Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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3,827,713 | 4,141,104 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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289,610 | 133,662 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (110,397) | (223,433) | ||
Total assets less current liabilities | 3,717,316 | 3,917,671 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Capital redemption reserve |
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Profit and loss account | 10 |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Ringham Properties Limited (registered number:
Mr T F A Winfrey
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Ringham Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The View, Diptford, Totnes, United Kingdom, TQ9 7LX.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
The company may provide incentives to enter into new lease agreements. These incentives may take the form of an initial rent free or reduced rent period. In accordance with the accounting treatment for lease incentives, the rent free or reduced rent period is allocated on a straight line basis over the full lease term or where a lease commenced prior to the date of transition to Section 1A of FRS 102, up to the rent review date.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss or their fair value can otherwise be measured reliably.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 30 March 2023 |
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As at 29 March 2024 |
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Valuation
The directors confirmed the valuation of all investment properties, taking into account the open market conditions as at 29 March 2024.
Historic cost
If the investment properties had been accounted for under cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 1,398,895 | 1,398,895 |
Investments in joint ventures | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 30 March 2023 |
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Disposals | (
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At 29 March 2024 |
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Carrying value at 29 March 2024 |
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Carrying value at 29 March 2023 |
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Ringham Properties Limited held a 65.25% stake in '10 Westgate, Guisborough' a Joint Venture with Parlington Properties Limited. The principal activity of the Joint Venture was the letting of an investment property. Ringham Properties Limited had exposure to the risk or reward of the Joint Venture equal to the percentage stake.
The investment in the Joint Venture was disposed of during the year.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Short term loans to Group companies |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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A joint venture existed during the year between Ringham Properties Limited and Parlington Properties Limited , a company under common control. Investments in joint ventures are measured at fair value. The property was sold during the financial year.
Non Distributable Reserves
2024 | 2023 | ||
£ | £ | ||
Unrealised gain | 2,428,727 | 2,627,931 | |
Less: Deferred tax on gain | (559,600) | (563,000) | |
1,869,127 | 2,064,931 |
Included within the company's profit and loss account are non distributable reserves which comprise of unrealised gains and losses on investments held at fair value, together with any deferred tax provided on these unrealised amounts.