Company Registration No. 11570148 (England and Wales)
RLJW HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
RLJW HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RLJW HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,670,000
1,670,000
Current assets
Debtors
3
38,800
38,800
Cash at bank and in hand
45,541
34,076
84,341
72,876
Creditors: amounts falling due within one year
4
(776,891)
(751,496)
Net current liabilities
(692,550)
(678,620)
Total assets less current liabilities
977,450
991,380
Creditors: amounts falling due after more than one year
5
(889,344)
(940,792)
Net assets
88,106
50,588
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
88,006
50,488
Total equity
88,106
50,588
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 period ended 31 March 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 period 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.
RLJW HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2020 and are signed on its behalf by:
J Wust
Director
Company Registration No. 11570148
RLJW HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
RLJW Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Station Road, Beaconsfield, Buckinghamshire, HP9 1QL.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments 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
Reporting period
The financial statements are presented for the six month period ended 31 March 2020. The previous financial statements were presented for the period from 18 September 2018 to 30 September 2019, with the company commencing operations on 11 February 2019. The reporting period has been shortened in order that the company's accounting reference date is co-terminus with that of related undertakings. The comparative amounts presented are therefore not entirely comparable.
1.4
Turnover
Turnover is recognised
on an accruals basis
at the fair value of the consideration received or receivable
and represents rental income in connection with the company's investment property.
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
Cash at bank and in hand
Cash at bank and in hand
are
recognised as
basic financial assets
.
RLJW HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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
related c
ompanies 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.
1.8
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.
1.9
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.
RLJW HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
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.
2
Investment property
2020
£
Fair value
At 1 October 2019 and 31 March 2020
1,670,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date. The valuation was made on an open market value basis.
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
38,700
38,700
Other debtors
100
100
38,800
38,800
Trade debtors includes an amount of £38,700 (2019: £38,700) due from related undertakings.
RLJW HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 6 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
98,903
95,161
Corporation tax
19,499
10,699
Other taxation and social security
31,594
18,694
Other creditors
626,895
626,942
776,891
751,496
Bank loans are secured by a fixed and floating charge over all assets of the company.
Other creditors includes an amount of £593,208 (2019: £593,208) due to related undertakings.
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
889,344
940,792
Bank loans are secured by a fixed and floating charge over all assets of the company.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
439,991
493,683
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100