Company Registration No. 05816851 (England and Wales)
RIBCHESTER PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
RIBCHESTER PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
RIBCHESTER PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
180,581
Current assets
Debtors
4
189,315
187,899
Cash at bank and in hand
690
1,598
190,005
189,497
Creditors: amounts falling due within one year
5
(51,876)
(112,448)
Net current assets
138,129
77,049
Total assets less current liabilities
138,129
257,630
Creditors: amounts falling due after more than one year
6
(37,212)
(123,936)
Net assets
100,917
133,694
Capital and reserves
Called up share capital
1
1
Revaluation reserve
7
38,597
Profit and loss reserves
100,916
95,096
Total equity
100,917
133,694
RIBCHESTER PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
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 May 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
G Dymetrenko
Director
Company Registration No. 05816851
RIBCHESTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents rentals receivable.
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. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
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.
1.6
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.
RIBCHESTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Company information
Ribchester Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 June 2022
180,581
Disposals
(180,581)
At 31 May 2023
The fair value of the investment property has been arrived at on the basis of a valuation carried out by its director G Dmytrenko. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
RIBCHESTER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
189,315
187,899
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,854
Other creditors
51,876
102,594
51,876
112,448
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
37,212
123,936
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
38,597
87,311
Other movements
(38,597)
(48,714)
At the end of the year
38,597
8
Financial commitments, guarantees and contingent liabilities
The director is not aware of any contingent liabilities.
9
Events after the reporting date
There have been no significant post balance sheet events.