction
2017
2016
2017
2016
£
£
£
£
Other related parties
Management charge
20,000
40,500
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Category
Amount owed to
Amounts owed by
2017
2016
2017
2016
£
£
£
£
Entities with control, joint control or significant influence over the company
1,189,478
1,435,403
Key management personnel
2,971
2,980
Other related parties
30,000
141,000
32,650
The company has taken advantage of the exemption permitted under Section 1AC.35 from disclosing transactions with its parent company as it is a wholly owned subsidiary company.