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COMPANY REGISTRATION NUMBER: 00834126
ROLLINGS INVESTMENTS LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
ROLLINGS INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Directors' responsibilities statement 1
Balance sheet 2
Notes to the financial statements 3 to 6
ROLLINGS INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ROLLINGS INVESTMENTS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
10,165,000
10,355,000
Current assets
Debtors
6
292,377
387,089
Cash at bank and in hand
658,750
545,097
------------
------------
951,127
932,186
Creditors: amounts falling due within one year
7
( 268,945)
( 343,572)
------------
------------
Net current assets
682,182
588,614
-------------
-------------
Total assets less current liabilities
10,847,182
10,943,614
Provisions
( 200,334)
( 135,334)
-------------
-------------
Net assets
10,646,848
10,808,280
-------------
-------------
Capital and reserves
Called up share capital
9
4,421
4,421
Share premium account
132,480
132,480
Capital redemption reserve
1,101
1,101
Non-distributable reserve
2,317,811
2,809,880
Profit and loss account
8,191,035
7,860,398
-------------
-------------
Shareholders funds
10,646,848
10,808,280
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
G K Lewis
J R Rollings
Director
Director
Company registration number: 00834126
ROLLINGS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, the company registration number is 00834126 and it is registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the total amount of rents receivable.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively 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 the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
In the year of acquisition tangible fixed assets are depreciated for all of the year.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 January 2023
10,355,000
1,872
10,356,872
Additions
35,330
35,330
Revaluations
( 225,330)
( 225,330)
-------------
------------
-------------
At 31 December 2023
10,165,000
1,872
10,166,872
-------------
------------
-------------
Depreciation
At 1 January 2023 and 31 December 2023
1,872
1,872
-------------
------------
-------------
Carrying amount
At 31 December 2023
10,165,000
10,165,000
-------------
------------
-------------
At 31 December 2022
10,355,000
10,355,000
-------------
------------
-------------
The investment properties were valued at their open market value by Matthew Clarke MRICS and Ian Bell MRICS of Sanderson Weatherall Surveyors at 31 December 2023. The directors' have confirmed that this valuation is appropriate to use as a reasonable estimate of the properties open market values as at 31 December 2023.
6. Debtors
2023
2022
£
£
Trade debtors
42,000
Prepayments and accrued income
244,189
364,734
Other debtors
6,188
22,355
------------
------------
292,377
387,089
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Prepayments and accrued income
101,553
112,454
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,869
Accruals and deferred income
168,123
197,849
Corporation tax
79,462
71,669
Social security and other taxes
9,203
8,000
Other creditors
9,288
66,054
------------
------------
268,945
343,572
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
200,334
135,334
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
238,405
173,405
Unused tax losses
( 38,071)
( 38,071)
------------
------------
200,334
135,334
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4,421
4,421
4,421
4,421
------------
------------
------------
------------
10. Summary audit opinion
The auditor's report for the year dated 20 September 2024 was unqualified.
The senior statutory auditor was Aman Hayer , for and on behalf of Wheawill & Sudworth Limited .
11. Related party transactions
One floor of one of the properties owned by the company is let to a company of which one of the directors is also director in that company. The property was initially occupied rent free until 1 April 2023. Since then rent of £30,000 p.a. has been charged. Sanderson Weatherall Surveyors have estimated that the market rent for tis floor is £48,475 p.a. The directors are happy to continue with the lower rent of £30,000 p.a. on the basis that it ensures the floor is occupied with some rental return and also the company avoids empty property rates and void service charges which are currently being incurred in respect of another empty floor in the same property.