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Financial Statements for the Year Ended 31 March 2020 |
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RO St Leonards Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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RO St Leonards Limited |
RO St Leonards Limited (Registered number: 11837164) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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RO St Leonards Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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RO St Leonards Limited (Registered number: 11837164) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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RO St Leonards Limited (Registered number: 11837164) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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RO St Leonards Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The company has net current liabilities of £6,521,716 and total liabilities of £6,540,507 at the balance sheet date. The accounts have been prepared under the going concern concept because the ultimate parent undertaking, RO Trading Limited, has confirmed its willingness and ability to provide adequate funds for the company to meet its liabilities for at least one year from the date of the approval of the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover, stated net of VAT and trade discounts, represents rent receivable in the UK in respect of the company's investment properties. |
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Investment property |
Investment properties are revalued annually. Surplus or deficits on individual properties are transferred to the profit and loss account. Depreciation is not provided in respect of freehold investment properties or of leasehold investment properties where the unexpired term of the lease is more than 20 years. |
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The surplus or deficit over the carrying value of an investment property realised on disposal is dealt with through the profit and loss account. Any previous revaluation surplus is transferred from the revaluation reserve to the profit and loss reserve. |
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Taxation |
Corporation tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted by the Statement of Financial Position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more tax, with the following exceptions: |
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Provision is made for tax on gains arising from the revaluation (or similar fair value adjustments) of fixed assets, and gains on disposals of fixed assets that have been rolled over into replacement assets, only to the extent that, at the Statement of Financial Position date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the Statement of Financial Position date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date. |
RO St Leonards Limited (Registered number: 11837164) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
Additions |
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Revaluations | (468,324 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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Land and buildings have been valued by a director of an open market basis at 31 March 2020. The cost of the properties was £ 6,668,324 (2019 - £Nil). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT | 15,137 | - |
Other creditors |
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Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
RO St Leonards Limited (Registered number: 11837164) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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8. | POST BALANCE SHEET EVENTS |
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There has been no event since the balance sheet date that could materially affect the state of affairs of the company as at 31 March 2020 or that requires disclosure. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company's immediate and ultimate parent company is RO Trading Limited, a company incorporated in England and Wales. |
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Mr R G St J Rowlandson, a director of RO Trading Limited and members of his close family, control the company as a result of them owning and controlling the issued share capital of RO Trading Limited. |
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RO Trading Limited is the parent company of the largest and smallest group of which the company is a member for which consolidated accounts are prepared. Copies of its group accounts can be obtained from Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD. |