Company registration number 03698604 (England and Wales)
Ravensdale Property Services Limited
financial statements
For the year ended 30 April 2024
Ravensdale Property Services Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Ravensdale Property Services Limited
Statement of financial position
As at 30 April 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
8,200,000
8,552,682
Current assets
Debtors
4
46,308
Cash at bank and in hand
3,815
5,796
3,815
52,104
Creditors: amounts falling due within one year
5
(3,151,635)
(3,072,413)
Net current liabilities
(3,147,820)
(3,020,309)
Total assets less current liabilities
5,052,180
5,532,373
Creditors: amounts falling due after more than one year
6
(4,081,255)
(4,278,492)
Provisions for liabilities
(53,579)
Net assets
917,346
1,253,881
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
917,344
1,253,879
Total equity
917,346
1,253,881
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Mr D A J Brown
Director
Company registration number 03698604 (England and Wales)
Ravensdale Property Services Limited
Notes to the financial statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information
Ravensdale Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Distribution House, Chemical Lane East, Stoke on Trent, Staffordshire, ST6 4FB.
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 cover the company as an individual entity and are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified 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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Investment property
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. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and cash at bank.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
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.
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The investment property is measured using the fair value model and as such requires significant estimation. The valuation of the investment property has been based on a formal valuation completed by property experts at the year end.
3
Investment property
2024
£
Fair value
At 1 May 2023
8,552,682
Revaluations
(352,682)
At 30 April 2024
8,200,000
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
3
Investment property
(Continued)
- 5 -
Investment property comprises commercial property. The fair value of the investment property has been determined by way of a formal valuation completed by Harris Lamb as at 30 April 2024. This valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The reduction in the fair value of the investment property has been recognised in the income statement.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
46,308
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
215,160
202,256
Trade creditors
1,434
Amounts owed to group undertakings
2,713,936
2,658,937
Taxation and social security
13,500
Other creditors
209,039
209,786
3,151,635
3,072,413
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,081,255
4,278,492
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
3,110,145
3,400,546
Ravensdale Property Services Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
7
Loans and overdrafts
2024
2023
£
£
Bank loans
4,296,415
4,480,748
Payable within one year
215,160
202,256
Payable after one year
4,081,255
4,278,492
Bank loans are secured by the following:
A first legal change over the freehold land and buildings at Chemical Lane, Stoke-on-Trent, ST6 4PB.
An omnibus guarantee and set off agreement dated 29th March 2018 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.
An unlimited debenture dated 1st August 2016.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Nicola Johnson
Statutory Auditor:
DJH Audit Limited
Date of audit report:
13 November 2024
9
Parent company
Browns Commercial Holdings Limited is the company's immediate and ultimate parent company.
Copies of the group accounts of Browns Commercial Holdings Limited can be obtained from Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB.
The ultimate controlling party is Mr D Brown by virtue of his majority shareholding in Browns Commercial Holdings Limited.
10
Profit and loss reserves
The profit and loss reserves include losses on investment property totalling £352,682 (2023 - £nil).