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COMPANY REGISTRATION NUMBER: 00591285
T Rippon Estates Limited
Filleted Financial Statements
30 April 2024
T Rippon Estates Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
T Rippon Estates Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
16,763,818
16,785,537
Investments
6
2
2
-------------
-------------
16,763,820
16,785,539
Current assets
Debtors
7
142,683
103,848
Cash at bank and in hand
648,556
83,498
---------
---------
791,239
187,346
Creditors: amounts falling due within one year
8
2,323,432
1,595,873
------------
------------
Net current liabilities
1,532,193
1,408,527
-------------
-------------
Total assets less current liabilities
15,231,627
15,377,012
Creditors: amounts falling due after more than one year
9
1,597,852
2,176,986
-------------
-------------
Net assets
13,633,775
13,200,026
-------------
-------------
Capital and reserves
Called up share capital
10
701,000
701,000
Profit and loss account
12,932,775
12,499,026
-------------
-------------
Shareholders funds
13,633,775
13,200,026
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T Rippon Estates Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
DJ Porter
Director
Company registration number: 00591285
T Rippon Estates Limited
Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
701,000
11,577,691
12,278,691
Profit for the year
921,335
921,335
---------
-------------
-------------
Total comprehensive income for the year
921,335
921,335
At 30 April 2023
701,000
12,499,026
13,200,026
Profit for the year
433,749
433,749
---------
-------------
-------------
Total comprehensive income for the year
433,749
433,749
---------
-------------
-------------
At 30 April 2024
701,000
12,932,775
13,633,775
---------
-------------
-------------
T Rippon Estates Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 1 Summit House, Waterloo Lane, Chelmsford, Essex, CM1 1BD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Group accounts not prepared
The company is part of a small group and is exempt from preparing consolidated accounts under S398 of the Companies Act 2006.
Revenue recognition
Turnover comprises the fair value of the consideration received for rental income in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: - the amount of revenue can be reliably measured; - it is probable that future economic benefits will flow to the entity; - and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Fixtures, fittings and equipment
-
33.33% straight line
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value can not be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividend on equity shares securities are recognised in income when receivable.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement in on a present value basis.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense to the Statement of Comprehensive Income.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 May 2023
16,783,500
25,467
16,808,967
Additions
450
450
Revaluations
( 21,200)
( 21,200)
-------------
--------
-------------
At 30 April 2024
16,762,750
25,467
16,788,217
-------------
--------
-------------
Depreciation
At 1 May 2023
23,430
23,430
Charge for the year
969
969
-------------
--------
-------------
At 30 April 2024
24,399
24,399
-------------
--------
-------------
Carrying amount
At 30 April 2024
16,762,750
1,068
16,763,818
-------------
--------
-------------
At 30 April 2023
16,783,500
2,037
16,785,537
-------------
--------
-------------
Includes within the net book value of land and buildings above is £16,762,500 (2023: £16,783,500) in respect of freehold land and buildings. Revaluations The investment properties were revalued by Elwell Taylor who is a member of the Royal Institute of Chartered Surveyors. The basis of these valuations is market value in accordance with the RICS Valuation Standards. The historical cost of the investment properties is £15,004,168 (2023: £15,003,718).
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
2
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 30 April 2024
2
----
At 30 April 2023
2
----
Other investments at cost comprise two shares (representing 20%) of the issued share capital in County Square (Chelmsford) Management Company Limited, a non profit making company registered in England. The company manages the common areas of development on which T Rippon Estates Limited owns two freehold properties. T Rippon Estates Limited is required to hold shares in County Square (Chelmsford) Management Company Limited as part of the original contract for acquisition of the two freehold properties.
As one of the other shareholders in County Square (Chelmsford) Management Company Limited owns in excess of 50% of the share capital in this company the directors are of the opinion that the company cannot exercise any significant influence over the operations of County Square (Chelmsford) Management Company Limited. Under these circumstances accounting for the shareholding in County Square (Chelmsford) Management Company Limited as an associate is deemed inappropriate and therefore this investment is is shown in these accounts at cost.
The Profit on Ordinary Activities after Taxation of County Square (Chelmsford) Management Company Limited for the year ended 31 December 2023 was £nil (2022: £nil). The company had a deficit of equity shareholders' funds at 31 December 2023 of £1,155 (2022: £1,155).
7. Debtors
2024
2023
£
£
Trade debtors
78,996
43,790
Other debtors
63,687
60,058
---------
---------
142,683
103,848
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
1,800,000
950,000
Trade creditors
16,897
22,131
Accruals and deferred income
154,610
165,624
Corporation tax
125,000
233,000
Social security and other taxes
34,461
32,427
Other creditors
192,464
192,691
------------
------------
2,323,432
1,595,873
------------
------------
The bank loan with Handelsbanken is secured by first priority legal charges over certain freehold properties. In year, this loan was drawn down by an additional £850,000. The loan bears interest at 3% over base rate and is renewed on an annual basis.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,597,852
2,176,986
------------
------------
The amount owed to group undertakings of £1,597,852 (2023: £2,176,986) is a loan due to T Rippon & Sons (Holdings) Limited from its wholly owned subsidiary, T Rippon Estates Limited. This debt is only repayable, in whole or in part, on giving 12 months notice to T Rippon Estates Limited. Of this total, £400,000 (2023: £400,000) bears interest at base rate. The remainder of the loan is non-interest bearing.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
701,000
701,000
701,000
701,000
---------
---------
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
13,836
17,169
Later than 1 year and not later than 5 years
5,377
19,213
--------
--------
19,213
36,382
--------
--------
12. Summary audit opinion
The auditor's report dated 31 January 2025 was qualified on the following basis:
We were unable to obtain sufficient appropriate audit evidence to support the investment property fair value as at 30 April 2022. The properties were formally valued as at 30 April 2023 and a fair value adjustment was accounted for through the profit and loss account in that year to materially accurately reflect the fair value as at the balance sheet date. Prior to this, as the properties had not been subject to formal valuation since 30 April 2019, we have been unable to identify how much of the fair value adjustment accounted for in year ended 30 April 2023 related back to prior years and therefore we cannot conclude on whether the fair value adjustment in the profit and loss account for year ended 30 April 2023 is materially misstated. We have been able to satisfy ourselves that the carrying values of the property portfolio as at 30 April 2023 and 30 April 2024 are materially accurate.
The senior statutory auditor was Sandra Morrell , for and on behalf of Edmund Carr LLP .
13. Related party transactions
The company has taken advantage of the exemption granted by paragraph 33.1A of FRS 102 from the requirement to disclose transactions with wholly owned group companies. Professional fees of £32,685 (2023: £26,348) were paid to companies with common directors. Expenses were reimbursed to a director of £1,355 (2023: £1,994). Within trade creditors are £8,143 (2023: £543) owed to companies with common directors.