Company Registration No. 03483248 (England and Wales)
RAWDON INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
RAWDON INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RAWDON INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
332
581
Investment properties
4
3,750,149
3,070,723
3,750,481
3,071,304
Current assets
Debtors
5
108,038
1,053,018
Cash at bank and in hand
111,339
37,990
219,377
1,091,008
Creditors: amounts falling due within one year
6
(1,279,634)
(1,307,953)
Net current liabilities
(1,060,257)
(216,945)
Total assets less current liabilities
2,690,224
2,854,359
Creditors: amounts falling due after more than one year
7
(1,549,529)
(1,759,522)
Provisions for liabilities
(151,970)
(109,614)
Net assets
988,725
985,223
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
988,721
985,219
Total equity
988,725
985,223
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2021 and are signed on its behalf by:
Mr B R Scott
Director
Company Registration No. 03483248
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents
rents receivable in the year.
1.4
Tangible fixed assets
Computer equipment
33% straight line
1.5
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.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand,
and
deposits held at call with banks
.
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.8
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.
Other financial assets
All of the company's financial assets are basic financial assets.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.10
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2020 and 31 December 2020
830
Depreciation and impairment
At 1 January 2020
249
Depreciation charged in the year
249
At 31 December 2020
498
Carrying amount
At 31 December 2020
332
At 31 December 2019
581
4
Investment property
2020
£
Fair value
At 1 January 2020
3,070,723
Additions
679,426
At 31 December 2020
3,750,149
The investment properties (excluding those constructed or purchased during the year) were last formally valued on 18 October 2017 by L Carter MRICS of Savills (UK) Limited. The balance at 31 December 2020 represents the market values of the properties as determined by the directors.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
8,212
Corporation tax recoverable
6,102
Other debtors
65,528
1,000,341
Prepayments and accrued income
28,196
52,677
108,038
1,053,018
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
46,556
Amounts owed to group undertakings
1,216,998
1,178,758
Taxation and social security
21,609
Other creditors
62,636
61,030
1,279,634
1,307,953
Bank loans totalling £nil (2019: £46,556) are secured by f
ixed and floating charges over the undertaking and all property and assets present and
future.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
1,549,529
1,759,522
Bank loans totalling £1,549,529 (2019: £1,759,522) are secured by f
ixed and floating charges over the undertaking and all property and assets present and
future.
8
Financial commitments, guarantees and contingent liabilities
There is a £1,000,000 limited guarantee in place in favour of the company's bankers in relation to a loan granted to another company owned by the directors. This loan was fully repaid during the year.
9
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
2020
2019
2020
2019
£
£
£
£
Other related parties
Management charge
14,000
Balances with related parties
The following amounts were outstanding at the reporting end date:
RAWDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9
Related party transactions
(Continued)
- 8 -
Category
Amounts owed by
Amounts owed to
related parties
related parties
2020
2019
2020
2019
£
£
£
£
Entities with control, joint control or significant influence over the company
1,216,918
1,178,758
Key management personnel
3,421
1,326
Other related parties
52,500
1,000,341
Other information
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.
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advances
-
-
3,421
3,421
-
3,421
3,421