RBIS Properties Limited
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Notes to the Accounts |
for the year ended 31 March 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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First time adoption of FRS102 |
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These are RBIS Properties Limited's first financial statements to comply with FRS102. The date of transition to FRS102 is 1 April 2015. In preparing the accounts, the directors have considered whether in applying the accounting policies required by FRS 102 the restatement of comparative items was required and determined no adjustments were needed. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as set out below. Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Freehold buildings |
over 50 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 April 2016 |
246,335 |
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Additions |
26,615 |
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At 31 March 2017 |
272,950 |
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Depreciation |
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At 31 March 2017 |
- |
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Net book value |
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At 31 March 2017 |
272,950 |
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At 31 March 2016 |
246,335 |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
- |
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1,132 |
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Other debtors |
- |
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518 |
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- |
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1,650 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Bank loans and overdrafts |
- |
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18 |
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Trade creditors |
1,818 |
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1,000 |
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Other creditors |
282,941 |
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251,581 |
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284,759 |
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252,599 |
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5 |
Operating lease agreements where the company is the lessor |
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The company holds freehold investment properteis which are let to third parties. These non-cancellable leases have remaining terms of between 2 and 5 years. |
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Future minimum rentals receivable under non-cancellable operating leases are as follows: |
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2017 |
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2016 |
£ |
£ |
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Not later than one year |
10,000 |
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8,250 |
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After one year but not more than five years |
29,618 |
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39,618 |
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39,618 |
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47,868 |
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6 |
Related party transactions |
2017 |
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2016 |
£ |
£ |
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Jamson Estates Limited |
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Jamson Estates Limited is under the common control of the directors. |
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The RBIS Properties Limited has received loans from Jamson Estates Limited in previous years. The loans are interest free and are included in other creditors. |
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At the year end the amount owed to Jamson Estates Limited was: |
123,167 |
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123,167 |
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Jac Y Do Limited |
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Jac Y Do Limited is under the common control of the directors. |
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During the year RBIS Properties Limited received loans further loans of £31,990 from Jac Y Do Limited. The loans are interest free and are included in other creditors. |
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At the year end the amount owed to Jac Y Do Limited was: |
136,516 |
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104,526 |
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Linquest Limited |
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Linquest Limited is under the common control of the directors. |
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RBIS Properties Limited has received loans from Linquest Limited in previous years. The loans are interest free and are included in other creditors.
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At the year end the amount owed to Linquest Limited was: |
21,848 |
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21,848 |
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Transactions with directors |
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The directors received no remuneration during the year. |
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7 |
Controlling party |
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The company is under the ultimate control of the directors by virtue of their shareholdings.
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8 |
Other information |
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RBIS Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Llys Y Werydd |
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Aberporth |
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Cardigan |
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SA43 2HX |