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REGISTERED NUMBER: 09897746 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RIDGACRE PROPERTY LIMITED

RIDGACRE PROPERTY LIMITED (REGISTERED NUMBER: 09897746)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


RIDGACRE PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr C J Bedward





REGISTERED OFFICE: Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF





REGISTERED NUMBER: 09897746 (England and Wales)





ACCOUNTANTS: E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RIDGACRE PROPERTY LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ridgacre Property Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ridgacre Property Limited in accordance with the terms of our engagement letter dated 14 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Ridgacre Property Limited and state those matters that we have agreed to state to the director of Ridgacre Property Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ridgacre Property Limited and its director for our work or for this report.

It is your duty to ensure that Ridgacre Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ridgacre Property Limited. You consider that Ridgacre Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ridgacre Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF


28 August 2024

RIDGACRE PROPERTY LIMITED (REGISTERED NUMBER: 09897746)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,192,500 2,788,000

CURRENT ASSETS
Debtors 5 - 39,095
Cash at bank 26,885 7,474
26,885 46,569
CREDITORS
Amounts falling due within one year 6 940,300 864,988
NET CURRENT LIABILITIES (913,415 ) (818,419 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,279,085

1,969,581

CREDITORS
Amounts falling due after more than one
year

7

(1,497,624

)

(1,121,059

)

PROVISIONS FOR LIABILITIES (219,550 ) (179,913 )
NET ASSETS 561,911 668,609

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 669,499 777,691
Retained earnings (107,688 ) (109,182 )
SHAREHOLDERS' FUNDS 561,911 668,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 28 August 2024 and were signed by:





Mr C J Bedward - Director


RIDGACRE PROPERTY LIMITED (REGISTERED NUMBER: 09897746)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ridgacre Property 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.

Rent income
Rental income is recognised when it is probable that the economic benefit associated with the transaction will flow to the company and the amount of revenue can be measured reliably.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss.

The fair value of the investment property has been determined by independent research by reference to recent market prices of similar properties in the area.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,788,000
Additions 473,055
Net gains or losses from fair
value adjustments (68,555 )
At 31 March 2024 3,192,500
NET BOOK VALUE
At 31 March 2024 3,192,500
At 31 March 2023 2,788,000

RIDGACRE PROPERTY LIMITED (REGISTERED NUMBER: 09897746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 1,000
Valuation in 2017 98,275
Valuation in 2018 76,946
Valuation in 2019 192,981
Valuation in 2020 53,774
Valuation in 2022 178,578
Valuation in 2023 356,050
Valuation in 2024 (68,555 )
Cost 2,303,451
3,192,500

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,303,451 1,830,395

Investment properties were valued on on open market basis on 31 March 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 39,095

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 940,300 864,988

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,497,624 1,121,059

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,497,624 1,121,059

8. RELATED PARTY DISCLOSURES

£489,965 (2023: £435,685) is owed to companies under the control of Mr C Bedward.