Company registration number 03698604 (England and Wales)
Ravensdale Property Services Limited
financial statements
For the year ended 30 April 2023
Ravensdale Property Services Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Ravensdale Property Services Limited
Statement of financial position
As at 30 April 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
8,552,682
4,742,048
Current assets
Debtors
4
46,308
364,412
Cash at bank and in hand
5,796
26,884
52,104
391,296
Creditors: amounts falling due within one year
5
(3,072,413)
(3,687,908)
Net current liabilities
(3,020,309)
(3,296,612)
Total assets less current liabilities
5,532,373
1,445,436
Creditors: amounts falling due after more than one year
6
(4,278,492)
-
0
Net assets
1,253,881
1,445,436
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,253,879
1,445,434
Total equity
1,253,881
1,445,436

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 2 November 2023 and are signed on its behalf by:
Mr D A J Brown
Director
Company Registration No. 03698604
Ravensdale Property Services Limited
Notes to the financial statements
For the year ended 30 April 2023
- 2 -
1
Accounting policies
Company information

Ravensdale Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Distribution House, Chemical Lane East, Stoke on Trent, Staffordshire, ST6 4FB.

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 cover the company as an individual entity and 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before revenue is recognised:

 

Rental income is recognised in advance for the period invoiced.

1.3
Investment property

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.

1.4
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

The investment property is measured using the fair value model and as such requires significant estimation from the directors. The valuation of the investment property has been based on the values of similar properties that have previously sold and are for sale, taking account of geographical location and expected market value per square foot of the site.

Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 May 2022
4,742,048
Additions
3,810,634
At 30 April 2023
8,552,682

Investment property comprises of land and buildings. The investment property was purchased on 13 May 2021 and as at the year end, total costs on the land and buildings amounted to £8,552,682 (2022 - £4,742,048). The directors are of the view that there is no material difference between the cost and the fair value of the investment property held at 30th April 2023.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
46,308
364,412
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
202,256
1,182,274
Trade creditors
1,434
780
Amounts owed to group undertakings
2,658,937
2,493,937
Other creditors
209,786
10,917
3,072,413
3,687,908
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,278,492
-
0
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
3,400,546
-
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 5 -
7
Loans and overdrafts
2023
2022
£
£
Bank loans
4,480,748
1,182,274
Payable within one year
202,256
1,182,274
Payable after one year
4,278,492
-
0

Bank overdrafts and loans are secured by the following:

 

A first legal change over the freehold land and buildings at Chemical Lane, Stoke-on-Trent, ST6 4PB.

 

An omnibus guarantee and set off agreement dated 29th March 2018 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.

 

An unlimited debenture dated 1st August 2016.

8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
1,170,197
Non distributable profits in the year
-
(1,170,197)
At the end of the year
-
-
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nicola Johnson
Statutory Auditor:
DJH Mitten Clarke Audit Limited
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 6 -
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
3,330,156

During the prior year, the company had committed to the development of the new investment property. The development of this property was complete at 30 April 2023.

11
Parent company

Browns Commercial Holdings Limited is regarded by the directors as being the company's ultimate parent company.

 

Copies of Browns Commercial Holdings Limited accounts can be obtained from Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB.

The ultimate controlling party is D A Brown by virtue of his majority shareholding in Browns Commercial Holdings Limited.

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