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REGISTERED NUMBER: 05797697 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Ringway Estates Limited

Ringway Estates Limited (Registered number: 05797697)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ringway Estates Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: G Nartey
Mrs A T Nartey





SECRETARY: G Nartey





REGISTERED OFFICE: 17 Ulleswater Road
Southgate
London
N14 7BL





REGISTERED NUMBER: 05797697 (England and Wales)





ACCOUNTANTS: Kumar Strategic Consultants Ltd
Chartered Accountants
255 - 261 Horn Lane
London
W3 9EH

Ringway Estates Limited (Registered number: 05797697)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 569 759
Investment property 5 18,138,752 17,966,796
18,139,321 17,967,555

CURRENT ASSETS
Debtors 6 43,065 107,550
Cash at bank 119,061 111,968
162,126 219,518
CREDITORS
Amounts falling due within one
year

7

605,857

176,654
NET CURRENT (LIABILITIES)/ASSETS (443,731 ) 42,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,695,590

18,010,419

CREDITORS
Amounts falling due after more
than one year

8

(7,902,341

)

(8,196,886

)

PROVISIONS FOR LIABILITIES (1,842,718 ) (1,842,718 )
NET ASSETS 7,950,531 7,970,815

CAPITAL AND RESERVES
Called up share capital 102 102
Share premium 7,616,736 7,616,736
Revaluation reserve 11 215,058 239,064
Retained earnings 118,635 114,913
7,950,531 7,970,815

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Ringway Estates Limited (Registered number: 05797697)

Balance Sheet - continued
31 July 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 22 April 2024 and were signed on its behalf by:




G Nartey - Director



Mrs A T Nartey - Director


Ringway Estates Limited (Registered number: 05797697)

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

1. STATUTORY INFORMATION

Ringway Estates 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
Rental income is recognised on an accrual basis. Rents receivable from tenants represents rents and service charges receivable in the period.

Where a rent-free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earliest termination date.

Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the shorter of the entire lease term or the period to the first break option. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying value of the related property including the accrued rent does not exceed the external valuation. Initial direct costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date of lease commencement to the earliest termination date.

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 - 33.33% on cost and 25% on reducing balance

Investment property
Properties are externally valued on the basis of fair value at the balance sheet date. Investment and owner-occupied properties are recorded at valuation whereas trading properties are stated at the lower of cost and net realisable value. Any surplus or deficit arising on revaluing investment properties is recognised in equity.

The cost of properties in the course of development includes attributable interest and other associated outgoings.Interest is calculated on the development expenditure by reference to specific borrowings where relevant and otherwise on the average rate applicable to short-term loans.Interest is not capitalised where no development activity is taking place. A property ceases to be treated as a development property on practical completion

Where properties held for investment are appropriated to trading stock, they are transferred at market value.If properties held for trading are appropriated to investment, they are transferred at book value.


Ringway Estates Limited (Registered number: 05797697)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Biological assets
Biological Assets are usually measured at fair value. If the fair value of a biological asset cannot be measured reliably, the entity shall apply the cost model to that biological asset in accordance with paragraphs 34.8 and 34.10A until such time that the fair value can be reliably measured.

An entity applying the cost model shall measure biological assets at cost less any accumulated depreciation and any accumulated impairment losses. An impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. An entity shall recognize an impairment loss immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 2,952
DEPRECIATION
At 1 August 2022 2,193
Charge for year 190
At 31 July 2023 2,383
NET BOOK VALUE
At 31 July 2023 569
At 31 July 2022 759

Ringway Estates Limited (Registered number: 05797697)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 17,966,796
Additions 490,962
Disposals (319,006 )
At 31 July 2023 18,138,752
NET BOOK VALUE
At 31 July 2023 18,138,752
At 31 July 2022 17,966,796

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 18,138,752

The valuation of investment properties were made as at 31 July 2023 by the directors on an open market basis. No depreciation is provided in respect of these properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 43,065 14,780
Directors' current accounts - 92,770
43,065 107,550

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 917 9,954
Social security and other
taxes

50

-
Other creditors 232,000 162,000
Credit card account (100 ) -
Directors' current accounts 367,590 -
Accrued expenses 5,400 4,700
605,857 176,654

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 7,902,341 8,196,886

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 7,902,341 8,196,886

Ringway Estates Limited (Registered number: 05797697)

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

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 7,902,341 8,196,886

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 7,902,341 8,196,886

The aggregate amount of creditors for which security has been given amounted to £7,902,341.

Bank Loans are secured by a fixed and floating charge over the assets of the company.

11. RESERVES
Revaluation
reserve
£   
At 1 August 2022 239,064
Non-distributable reserve (24,006 )

At 31 July 2023 215,058