REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RIDGWAY PROPERTIES LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RIDGWAY PROPERTIES LIMITED |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RIDGWAY PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Ridgway Properties Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements have been prepared under the historical cost convention. |
These financial statements are for the individual entity only. |
These financial statements are presented in Sterling (£), rounded to the nearest £1. |
Basis of preparing the financial statements |
At the balance sheet date the company had net current liabilities of £2,584,744 (2023: £2,567,463). As shown in the creditors due within one year note, amounts are due to group companies of £2,575,779 (2023: £2,383,638). The directors have reviewed the support of the group companies and fully expect this to continue for the foreseeable future. |
The company finances its working capital requirements via loans from group companies and there is no indication that this support will not continue. The directors have considered post year-end trading and believe that the going concern basis of preparation is still appropriate. |
Turnover |
Turnover represents net invoiced sales of goods and services excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Buildings are depreciated at an annual rate of 1% on cost. |
No depreciation has been provided in respect of the company's freehold land. |
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to it working condition for its intended use. |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Operating lease income |
Rental income from operating leases are recognised on a straight line basis over the period of the leases. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and | Office |
buildings | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in cost of land and buildings is freehold land of £ 383,991 (2023 - £ 383,991 ) which is not depreciated. |
At the year end the gross amount of assets held for use in operating leases is £2,877,679 (2023: £2,873,449) and the related accumulation charges are £204,493 (2023: £179,556). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
RIDGWAY PROPERTIES LIMITED (REGISTERED NUMBER: 03618122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
The bank loans are secured by way of a fixed legal charge over the company's land and buildings at Ridgway Business Park dated 28 January 2019. |
Bank loans are also secured by an unlimited guarantee given by Sandford Assets Limited and by fellow subsidiary companies Ridgway Rentals Limited, Ridgway Holdings International Limited and Ridgway Leasing Limited. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Sandford Assets Limited. group for which consolidated financial statements are prepared, which include Ridgway Properties Limited. |
The ultimate parent company is |
prepared, which include Ridgway Properties Limited. |
Group accounts are freely available from Companies House. |
The registered office of both the immediate parent company and the ultimate parent company is |
The ultimate controlling party is in the ultimate parent company, Ridgway Holdings Limited. |