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Registered number: 09932213









ROLLCO PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

 
ROLLCO PROPERTIES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROLLCO PROPERTIES LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rollco Properties Limited for the year ended 30 November 2021 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Rollco Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Rollco Properties Limited  and state those matters that we have agreed to state to the Board of Directors of Rollco Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rollco Properties Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Rollco Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rollco Properties Limited. You consider that Rollco Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Rollco Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Haslers
 
Chartered Accountants
  
Old Station Road
Loughton
Essex
IG10 4PL
26 August 2022
Page 1

 
ROLLCO PROPERTIES LIMITED
REGISTERED NUMBER: 09932213

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investment property
 4 
5,022,639
4,277,502

  
5,022,639
4,277,502

Current assets
  

Debtors: amounts falling due within one year
 5 
31,684
114,953

Cash at bank and in hand
 6 
33,516
403,329

  
65,200
518,282

Creditors: amounts falling due within one year
 7 
(435,614)
(307,700)

Net current (liabilities)/assets
  
 
 
(370,414)
 
 
210,582

Total assets less current liabilities
  
4,652,225
4,488,084

Creditors: amounts falling due after more than one year
 8 
(3,459,418)
(3,566,571)

  

Net assets
  
1,192,807
921,513


Capital and reserves
  

Called up share capital 
  
77
77

Share premium account
  
19,887
19,887

Profit and loss account
  
1,172,843
901,549

  
1,192,807
921,513

Page 2

 
ROLLCO PROPERTIES LIMITED
REGISTERED NUMBER: 09932213
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021

For the year ended 30 November 2021 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2022.




G Malhotra
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

Rollco Properties Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09932213. The address of the registered office is 22/25 Paycooke Road, Basildon, Essex, United Kingdom, SS14 3DR. The nature of the company's operations and principal activities relate to the provision of rental properties. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in Sterling, which is the functional currency of the company and rounded to the nearest pound sterling.

 
2.2

Revenue recognition

Turnover comprises of revenue recognised by the company in respect of rent invoiced, exclusive of Value Added Tax.
Rental income is recognised for the period for which it is payable. 

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. 

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
28,022
40,244

Other loan interest payable
58,336
78,745

86,358
118,989

Page 6

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

4.


Investment property


Freehold investment property

£



Valuation


At 1 December 2020
4,277,502


Additions at cost
745,137



At 30 November 2021
5,022,639

The 2021 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
5,022,639
4,277,502

5,022,639
4,277,502

Page 7

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
20,501
104,540

Prepayments and accrued income
11,183
10,413

31,684
114,953



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
33,516
403,329

33,516
403,329



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
223,235
191,312

Amounts owed to group undertakings
112,842
15,097

Corporation tax
63,637
46,792

Other taxation and social security
13,610
32,906

Accruals and deferred income
22,290
21,593

435,614
307,700


The company has a bank loan which is secured on the freehold investment property of the company. It has a fixed and floating charge placed on the property and on all the assets of the company, and also a third party guarantee amounting to £2,016,232.

Page 8

 
ROLLCO PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
1,863,574
2,090,710

Other creditors
1,595,844
1,475,861

3,459,418
3,566,571



9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
223,235
191,312


223,235
191,312

Amounts falling due 1-2 years

Bank loans
223,235
194,712


223,235
194,712

Amounts falling due 2-5 years

Bank loans
669,705
605,222


669,705
605,222

Amounts falling due after more than 5 years

Bank loans
970,633
1,290,776

970,633
1,290,776

2,086,808
2,282,022


 
Page 9