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REGISTERED NUMBER: 10366893 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

RYA PROPERTY LTD

RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 5,347 6,915
Investment property 5 2,088,114 1,692,808
2,093,461 1,699,723

CURRENT ASSETS
Debtors 6 408,435 405,755
Cash at bank and in hand 69,325 204,198
477,760 609,953
CREDITORS
Amounts falling due within one year 7 1,166,625 853,454
NET CURRENT LIABILITIES (688,865 ) (243,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,404,596

1,456,222

CREDITORS
Amounts falling due after more than one
year

8

(959,341

)

(994,974

)

PROVISIONS FOR LIABILITIES 11 (108,877 ) (108,854 )
NET ASSETS 336,378 352,394

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 12 322,620 322,620
Retained earnings 13,658 29,674
336,378 352,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 2 October 2024 and were signed by:



Mr C K Koumourou - Director


RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

RYA Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10366893

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents rent receivable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Furniture and fixtures - 20% on reducing balance method
Motor vehicle - 25% on reducing balance method

The company has adopted the policy of not depreciating the assets in the year of purchase, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.


RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Material 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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 4,492 6,530 11,022
DEPRECIATION
At 1 October 2022 1,250 2,857 4,107
Charge for year 649 919 1,568
At 30 September 2023 1,899 3,776 5,675
NET BOOK VALUE
At 30 September 2023 2,593 2,754 5,347
At 30 September 2022 3,242 3,673 6,915

RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 1,692,808
Additions 395,306
At 30 September 2023 2,088,114
NET BOOK VALUE
At 30 September 2023 2,088,114
At 30 September 2022 1,692,808

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 330,160
Valuation in 2021 100,000
Cost 1,657,954
2,088,114

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 1,657,954 1,262,648

Investment property was valued on an open market basis on 30 September 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 3,304 9,900
Other debtors 405,131 395,855
408,435 405,755

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 9) 380,535 61,963
Trade creditors 198 211
Taxation and social security 2,864 3,329
Other creditors 783,028 787,951
1,166,625 853,454

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans (see note 9) 759,341 823,757
Other creditors 200,000 171,217
959,341 994,974

RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
as restated
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 491,154 200,249

Repayable by instalments
Bank loans more 5 yr by instal 268,187 623,508

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 380,535 61,963

Amounts falling due between two and five years:
Other loans - 2-5 years 200,000 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 491,154 200,249

Repayable by instalments
Bank loans more 5 yr by instal 268,187 623,508

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 1,139,876 685,471

Bank loans are secured on the property of the company by way of a fixed and floating charge and contain a negative pledge.

11. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 23 1,314
Other timing differences 108,854 107,540
108,877 108,854

RYA PROPERTY LTD (REGISTERED NUMBER: 10366893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2022 108,854
Provided during year 23
Balance at 30 September 2023 108,877

12. RESERVES
Fair
value
reserve
£   
At 1 October 2022
and 30 September 2023 322,620

13. RELATED PARTY DISCLOSURES

Included in the other debtors due within one year is an amount of £402,529 (2022: £349,389) due from connected companies under common control. The loan remains interest free and repayable on demand.

Included in the other creditors due within one year is an amount of £764,283 (2022: £771,532) due to a connected company under common control. The loan remains interest free and repayable on demand.