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REGISTERED NUMBER: 01316199 (England and Wales)









RIDON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIDON PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr D S Tidby
Mr B J Tidby



SECRETARY: Mr D S Tidby



REGISTERED OFFICE: 120-124 MacNaghten Road
Bitterne
Southampton
Hampshire
SO18 1GH



REGISTERED NUMBER: 01316199 (England and Wales)



ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
Havant
Hampshire
PO9 1QU



BANKERS: Barclays Bank plc
PO Box 2
Southampton
Hampshire
SO14 2SB

RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,214 1,182
Investment property 5 4,125,422 4,125,422
4,148,636 4,126,604

CURRENT ASSETS
Cash at bank and in hand 109,877 152,751

CREDITORS
Amounts falling due within one year 6 95,014 109,808
NET CURRENT ASSETS 14,863 42,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,163,499

4,169,547

CREDITORS
Amounts falling due after more than one
year

7

(392,175

)

(430,388

)

PROVISIONS FOR LIABILITIES (382,567 ) (382,612 )
NET ASSETS 3,388,757 3,356,547

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 2,437,574 2,437,574
Retained earnings 951,083 918,873
SHAREHOLDERS' FUNDS 3,388,757 3,356,547

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.

RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

BALANCE SHEET - 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 31 October 2023 and were signed on its behalf by:





Mr D S Tidby - Director


RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Ridon Properties 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the rents receivable from the freehold investment properties. Rental income is recognised on the basis of amounts due in the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance, 10% on cost and straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade 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

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 balance sheet date.


RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 30,980
Additions 26,338
At 31 March 2023 57,318
DEPRECIATION
At 1 April 2022 29,798
Charge for year 4,306
At 31 March 2023 34,104
NET BOOK VALUE
At 31 March 2023 23,214
At 31 March 2022 1,182

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,125,422
NET BOOK VALUE
At 31 March 2023 4,125,422
At 31 March 2022 4,125,422

RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2003 281,478
Valuation in 2006 396,068
Valuation in 2007 205,024
Valuation in 2014 132,797
Valuation in 2015 (68,887 )
Valuation in 2018 380,000
Valuation in 2022 1,493,528
Cost 1,305,414
4,125,422

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

2023 2022
£    £   
Cost 1,305,414 1,305,414

Investment property was valued on an open market basis on 4 April 2022 by Rebuild Cost Assessment Ltd .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,769 60,554
Corporation tax 31,531 29,680
PAYE and NIC 583 -
Other creditors 11,715 12,574
Directors' current accounts 416 7,000
95,014 109,808

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 52,313 62,614
Bank loans - 2-5 years 166,682 200,914
Bank loans over 5 years by
instalments 173,180 166,860
392,175 430,388

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years by
instalments 173,180 166,860
173,180 166,860

RIDON PROPERTIES LIMITED (REGISTERED NUMBER: 01316199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 442,944 490,942

The company's bank loan is secured by way of a first legal charge over the company's investment property.