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Registration number: 11725028

Ride Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ride Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ride Property Ltd

Company Information

Directors

Dr Stephanie Jane Ingram

Mrs Lucinda Louise Ingram

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Ride Property Ltd

(Registration number: 11725028)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

25,007

-

Investment property

6

947,796

405,000

 

972,803

405,000

Current assets

 

Debtors

7

721

43,314

Cash at bank and in hand

 

9,641

5,812

 

10,362

49,126

Creditors: Amounts falling due within one year

8

(3,817)

(9,955)

Net current assets

 

6,545

39,171

Total assets less current liabilities

 

979,348

444,171

Creditors: Amounts falling due after more than one year

8

(1,028,394)

(475,842)

Provisions for liabilities

(15,619)

(10,869)

Net liabilities

 

(64,665)

(42,540)

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

66,587

46,337

Retained earnings

(131,254)

(88,879)

Shareholders' deficit

 

(64,665)

(42,540)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

 

Ride Property Ltd

(Registration number: 11725028)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Dr Stephanie Jane Ingram
Director

.........................................
Mrs Lucinda Louise Ingram
Director

 

Ride Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT

These financial statements were authorised for issue by the Board on 17 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33% Straight Line

Furniture & Furnishings

25% Straight Line

 

Ride Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 directors) during the year, was 0 (2022 - 0).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,336

150

 

Ride Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

441

441

Additions

33,343

33,343

At 31 December 2023

33,784

33,784

Depreciation

At 1 January 2023

441

441

Charge for the year

8,336

8,336

At 31 December 2023

8,777

8,777

Carrying amount

At 31 December 2023

25,007

25,007

6

Investment properties

2023
£

At 1 January

405,000

Additions

517,796

Fair value adjustments

25,000

At 31 December

947,796

The fair value of the property at 31st December 2023 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation of £947,795.66 was arrived at by reference to the market evidence of transaction prices for similar properties in its location the property is situated.

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

-

39,030

Prepayments

 

721

84

Other debtors

 

-

4,200

   

721

43,314

 

Ride Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

9,765

Trade creditors

 

1,237

55

Accruals and deferred income

 

1,887

135

Other creditors

 

693

-

 

3,817

9,955

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

931,317

475,842

Other non-current financial liabilities

 

97,077

-

 

1,028,394

475,842

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

20,250

20,250

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

17,910

17,910

 

Ride Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

508,368

168,300

Other borrowings

422,949

307,542

931,317

475,842

Current loans and borrowings

2023
£

2022
£

Other borrowings

-

9,765