Registered number
00734104
RIFTANA PROPERTIES LIMITED
Filleted Accounts
30 April 2024
RIFTANA PROPERTIES LIMITED
Registered number: 00734104
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,476 4,751
Investments 4 63,924 44,301
68,400 49,052
Current assets
Stocks 2,000 2,000
Debtors 5 101,455 137,223
Cash at bank and in hand 129,908 119,144
233,363 258,367
Creditors: amounts falling due within one year 6 (97,168) (112,136)
Net current assets 136,195 146,231
Net assets 204,595 195,283
Capital and reserves
Called up share capital 52 52
Profit and loss account 204,543 195,231
Shareholders' funds 204,595 195,283
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Aubrey Kaufmann
Director
Approved by the board on 22 July 2024
RIFTANA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 2,000 55,445 57,445
At 30 April 2024 2,000 55,445 57,445
Depreciation
At 1 May 2023 - 52,694 52,694
Charge for the year - 275 275
At 30 April 2024 - 52,969 52,969
Net book value
At 30 April 2024 2,000 2,476 4,476
At 30 April 2023 2,000 2,751 4,751
4 Investments
Other
investments
£
Cost
At 1 May 2023 44,301
Additions 19,623
At 30 April 2024 63,924
5 Debtors 2024 2023
£ £
Other debtors 101,455 137,223
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 81,168 89,936
Taxation and social security costs 11,800 18,000
Other creditors 4,200 4,200
97,168 112,136
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Aubrey Kaufmann
Directors current account 137,223 104,232 (140,000) 101,455
137,223 104,232 (140,000) 101,455
8 Related party transactions
The directors of the company are also directors of Finheath Limited (Finheath). During the year the company accounted for management fees receivable from Finheath amounting to £80,000 (2023 - £105,000). At 30 April 2024 £81,168 was due to Finheath (2023 - £89,936).
9 Controlling party
The Directors are the ultimate controlling party of the company.
10 Other information
RIFTANA PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
311 Regents Park Roan
London
N3 1DP
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