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REGISTERED NUMBER: 03359380 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

Ritecrown Limited

Ritecrown Limited (Registered number: 03359380)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ritecrown Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Wright Snr
R D Kinnersley





REGISTERED OFFICE: The London Accomodation Centre
190 Hornsey Road
London
N7 7LN





REGISTERED NUMBER: 03359380 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Ritecrown Limited (Registered number: 03359380)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
as restated
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 6,072,235 3,782,549
Investment property 6 2,700,000 2,700,000
8,772,235 6,482,549

CURRENT ASSETS
Inventories 28,222 31,209
Debtors 7 103,250 58,726
Cash at bank and in hand 46,230 38,022
177,702 127,957
CREDITORS
Amounts falling due within one year 8 (4,172,189 ) (2,219,086 )
NET CURRENT LIABILITIES (3,994,487 ) (2,091,129 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,777,748

4,391,420

CREDITORS
Amounts falling due after more than one
year

9

(3,316,357

)

(3,342,868

)

PROVISIONS FOR LIABILITIES (187,238 ) (58,561 )
NET ASSETS 1,274,153 989,991

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 11 845,937 389,852
Fair value reserve 987,217 987,217
Retained earnings (560,001 ) (388,078 )
1,274,153 989,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Ritecrown Limited (Registered number: 03359380)

Statement of Financial Position - continued
31 March 2024


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 Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





J Wright Snr - Director


Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ritecrown Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In assessing the ability of the Company to continue to trade as a going concern, the directors have considered the Company's deficiency of net current assets. Included within current liabilities are loans of £1,533,159 (2023 - £1,551,159) owed to a related party, LAC Holdings Limited and £480,493 (2023 - £249,446) owed to a related party, JW Whittlesey Limited. Although due on demand, the directors are of the view that the demand from repayment of these amount will not be made whilst the Company is in need of the funds to meet with its obligations as they fall due. The directors therefore consider it appropriate to prepare the financial statements one going concern basis.

Turnover
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value on a straight line basis over its expected useful life, as follows:-

Freehold land is not depreciated
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 25 % on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Revaluation of properties
Properties whose fair value can be measured reliably are held under the revaluation model and carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity, such gains and loss are recognised in profit or loss.

Impairment of fixed assets
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Investment property
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit or loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 15 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost or valuation
At 1 April 2023 3,284,212 219,074 263,004
Additions 1,562,194 2,695 27,738
Revaluations 540,096 - -
At 31 March 2024 5,386,502 221,769 290,742
Depreciation
At 1 April 2023 - 3,286 35,461
Charge for year 44,666 4,436 68,552
Revaluation adjustments (44,666 ) - -
At 31 March 2024 - 7,722 104,013
Net book value
At 31 March 2024 5,386,502 214,047 186,729
At 31 March 2023 3,284,212 215,788 227,543

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost or valuation
At 1 April 2023 32,458 28,919 3,827,667
Additions 254,969 - 1,847,596
Revaluations - - 540,096
At 31 March 2024 287,427 28,919 6,215,359
Depreciation
At 1 April 2023 6,371 - 45,118
Charge for year 19,596 5,422 142,672
Revaluation adjustments - - (44,666 )
At 31 March 2024 25,967 5,422 143,124
Net book value
At 31 March 2024 261,460 23,497 6,072,235
At 31 March 2023 26,087 28,919 3,782,549

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 360,623 - 360,623
Valuation in 2024 540,096 - 540,096
Cost 4,485,783 828,857 5,314,640
5,386,502 828,857 6,215,359

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31/3/24 31/3/23
as restated
£    £   
Cost 4,485,783 2,923,589
Aggregate depreciation 73,895 29,229

Value of land in freehold land and buildings 1,495,000 975,000

Freehold and and buildings were valued on an open market basis on 31 March 2024 by the Directors. .

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2023
and 31 March 2024 2,700,000
Net book value
At 31 March 2024 2,700,000
At 31 March 2023 2,700,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2007 619,950
Valuation in 2008 (7,975 )
Valuation in 2016 870,865
Valuation in 2017 (1,019,000 )
Valuation in 2019 836,938
Valuation in 2021 (255,000 )
Cost 1,654,222
2,700,000

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

31/3/24 31/3/23
as restated
£    £   
Cost 1,654,222 1,654,222

The investment property was valued on an open market basis on 31 March 2024 by the Directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
as restated
£    £   
Trade debtors 44,138 5,971
Other debtors 59,112 52,755
103,250 58,726

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
as restated
£    £   
Bank loans and overdrafts 772,909 28,008
Trade creditors 85,845 182,448
Amounts owed to associates 2,098,507 1,861,195
Taxation and social security 113,761 26,412
Other creditors 1,101,167 121,023
4,172,189 2,219,086

Ritecrown Limited (Registered number: 03359380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
as restated
£    £   
Bank loans 3,316,357 3,342,868

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,217,084 3,213,967

10. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
as restated
£    £   
Bank loans 4,089,266 3,370,876

The bank loans are secured by first charges over the long leasehold and debentures over all of the assets of the company.

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023 389,852
Revaluation 456,085

At 31 March 2024 845,937