REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Ritecrown Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Fair value reserve |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
Ritecrown Limited (Registered number: 03359380) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Ritecrown Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Cost or valuation |
At 1 April 2023 |
Additions |
Revaluations |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Revaluation adjustments | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Revaluations |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Revaluation adjustments | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 2,098,507 | 1,861,195 |
Taxation and social security |
Other creditors |
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 |
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 |
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 |
Revaluation | 456,085 |
At 31 March 2024 |