Company registration number 00514797 (England and Wales)
RIDGEON ESTATE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RIDGEON ESTATE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
RIDGEON ESTATE COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
5,725,000
5,975,910
Current assets
Debtors
5
5,833,117
6,066,353
Cash at bank and in hand
24,820
136,885
5,857,937
6,203,238
Creditors: amounts falling due within one year
6
(2,653,929)
(2,789,891)
Net current assets
3,204,008
3,413,347
Total assets less current liabilities
8,929,008
9,389,257
Creditors: amounts falling due after more than one year
7
(1,029,593)
(1,256,751)
Provisions for liabilities
(1,215,251)
(1,277,978)
Net assets
6,684,164
6,854,528
Capital and reserves
Called up share capital
2,400
2,400
Share premium account
59,290
59,290
Capital redemption reserve
240,962
240,962
Other reserves
4,275,159
4,463,342
Profit and loss reserves
2,106,353
2,088,534
Total equity
6,684,164
6,854,528
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RIDGEON ESTATE COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr David Chaplin
Director
Company registration number 00514797 (England and Wales)
RIDGEON ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ridgeon Estate Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tunbridge Hall, 60 Tunbridge Lane, Bottisham, CAMBRIDGE, Cambridgeshire, United Kingdom, CB25 9DU.
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 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of rental income due for the period.
1.3
Investment property
Investment property is carried at fair value, determined annually by the directors and derived from considering current market conditions and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and referring to outside experts where necessary. No depreciation is provided on investment properties and changes in fair value are recognised in the Statement of Comprehensive Income.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 balance sheet 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.
RIDGEON ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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, loans from fellow group companies and preference shares that are classified as debt, 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RIDGEON ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.10
The reserve represents the surplus arising from movements in fair value less the associated
deferred tax. Where previously revalued assets are sold a transfer is made between reserves to retained
earnings.
1.11
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Directors without a service contract in place are excluded from the average number of employees.
RIDGEON ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 January 2023
5,975,910
Fair value movements
(250,910)
At 31 December 2023
5,725,000
The fair value at the year end has been determined by an independent valuer.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,174
22,890
Corporation tax recoverable
12,733
Other debtors
5,814,943
6,030,730
5,833,117
6,066,353
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
227,159
216,644
Trade creditors
1,336
7,959
Amounts owed to group undertakings
2,414,648
2,559,648
Corporation tax
8,146
Other creditors
2,640
5,640
2,653,929
2,789,891
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,029,593
1,256,751
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
276,707
8
Related party transactions
Transactions with related parties
RIDGEON ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 7 -
The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
The company operates a loan account with The Maids Head Hotel Limited, a company under common control. At the year-end the balance owed from The Maids Head Hotel Limited was £3,188,723 (2022: £3,188,723). The loan is interest-free and the balance is repayable on demand.
The company operates a loan account with Ridgeon Estate (Norwich) Limited, a company under common control. At the year-end the balance owed from Ridgeon Estate (Norwich) Limited was £2,625,000 (2022: £2,840,000). The loan is interest-free and the balance is repayable on demand.