Company registration number 10665642 (England and Wales)
C T PROPERTIES (RIPON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
C T PROPERTIES (RIPON) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
C T PROPERTIES (RIPON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,988
24,878
Investment property
4
490,000
1,975,000
497,988
1,999,878
Current assets
Debtors
5
131
283
Cash at bank and in hand
67,402
534,509
67,533
534,792
Creditors: amounts falling due within one year
6
(145,006)
(1,992,555)
Net current liabilities
(77,473)
(1,457,763)
Total assets less current liabilities
420,515
542,115
Provisions for liabilities
(29,467)
(103,827)
Net assets
391,048
438,288
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
82,409
292,823
Profit and loss reserves
308,539
145,365
Total equity
391,048
438,288
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr C Greenall
Director
Company Registration No. 10665642
C T PROPERTIES (RIPON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
C T Properties (Ripon) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gypsy Wood Barn, Elvington Lane, Elvington, York, YO19 5LT. The company registration number is 10665642.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business,
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
C T PROPERTIES (RIPON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
47,017
Disposals
(17,971)
At 31 March 2024
29,046
Depreciation and impairment
At 1 April 2023
22,139
Depreciation charged in the year
5,809
Eliminated in respect of disposals
(6,890)
At 31 March 2024
21,058
Carrying amount
At 31 March 2024
7,988
At 31 March 2023
24,878
C T PROPERTIES (RIPON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 April 2023
1,975,000
Disposals
(1,450,000)
Revaluations
(35,000)
At 31 March 2024
490,000
Investment property comprises residential properties with a historical cost of £380,120 (2023: £1,584,568). The fair value of £490,000 (2022: £1,975,000) has been arrived at by the director and was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
131
283
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
58,262
20,171
Other taxation and social security
15,285
Other creditors
86,744
1,957,099
145,006
1,992,555
Other creditors include £84,355 (2023: £1,954,355) which is owed to the director and is repayable on demand. No interest is charged.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
292,823
286,854
Other movements
(210,414)
5,969
At the end of the year
82,409
292,823
C T PROPERTIES (RIPON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
9
Events after the reporting date
The company completed sale of 21 Bondgate Green 24 September 2024 for £490,000. At 31 March 2024, 21 Bondgate Green is held by the company in fixed asset investment properties with a fair value of £490,000.