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Company No: 11456173 (England and Wales)

RITCHIE HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

RITCHIE HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

RITCHIE HOLDINGS LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
RITCHIE HOLDINGS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTOR Ian Carl Ritchie
REGISTERED OFFICE 110 Three Colt Street
London
E14 8AZ
United Kingdom
COMPANY NUMBER 11456173 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
RITCHIE HOLDINGS LIMITED

BALANCE SHEET

As at 30 April 2024
RITCHIE HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,253 1,897
Investment property 4 2,092,860 2,092,860
Investments 5 326,451 305,172
2,420,564 2,399,929
Current assets
Debtors 6 140,559 30
Cash at bank and in hand 7 16,915 46,263
157,474 46,293
Creditors: amounts falling due within one year 8 ( 55,795) ( 8,162)
Net current assets 101,679 38,131
Total assets less current liabilities 2,522,243 2,438,060
Creditors: amounts falling due after more than one year 9 ( 514,943) ( 130,900)
Net assets 2,007,300 2,307,160
Capital and reserves
Called-up share capital 10 2,000 2,000
Profit and loss account 2,005,300 2,305,160
Total shareholders' funds 2,007,300 2,307,160

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ritchie Holdings Limited (registered number: 11456173) were approved and authorised for issue by the Director on 17 January 2025. They were signed on its behalf by:

Ian Carl Ritchie
Director
RITCHIE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
RITCHIE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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.

General information and basis of accounting

Ritchie Holdings 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 110 Three Colt Street, London, E14 8AZ, United Kingdom.

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.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised to the extent that the entity obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the rental income received, excluding discounts, rebates, VAT and other sales tax or duty.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Financial instruments

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, 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.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 3,220 3,220
At 30 April 2024 3,220 3,220
Accumulated depreciation
At 01 May 2023 1,323 1,323
Charge for the financial year 644 644
At 30 April 2024 1,967 1,967
Net book value
At 30 April 2024 1,253 1,253
At 30 April 2023 1,897 1,897

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 2,092,860
As at 30 April 2024 2,092,860

Valuation

A market valuation of investment property was completed by the director at the statement of financial position date. The comparison approach was used for the property, which involved reviewing recent market evidence from the sales of similar properties during the period.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 1,000
At 30 April 2024 1,000
Carrying value at 30 April 2024 1,000
Carrying value at 30 April 2023 1,000

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 325,000 325,000
Movement in fair value 451 451
At 30 April 2024 325,451 325,451
Provisions for impairment
At 01 May 2023 20,828 20,828
Reversal of impairment ( 20,828) ( 20,828)
At 30 April 2024 0 0
Carrying value at 30 April 2024 325,451 325,451
Carrying value at 30 April 2023 304,172 304,172

Other investments comprise listed investments at fair value and other investments at cost less impairment.

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 139,543 0
Other debtors 1,016 30
140,559 30

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 16,915 46,263

8. Creditors: amounts falling due within one year

2024 2023
£ £
Other taxation and social security 2,295 2,912
Other creditors 53,500 5,250
55,795 8,162

There are no amounts included above in respect of which any security has been given by the small entity.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 514,943 130,900

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 1.00 each 2,000 2,000

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Interest free loan to the company 514,943 130,900