Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Claire Riggott 15/01/2019 Nicholas Shaun Riggott 15/01/2019 12 September 2024 no description of principal activity 11766970 2024-04-30 11766970 bus:Director1 2024-04-30 11766970 bus:Director2 2024-04-30 11766970 2023-04-30 11766970 core:CurrentFinancialInstruments 2024-04-30 11766970 core:CurrentFinancialInstruments 2023-04-30 11766970 core:ShareCapital 2024-04-30 11766970 core:ShareCapital 2023-04-30 11766970 core:RevaluationReserve 2024-04-30 11766970 core:RevaluationReserve 2023-04-30 11766970 core:RetainedEarningsAccumulatedLosses 2024-04-30 11766970 core:RetainedEarningsAccumulatedLosses 2023-04-30 11766970 core:Vehicles 2023-04-30 11766970 core:FurnitureFittings 2023-04-30 11766970 core:ComputerEquipment 2023-04-30 11766970 core:Vehicles 2024-04-30 11766970 core:FurnitureFittings 2024-04-30 11766970 core:ComputerEquipment 2024-04-30 11766970 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2024-04-30 11766970 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-04-30 11766970 2023-05-01 2024-04-30 11766970 bus:FilletedAccounts 2023-05-01 2024-04-30 11766970 bus:SmallEntities 2023-05-01 2024-04-30 11766970 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11766970 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11766970 bus:Director1 2023-05-01 2024-04-30 11766970 bus:Director2 2023-05-01 2024-04-30 11766970 core:Vehicles 2023-05-01 2024-04-30 11766970 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 11766970 core:ComputerEquipment core:TopRangeValue 2023-05-01 2024-04-30 11766970 2022-05-01 2023-04-30 11766970 core:FurnitureFittings 2023-05-01 2024-04-30 11766970 core:ComputerEquipment 2023-05-01 2024-04-30 11766970 1 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 11766970 (England and Wales)

RIGGOTT PROPERTY INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

RIGGOTT PROPERTY INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

RIGGOTT PROPERTY INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
RIGGOTT PROPERTY INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 46,004 57,424
Investment property 4 780,709 545,000
826,713 602,424
Current assets
Debtors 5 2,566 15,712
Investments 0 400,000
Cash at bank and in hand 141,191 73,332
143,757 489,044
Creditors: amounts falling due within one year 6 ( 878,732) ( 1,046,781)
Net current liabilities (734,975) (557,737)
Total assets less current liabilities 91,738 44,687
Provision for liabilities ( 5,657) ( 374)
Net assets 86,081 44,313
Capital and reserves
Called-up share capital 100 100
Revaluation reserve ( 16,345 ) ( 16,345 )
Profit and loss account 102,326 60,558
Total shareholders' funds 86,081 44,313

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Riggott Property Investments Limited (registered number: 11766970) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Nicholas Shaun Riggott
Director

12 September 2024

RIGGOTT PROPERTY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
RIGGOTT PROPERTY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Riggott Property Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Model Farm Barn, Westgate, Walsingham, NR22 6DY, England, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 62,140 570 1,998 64,708
Additions 0 3,197 0 3,197
At 30 April 2024 62,140 3,767 1,998 67,905
Accumulated depreciation
At 01 May 2023 6,214 570 500 7,284
Charge for the financial year 13,982 135 500 14,617
At 30 April 2024 20,196 705 1,000 21,901
Net book value
At 30 April 2024 41,944 3,062 998 46,004
At 30 April 2023 55,926 0 1,498 57,424

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 545,000
Additions 235,709
As at 30 April 2024 780,709

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 800,889 565,180

5. Debtors

2024 2023
£ £
Amounts owed by connected persons 1,313 0
Prepayments 1,253 0
VAT recoverable 0 14,271
Other debtors 0 1,441
2,566 15,712

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,053 0
Amounts owed to directors 860,154 1,037,822
Accruals and deferred income 8,382 8,156
Taxation and social security 9,143 0
Other creditors 0 803
878,732 1,046,781

7. Related party transactions

At the year end the directors were owed £860,154 (2023: £1,037,822) from the company, which is repayable on demand. No interest is charged on this loan.

8. Events after the Balance Sheet date

Shortly after the balance sheet date, the company disposed of an investment property which had provided for a significant proportion of the company's revenue. The company will, however, benefit from the cash inflows of the financing arrangements of it's disposal, and as such is not expected to materially be impacted by the event.