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REGISTERED NUMBER: 00887320 (England and Wales)















Audited Financial Statements for the Year Ended 31 March 2022

for

RO Property Management Limited

RO Property Management Limited (Registered number: 00887320)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


RO Property Management Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: R G St J Rowlandson FCA
E T M Rowlandson



SECRETARY: Finance And Industrial Trust Limited(The)



REGISTERED OFFICE: Graham House
7 Wyllyotts Place
Potters Bar
Hertfordshire
EN6 2JD



REGISTERED NUMBER: 00887320 (England and Wales)



AUDITORS: KPMG LLP
Statutory Auditor and Chartered Accountants.
58 Clarendon Road
Watford
WD17 1DE



BANKERS: HSBC Bank Plc
Howardsgate
Welwyn Garden City
Hertfordshire
AL8 6BH

RO Property Management Limited (Registered number: 00887320)

Statement of Financial Position
31 March 2022

31.3.22 31.3.21
Notes £    £   
CURRENT ASSETS
Stocks 4 41,944,642 50,104,927
Debtors 5 594,299 911,825
Cash at bank 679,983 709,023
43,218,924 51,725,775
CREDITORS
Amounts falling due within one year 6 26,788,403 39,386,316
NET CURRENT ASSETS 16,430,521 12,339,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,430,521

12,339,459

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 16,430,021 12,338,959
SHAREHOLDERS' FUNDS 16,430,521 12,339,459

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2022 and were signed on its behalf by:





E T M Rowlandson - Director


RO Property Management Limited (Registered number: 00887320)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

RO Property Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Company had net current Assets of £16.4 million (2021 net current assets: £12 million) as at 31 March 2022 and recorded a profit for the year then ended of £4.1 million (2020: £4.4 million), The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The Directors monitor the liquidity of the Company and other subsidiaries within RO Trading Limited Group. The directors have prepared cash flow forecasts for a period of 14 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides incorporating no growth projections, the Company is able to cover its operating costs and service its outstanding debt obligations in line with the agreed repayment dates with no resulting cash-shortfall. Those forecasts are dependent on RO Trading Limited not seeking repayment of the amounts currently due from the Company, which at 31 March 2022 amounted to £22.8 million, and providing additional financial support during that period. RO Trading Limited has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Turnover
Turnover is stated net of VAT and represents amounts receivable from third parties in respect of property sales, management fees receivable and rent receivable from development sites. All turnover arises in the UK.

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.

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.

Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises land purchases, building costs and directly attributable overheads. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

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.

RO Property Management Limited (Registered number: 00887320)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Taxation
Corporation tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

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 balance sheet date.

Debtors
Short term debtors are measured at the transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on demand.

RO Property Management Limited (Registered number: 00887320)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.
The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Interest receivable and Interest payable
Interest payable and similar expenses include interest payable. Other interest receivable and similar income include interest receivable on funds invested, loans granted and net foreign exchange gains.

Ordinary Shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity.

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. STOCKS
31.3.22 31.3.21
£    £   
Land held for development 41,944,642 50,104,927

RO Property Management Limited (Registered number: 00887320)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 106,527 189,416
Other debtors 85,175 402,642
Tax - 96,833
Deferred tax asset 50,296 50,296
VAT 83,231 109,209
Accruals 257,051 41,095
Prepayments 12,019 22,334
594,299 911,825

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts - 6
Trade creditors 563,499 79,004
Amounts owed to group undertakings 22,751,287 36,851,124
Tax 959,632 -
Other creditors 1,284,478 1,254,896
Accruals and deferred income 1,229,507 1,201,286
26,788,403 39,386,316

Amounts owed to and from group undertakings are repayable on demand and are interest bearing. at a rate of 2% above the Bank of England base rate.

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mark Smith (Senior Statutory Auditor)
for and on behalf of KPMG LLP

8. RELATED PARTY DISCLOSURES

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.

9. POST BALANCE SHEET EVENTS

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 2022 or that requires disclosure.

10. ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent company is RO Trading Limited, a company incorporated in England and Wales.

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.

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.