Company registration number 08905278 (England and Wales)
Ramsareus Properties Limited
Annual Report And Unaudited Financial Statements
For The Year Ended 28 February 2024
Pages For Filing With Registrar
RAMSAREUS PROPERTIES LIMITED
Ramsareus Properties Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RAMSAREUS PROPERTIES LIMITED
Ramsareus Properties Limited
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
861,848
861,848
Current assets
Debtors
4
-
0
198
Cash at bank and in hand
13,037
11,834
13,037
12,032
Creditors: amounts falling due within one year
5
(794,715)
(793,913)
Net current liabilities
(781,678)
(781,881)
Net assets
80,170
79,967
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
80,070
79,867
Total equity
80,170
79,967

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 28 February 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mrs L M Chasney
Director
Company Registration No. 08905278
RAMSAREUS PROPERTIES LIMITED
Ramsareus Properties Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Ramsareus Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bilton Grange, Tockwith Lane, Bilton-in-Ainsty, York, YO26 7NZ.

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 £1.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue represents rent receivable, recognised on an accruals basis.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

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.

1.6
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.

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.

RAMSAREUS PROPERTIES LIMITED
Ramsareus Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

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.

RAMSAREUS PROPERTIES LIMITED
Ramsareus Properties Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
861,848

The fair value of the investment property has been arrived at on the basis of cost of purchase of the properties. The directors are of the opinion that there is no material change in the value as at 28 February 2024.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
198
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
553
-
0
Taxation and social security
100
1,000
Other creditors
794,062
792,913
794,715
793,913
2024-02-282023-03-01false17 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr P C ChasneyMrs L M Chasneyfalsefalse089052782023-03-012024-02-28089052782024-02-28089052782023-02-2808905278core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2808905278core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2808905278core:CurrentFinancialInstruments2024-02-2808905278core:CurrentFinancialInstruments2023-02-2808905278core:ShareCapital2024-02-2808905278core:ShareCapital2023-02-2808905278core:RetainedEarningsAccumulatedLosses2024-02-2808905278core:RetainedEarningsAccumulatedLosses2023-02-2808905278bus:Director22023-03-012024-02-28089052782022-03-012023-02-28089052782023-02-2808905278core:WithinOneYear2024-02-2808905278core:WithinOneYear2023-02-2808905278bus:PrivateLimitedCompanyLtd2023-03-012024-02-2808905278bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2808905278bus:FRS1022023-03-012024-02-2808905278bus:AuditExemptWithAccountantsReport2023-03-012024-02-2808905278bus:Director12023-03-012024-02-2808905278bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP