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Company registration number: 03961434
Ralston Properties Limited
Unaudited filleted financial statements
31 March 2024
Ralston Properties Limited
Contents
Statement of financial position
Notes to the financial statements
Ralston Properties Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 190 24,382
_______ _______
190 24,382
Current assets
Stocks 20,000 50,000
Debtors 6 333,542 268,188
Cash at bank and in hand - 6,881
_______ _______
353,542 325,069
Creditors: amounts falling due
within one year 7 ( 124,103) ( 120,259)
_______ _______
Net current assets 229,439 204,810
_______ _______
Total assets less current liabilities 229,629 229,192
Creditors: amounts falling due
after more than one year 8 - ( 21,668)
_______ _______
Net assets 229,629 207,524
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account 229,628 207,523
_______ _______
Shareholders funds 229,629 207,524
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr I C Ralston
Director
Company registration number: 03961434
Ralston Properties Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the business address is 21 Brindley Road, Hinckley, Leicestershire, LE10 3BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other adminsitrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 48,614 35,935 84,549
Disposals ( 30,000) - ( 30,000)
_______ _______ _______
At 31 March 2024 18,614 35,935 54,549
_______ _______ _______
Depreciation
At 1 April 2023 24,232 35,935 60,167
Charge for the year 5,192 - 5,192
Disposals ( 11,000) - ( 11,000)
_______ _______ _______
At 31 March 2024 18,424 35,935 54,359
_______ _______ _______
Carrying amount
At 31 March 2024 190 - 190
_______ _______ _______
At 31 March 2023 24,382 - 24,382
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 309,789 240,587
Other debtors 23,753 27,601
_______ _______
333,542 268,188
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 25,125 10,000
Trade creditors 27,194 87,076
Amounts owed to group undertakings and undertakings in which the company has a participating interest 29,000 2,000
Corporation tax 13,389 -
Social security and other taxes 20,878 8,897
Other creditors 8,517 12,286
_______ _______
124,103 120,259
_______ _______
Included within creditors is a unsecured bank overdraft and loan of £0 (2023: £10,000).
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 21,668
_______ _______
Included within creditors is a unsecured bank overdraft and loan of £0 (2023: £21,668)
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
10. Controlling party
The company is a wholly owned subsidiary of Ralston Holdings Limited, a company incorporated in England and Wales. The registered office address of Ralston Holdings Limited is 21 Brindley Road, Hinckley, Leicestershire, LE10 3BY.