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COMPANY REGISTRATION NUMBER: 8960350
Ravenside Ltd
Unaudited Financial Statements
30 April 2024
Ravenside Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Ravenside Ltd
Officers and Professional Advisers
The board of directors
D Schleider
L Spitzer
E Halberstadt
Registered office
10 Rydal Street
Gateshead
Tyne & Wear
NE8 1HG
Accountants
Haffner Hoff Ltd
Accountants
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Bankers
Lloyds Bank plc
15 West Street
Gateshead
Tyne & Wear
NE8 1DP
Ravenside Ltd
Directors' Report
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
D Schleider
L Spitzer
E Halberstadt
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 January 2025 and signed on behalf of the board by:
D Schleider
Director
Registered office:
10 Rydal Street
Gateshead
Tyne & Wear
NE8 1HG
Ravenside Ltd
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
186,494
175,155
---------
---------
Gross profit
186,494
175,155
Administrative expenses
62,320
125,949
---------
---------
Operating profit
124,174
49,206
Interest payable and similar expenses
4
74,050
50,423
---------
---------
Profit/(loss) before taxation
50,124
( 1,217)
Tax on profit/(loss)
--------
-------
Profit/(loss) for the financial year and total comprehensive income
50,124
( 1,217)
--------
-------
Retained earnings at the start of the year
368,840
370,057
---------
---------
Retained earnings at the end of the year
418,964
368,840
---------
---------
All the activities of the company are from continuing operations.
Ravenside Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
1,580,824
1,580,824
Current assets
Debtors
6
8,576
8,576
Cash at bank and in hand
27,059
12
--------
-------
35,635
8,588
Creditors: amounts falling due within one year
7
33,746
45,321
--------
--------
Net current assets/(liabilities)
1,889
( 36,733)
------------
------------
Total assets less current liabilities
1,582,713
1,544,091
Creditors: amounts falling due after more than one year
8
1,163,747
1,175,249
------------
------------
Net assets
418,966
368,842
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
418,964
368,840
---------
---------
Shareholders funds
418,966
368,842
---------
---------
These financial statements have been prepared 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'.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ravenside Ltd
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:
D Schleider
Director
Company registration number: 8960350
Ravenside Ltd
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 10 Rydal Street, Gateshead, Tyne & Wear, NE8 1HG.
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.
Fair value
Debtors and creditors are stated at fair value.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable from rental of owned investment property.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
74,050
50,423
--------
--------
5. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
1,580,824
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 30 April 2024
1,580,824
------------
At 30 April 2023
1,580,824
------------
6. Debtors
2024
2023
£
£
Other debtors
8,576
8,576
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
33,746
45,321
--------
--------
Bank loans are charged against the investments of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,163,747
1,175,249
------------
------------
Bank loans are charged against the investments of the company.
9. Related party transactions
The company was under the control of Mr D Schleider and Mr L Spitzer throughout the current year. Mr D Schleider is the managing director and a shareholder of the company along with Mr L Spitzer. Mr D Schleider and Mr L Spitzer are also trustees and governors of Gateshead Jewish Boarding School (GJBS). During the year Ravenside Ltd donated £13,427 to GJBS.
10. Company purpose
Ravenside Ltd was set up to fund educational purposes and has been mainly funded by charitable donations.