Company registration number 02078394 (England and Wales)
ROUNDPOLL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROUNDPOLL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ROUNDPOLL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
40,841
43,052
Investment property
5
500
520,000
41,341
563,052
Current assets
Debtors
6
2,498,550
2,190,004
Cash at bank and in hand
74,482
123,052
2,573,032
2,313,056
Creditors: amounts falling due within one year
7
(44,640)
(59,996)
Net current assets
2,528,392
2,253,060
Total assets less current liabilities
2,569,733
2,816,112
Provisions for liabilities
(108,000)
Net assets
2,569,733
2,708,112
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,569,731
2,708,110
Total equity
2,569,733
2,708,112
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
M Slane
Director
Company registration number 02078394 (England and Wales)
ROUNDPOLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Roundpoll Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winston House, Dollis Park, London, N3 1HF.
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 amounts 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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises of rents receivable relating to the year, property management fees receivable and project management fees receivable in respect of services provided during the year, all net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% reducing balance
Computers
Straight line over 3 years
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ROUNDPOLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
ROUNDPOLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
ROUNDPOLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
83,994
38,410
68,990
191,394
Additions
9,350
6,750
16,100
Disposals
(31,990)
(31,990)
At 31 December 2023
83,994
47,760
43,750
175,504
Depreciation and impairment
At 1 January 2023
69,275
38,410
40,657
148,342
Depreciation charged in the year
1,472
1,039
5,678
8,189
Eliminated in respect of disposals
(21,868)
(21,868)
At 31 December 2023
70,747
39,449
24,467
134,663
Carrying amount
At 31 December 2023
13,247
8,311
19,283
40,841
At 31 December 2022
14,719
28,333
43,052
5
Investment property
2023
£
Fair value
At 1 January 2023
520,000
Disposals
(519,500)
At 31 December 2023
500
The investment property is stated at fair value at the balance sheet as determined by the directors. The historical cost of the investment property is £31 (2022: £30,835).
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
81,140
27,529
Amounts owed by group undertakings
1,794,063
1,491,466
Prepayments and accrued income
623,347
671,009
2,498,550
2,190,004
ROUNDPOLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,530
12,818
Taxation and social security
4,149
3,347
Other creditors
11,961
18,431
Accruals and deferred income
20,000
25,400
44,640
59,996
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Manoj Haria
Statutory Auditor:
Elliotts Shah
Date of audit report:
15 August 2024
9
Related party transactions
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.
Included under administrative expenses is a sum of £56,000 (2022: £56,000) in respect of rents payable to Finchley Developments C&G Limited, and a credit of £28,000 (2022: credit of £28,000) in respect of rent recharged to MFC Estates plc. Finchley Developments C&G Limited is a wholly owned subsidiary of MFC Estates Plc which is under the control of the director, P L Murphy.
10
Ultimate controlling party
The company is a wholly owned subsidiary of Cavendish & Gloucester Properties Limited, whose registered office address is at Winston House, Dollis park, London N3 1HF.
The ultimate controlling party is P L Murphy.