Valentine Farm Ripley Limited 13929362 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Investment Property Digita Accounts Production Advanced 6.30.9574.0 true false true 13929362 2022-12-01 2023-11-30 13929362 2023-11-30 13929362 core:CurrentFinancialInstruments 2023-11-30 13929362 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13929362 core:Non-currentFinancialInstruments 2023-11-30 13929362 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 13929362 core:MoreThanFiveYears 1 2023-11-30 13929362 core:OtherPropertyPlantEquipment 2023-11-30 13929362 core:OtherRelatedParties 2023-11-30 13929362 core:ParentEntities 2023-11-30 13929362 bus:SmallEntities 2022-12-01 2023-11-30 13929362 bus:Audited 2022-12-01 2023-11-30 13929362 bus:FullAccounts 2022-12-01 2023-11-30 13929362 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13929362 bus:RegisteredOffice 2022-12-01 2023-11-30 13929362 bus:Director1 2022-12-01 2023-11-30 13929362 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13929362 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 13929362 core:PlantMachinery 2022-12-01 2023-11-30 13929362 core:OtherRelatedParties 2022-12-01 2023-11-30 13929362 core:ParentEntities 2022-12-01 2023-11-30 13929362 1 2022-12-01 2023-11-30 13929362 countries:EnglandWales 2022-12-01 2023-11-30 13929362 2022-11-30 13929362 core:OtherPropertyPlantEquipment 2022-11-30 13929362 core:OtherRelatedParties 2022-11-30 13929362 core:ParentEntities 2022-11-30 13929362 2022-02-21 2022-11-30 13929362 2022-11-30 13929362 core:CurrentFinancialInstruments 2022-11-30 13929362 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 13929362 core:Non-currentFinancialInstruments 2022-11-30 13929362 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 13929362 core:MoreThanFiveYears 1 2022-11-30 13929362 core:OtherPropertyPlantEquipment 2022-11-30 13929362 core:OtherRelatedParties 2022-11-30 13929362 core:ParentEntities 2022-11-30 13929362 core:OtherRelatedParties 2022-02-21 2022-11-30 13929362 core:ParentEntities 2022-02-21 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 13929362

Valentine Farm Ripley Limited

Annual Report and Financial Statements

for the year ended 30 November 2023

 

Valentine Farm Ripley Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 11

 

Valentine Farm Ripley Limited

Company Information

Director

A Stewart-Clark

Registered office

Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

Auditors

Hodson & Co
Wiston House
1 Wiston Avenue
Worthng
West Sussex
BN14 7QL

 

Valentine Farm Ripley Limited

(Registration number: 13929362)
Statement of Financial Position
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,052

6,736

Investment property

5

5,317,056

5,317,056

 

5,322,108

5,323,792

Current assets

 

Debtors

6

1,002,233

894,016

Cash at bank and in hand

 

1,624

212,716

 

1,003,857

1,106,732

Creditors: Amounts falling due within one year

7

(104,796)

(107,108)

Net current assets

 

899,061

999,624

Total assets less current liabilities

 

6,221,169

6,323,416

Creditors: Amounts falling due after more than one year

7

(1,581,563)

(1,666,441)

Net assets

 

4,639,606

4,656,975

Capital and reserves

 

Called up share capital

4,589,552

4,589,522

Retained earnings

50,054

67,453

Shareholders' funds

 

4,639,606

4,656,975

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

 

Valentine Farm Ripley Limited

(Registration number: 13929362)
Statement of Financial Position
30 November 2023

.........................................
A Stewart-Clark
Director

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

These financial statements were authorised for issue by the director on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the director believes that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 August 2024 was Matthew Hodson Bsc FCA, who signed for and on behalf of Hodson & Co.

.........................................

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Management is required to make key decisions and judgements in the process of applying the Company's accounting policies. The most significant areas where such judgements have been necessary is the valuation of investment properties. Where judgement has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

over 4 years

Investment property

Investment property is recognised at fair value according to the fair value model, which reflects market conditions at end of the reporting period. Gains or losses resulting from a change in the fair value of investment property are recognised in the income statement in the year they arise.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

6,736

6,736

At 30 November 2023

6,736

6,736

Depreciation

Charge for the year

1,684

1,684

At 30 November 2023

1,684

1,684

Carrying amount

At 30 November 2023

5,052

5,052

At 30 November 2022

6,736

6,736

5

Investment properties

2023
£

At 1 December

5,317,056

At 30 November

5,317,056

The property was acquired by the company on the 18 August 2022 and at 30 November 2022, the director is satisified that the current open market value is not materially different from the value included within the financial statements.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

974,244

860,826

Other debtors

 

27,989

33,190

   

1,002,233

894,016

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

87,414

89,950

Taxation and social security

 

16,098

16,098

Accruals and deferred income

 

1,284

1,060

 

104,796

107,108

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,581,563

1,666,441

2023
£

2022
£

Due after more than five years

After more than five years by instalments

1,231,906

1,306,641

-

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,581,563

1,666,441

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

87,414

89,950

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

The bank loan is repayable over 112 months from August 2022. Interest is charged at 3.95% above base. At 30 November 2023 the balance on the loan is £1,668,977 (2022 £1,756,391). There is a fixed and floating charge over the assets of the company.

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the statement of financial position

Included in the statement of financial position are financial commitments of £1,668,977 (2022 - £1,756,391). The director has provided a personal guarantee in connection with the company's borrowings.

 

Valentine Farm Ripley Limited

Notes to the Financial Statements
for the year ended 30 November 2023

10

Related party transactions

Summary of transactions with parent

Providence Place Ltd
 Loan transactions
 

Summary of transactions with other related parties

Loan transactions with group companies
 

Loans to related parties

2023

Parent
£

Group companies
£

Total
£

At start of period

100,000

760,826

860,826

Advanced

-

534,285

534,285

Repaid

-

(420,867)

(420,867)

At end of period

100,000

874,244

974,244

2022

Parent
£

Other related parties
£

Total
£

Advanced

100,000

796,679

896,679

Repaid

-

(35,853)

(35,853)

At end of period

100,000

760,826

860,826

11

Parent and ultimate parent undertaking

The ultimate controlling party by virtue of holding 100% shares in Providence Place Ltd is Alex Stewart-Clark.

 The company's immediate parent is Providence Place Ltd, incorporated in England & Wales.

 

The parent of the smallest (and largest) group in which these financial statements are consolidated is Providence Place Ltd, incorporated in England & Wales. The address of Providence Place Ltd is Sinclaire Cottage, Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW.