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Registered number: 12476681









ROBINSONS PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
ROBINSONS PROPERTIES LIMITED
REGISTERED NUMBER: 12476681

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
As restated
28 February
2024
2023
                                                                        Note
£
£

Fixed assets
  

Investment property
  
6,285,000
6,715,000

Current assets
  

Debtors: amounts falling due within one year
 5 
11,000
-

Cash at bank and in hand
  
161,495
20,000

Creditors: amounts falling due within one year
 6 
(350,233)
(337,538)

Net current liabilities
  
 
 
(177,738)
 
 
(317,538)

Total assets less current liabilities
  
6,107,262
6,397,462

Creditors: amounts falling due after more than one year
 7 
(2,157,125)
(2,326,452)

Provisions for liabilities
  

Deferred tax
  
(120,000)
(130,000)

Net assets
  
3,830,137
3,941,010


Capital and reserves
  

Called up share capital 
  
400
400

Share premium account
  
3,550,600
3,550,600

Revaluation reserve
  
360,000
390,000

Profit and loss account
  
(80,863)
10

  
3,830,137
3,941,010


Page 1

 
ROBINSONS PROPERTIES LIMITED
REGISTERED NUMBER: 12476681
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 25 February 2025.




C Robinson
T Robinson
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Robinsons Properties Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, E11 1GA.
The principal activity of the company is that of property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Rental income
Revenue principally comprises of income generated by the company in respect of rent charged during the period, exclusive of value added tax and trade discounts. Rental income is recognised on a straight line basis over the term of the lease. Amounts invoiced in advance are deferred accordingly and recognised in the period to which they relate.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

  
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from thecurrent 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.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

  
2.12

Financial instruments

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
23,034
36,646

Social security costs
347
-

Cost of defined contribution scheme
401
-

23,782
36,646


The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 5

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
6,715,000


Disposals
(430,000)



At 29 February 2024
6,285,000

The 2024 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:

29 February
28 February
2024
2023
£
£


Historic cost
5,805,000
6,195,000

5,805,000
6,195,000


5.


Debtors

29 February
28 February
2024
2023
£
£


Prepayments and accrued income
11,000
-


Page 6

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Creditors: Amounts falling due within one year

29 February
As restated
28 February
2024
2023
£
£

Trade creditors
1,963
-

Corporation tax
-
7,062

Other creditors
345,270
327,476

Accruals
3,000
3,000

350,233
337,538



7.


Creditors: Amounts falling due after more than one year

29 February
As restated
28 February
2024
2023
£
£

Bank loans
2,157,125
2,326,452


Page 7

 
ROBINSONS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Deferred taxation






2024


£






At beginning of year
(130,000)


Charged to profit or loss
10,000



At end of year
(120,000)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Revaluation of investment properties
(120,000)
(130,000)


9.


Prior year adjustment

On property incorporation, bank loans relating to the properties incorporated were incorrectly recorded in prior years. This has resulted in a decrease in the bank loans amounting to £168,240 and an increase in other creditors amounting to £168,240.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £401 (2023 - £Nil). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8