Company registration number 13575928 (England and Wales)
ROGERS & ROGERS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ROGERS & ROGERS PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mrs N J Rogers
Mr M S Rogers
Company number
13575928
Registered office
Wentworth House
Church Lane
Himbleton
Droitwich
Worcestershire
WR9 7LG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
PO Box 1000
BX1 1LT
ROGERS & ROGERS PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ROGERS & ROGERS PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROGERS & ROGERS PROPERTIES LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rogers & Rogers Properties Limited for the year ended 31 March 2024 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 Rogers & Rogers Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rogers & Rogers Properties Limited and state those matters that we have agreed to state to the board of directors of Rogers & Rogers Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rogers & Rogers Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Rogers & Rogers 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 Rogers & Rogers Properties Limited. You consider that Rogers & Rogers Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rogers & Rogers 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.
Ormerod Rutter Limited
16 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ROGERS & ROGERS PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,582,231
1,517,231
Current assets
Debtors
4
163,322
131,598
Cash at bank and in hand
4,371
5,248
167,693
136,846
Creditors: amounts falling due within one year
5
(11,870)
(7,893)
Net current assets
155,823
128,953
Total assets less current liabilities
1,738,054
1,646,184
Creditors: amounts falling due after more than one year
6
(864,765)
(866,377)
Provisions for liabilities
8
(15,600)
Net assets
857,689
779,807
Capital and reserves
Called up share capital
9
400
400
Share premium account
765,288
765,288
Other reserves
49,400
Profit and loss reserves
42,601
14,119
Total equity
857,689
779,807
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROGERS & ROGERS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mrs N J Rogers
Mr M S Rogers
Director
Director
Company registration number 13575928 (England and Wales)
ROGERS & ROGERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Rogers & Rogers Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wentworth House, Church Lane, Himbleton, Droitwich, Worcestershire, WR9 7LG.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
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. The surplus or deficit on revaluation is recognised within other reserves.
1.4
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.
ROGERS & ROGERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
1,517,231
Revaluations
65,000
At 31 March 2024
1,582,231
The directors have assessed the market value of investment property and as a result of the assessment, have formed the basis of revaluation at the year end.
Revaluation gains on investment property are recognised as fair value gains through profit and loss, and are included in the movement of the non-distributable profits reserve within equity.
ROGERS & ROGERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
163,322
131,598
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,614
1,614
Taxation and social security
9,110
5,222
Other creditors
1,146
1,057
11,870
7,893
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
864,765
866,377
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
866,379
867,991
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15,600
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
200
200
200
200
Ordinary B of £1 each
200
200
200
200
400
400
400
400
ROGERS & ROGERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Ultimate controlling party
The ultimate controlling party is Mr M S Rogers and Mrs N J Rogers.