Company registration number 02872667 (England and Wales)
ROAN ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ROAN ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ROAN ESTATES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
278
Investment property
5
120,001
1,960,001
Investments
4
650,427
644,074
770,428
2,604,353
Current assets
Debtors
6
230,563
219,781
Cash at bank and in hand
38,939
90,548
269,502
310,329
Creditors: amounts falling due within one year
7
(207,807)
(189,020)
Net current assets
61,695
121,309
Total assets less current liabilities
832,123
2,725,662
Creditors: amounts falling due after more than one year
8
(210,865)
(250,400)
Provisions for liabilities
(26,144)
Net assets
621,258
2,449,118
Capital and reserves
Called up share capital
9
400
400
Profit and loss reserves
10
620,858
2,448,718
Total equity
621,258
2,449,118
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 30 September 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.
ROAN ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Mr E H R Hughes
Director
Company registration number 02872667 (England and Wales)
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Roan Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Chapel Ridding, Patterdale Road, Windermere, LA23 1NL.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents rents received and development work done in the normal course of business, and is shown 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:
Plant and machinery
- 33% on cost and 20% on reducing balance
Fixtures, fittings & equipment
- 20% on cost
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 properties
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 in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash at bank and in hand
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.
1.7
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.
1.8
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.
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.
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
26,023
Disposals
(13,865)
At 30 September 2024
12,158
Depreciation and impairment
At 1 October 2023
25,745
Depreciation charged in the year
278
Eliminated in respect of disposals
(13,865)
At 30 September 2024
12,158
Carrying amount
At 30 September 2024
At 30 September 2023
278
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
650,427
644,074
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 October 2023
131
643,943
644,074
Additions
2
-
2
Valuation changes
-
36,351
36,351
At 30 September 2024
133
680,294
680,427
Impairment
At 1 October 2023
-
-
-
Disposals
-
30,000
30,000
At 30 September 2024
-
30,000
30,000
Carrying amount
At 30 September 2024
133
650,294
650,427
At 30 September 2023
131
643,943
644,074
5
Investment property
2024
£
Fair value
At 1 October 2023
1,960,001
Transfers
(1,840,000)
At 30 September 2024
120,001
The investment property was valued as at 30 September 2023 by an independent valuer qualified as a member of the Royal Institution of Chartered Surveyors (RICS). The valuation was carried out on an open market basis by reference to market evidence of transaction prices for similar properties. The fair value as at 30 September 2023 was £1,960,001.
A number of transactions were undertaken in the year to transfer various properties to wholly owned subsidiaries. The directors have determined that the remaining investment property held as at 30 September 2024 has a fair value of £120,001.
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
211,026
212,737
Other debtors
19,537
7,044
230,563
219,781
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,498
Taxation and social security
1,319
1,131
Other creditors
206,488
176,391
207,807
189,020
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
210,865
250,400
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary' A' shares of £1 each
20
20
20 Ordinary 'B' shares of £1 each
20
20
36 Ordinary 'C' shares of £1 each
36
36
36 Ordinary 'D' shares of £1 each
36
36
36 Ordinary 'E' shares of £1 each
36
36
40 Ordinary 'F' shares of £1 each
42
42
40 Ordinary 'G' shares of £1 each
42
42
86 Ordinary 'H' shares of £1 each
84
84
86 Ordinary 'I' shares of £1 each
84
84
400
400
All classes of ordinary shares rank pari passu in all respects save that the directors may declare a dividend on one class of share and not on another class.
10
Profit and loss reserves
The non-distributable profit held within the profit reserve is £19,276 (2023: £394,347).
ROAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Key management personnel
1,049
14,441
The following amounts were outstanding at the reporting end date:
2024
Balance
Amounts owed by related parties
£
Key management personnel
13,200
There were no amounts owed in the previous period.