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REGISTERED NUMBER: 03359380 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

Ritecrown Limited

Ritecrown Limited (Registered number: 03359380)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ritecrown Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J Wright Snr
R D Kinnersley





REGISTERED OFFICE: The London Accomodation Centre
190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 03359380 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Ritecrown Limited (Registered number: 03359380)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 3,392,697 -
Investment property 6 2,700,000 2,700,000
6,092,697 2,700,000

CURRENT ASSETS
Inventories 31,209 -
Debtors 7 58,726 1,219,721
Cash at bank and in hand 38,022 56,572
127,957 1,276,293
CREDITORS
Amounts falling due within one year 8 (2,219,085 ) (2,927,457 )
NET CURRENT LIABILITIES (2,091,128 ) (1,651,164 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,001,569

1,048,836

CREDITORS
Amounts falling due after more than one
year

9

(3,342,868

)

-

PROVISIONS FOR LIABILITIES (58,561 ) (44,507 )
NET ASSETS 600,140 1,004,329

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 987,217 1,001,271
Retained earnings (388,077 ) 2,058
600,140 1,004,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ritecrown Limited (Registered number: 03359380)

Statement of Financial Position - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





J Wright Snr - Director


Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ritecrown Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In assessing the ability of the Company to continue to trade as a going concern, the directors have considered the Company's deficiency of net current assets. Included within current liabilities are loans of £1,533,159 (2022 - £1,551,559) owed to a related party, LAC Holdings Limited and £290,997 (2022 - £316,650) owed to a related party, JW Whittlesey Limited. Although due on demand, the directors are of the view that the demand from repayment of these amount will not be made whilst the Company is in need of the funds to meet with its obligations as they fall due. The directors therefore consider it appropriate to prepare the financial statements one going concern basis.

Turnover
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Investment property
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit or loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - NIL ) .

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost
Additions 2,923,589 219,074 263,004
At 31 March 2023 2,923,589 219,074 263,004
Depreciation
Charge for year 29,229 3,286 35,461
At 31 March 2023 29,229 3,286 35,461
Net book value
At 31 March 2023 2,894,360 215,788 227,543

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
Additions 32,458 28,919 3,467,044
At 31 March 2023 32,458 28,919 3,467,044
Depreciation
Charge for year 6,371 - 74,347
At 31 March 2023 6,371 - 74,347
Net book value
At 31 March 2023 26,087 28,919 3,392,697

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2022
and 31 March 2023 2,700,000
Net book value
At 31 March 2023 2,700,000
At 31 March 2022 2,700,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2007 619,950
Valuation in 2008 (7,975 )
Valuation in 2016 870,865
Valuation in 2017 (1,019,000 )
Valuation in 2019 836,938
Valuation in 2021 (255,000 )
Cost 1,654,222
2,700,000

If investment property had not been revalued it would have been included at the following historical cost:

31/3/23 31/3/22
£    £   
Cost 1,654,222 1,654,222

The investment property was valued on an open market basis on 31 March 2023 by the Directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 5,971 5,971
Other debtors 52,755 1,213,750
58,726 1,219,721

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 28,008 995,000
Trade creditors 182,448 -
Amounts owed to associates 1,861,195 1,845,847
Taxation and social security 26,412 11,844
Other creditors 121,022 74,766
2,219,085 2,927,457

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 3,342,868 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,556,467 -

10. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 3,370,876 995,000

The bank loans are secured by first charges over the long leasehold and debentures over all of the assets of the company.