RIBBLE VALLEY NORTHERN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
RIBBLE VALLEY NORTHERN LIMITED
COMPANY INFORMATION
Directors
Mrs. C A. Kelly
Mr. A J.D. Kelly
Mr. J.A. Kelly
Company number
12668060 (England and Wales)
Registered office
Unit 2, Second Avenue
Poynton Industrial Estate
Poynton
Cheshire
SK12 1ND
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
RIBBLE VALLEY NORTHERN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RIBBLE VALLEY NORTHERN LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,005,958
3,810,958
Current assets
Debtors
4
65,035
684,959
Cash at bank and in hand
789,035
92,834
854,070
777,793
Creditors: amounts falling due within one year
5
(28,277)
(15,166)
Net current assets
825,793
762,627
Net assets
3,831,751
4,573,585
Capital and reserves
Called up share capital
6
2,700,058
4,500,102
Profit and loss reserves
1,131,693
73,483
Total equity
3,831,751
4,573,585
The notes on pages 2 - 4 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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 25 November 2024 and are signed on its behalf by:
Mrs. C A. Kelly
Director
Company registration number 12668060 (England and Wales)
RIBBLE VALLEY NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Ribble Valley Northern Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Second Avenue, Poynton Industrial Estate, Poynton, Cheshire, SK12 1ND.

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 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 the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents income derived from the letting of property.

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 account date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RIBBLE VALLEY NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

Taxable profit differs from net profit as reported in the profit and loss account 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.

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.

 

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 profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 June 2023
3,810,958
Disposals
(805,000)
At 31 May 2024
3,005,958

The directors have valued the company's investment properties at 31st May 2024 on an open market value basis by reference to market evidence of transaction prices for similar properties.

.

RIBBLE VALLEY NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,574
34,352
Amounts due from related parties
39,111
40,965
Other debtors
-
0
606,388
Prepayments and accrued income
3,350
3,254
65,035
684,959
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
13,099
2,689
Other creditors
700
-
0
Accruals and deferred income
14,478
12,477
28,277
15,166
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
C Ordinary shares of £1 each
2,700,058
4,500,102
2,700,058
4,500,102

During the year a capital reduction was made to cancel 1,800,044 Ordinary C Shares to be credited to distributable reserves.

7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

The loans are unsecured, interest free and repayable on demand.

Included within other creditors are the following loans to directors:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
-
303,194
(303,500)
(306)
Loan
-
303,194
(303,500)
(306)
606,388
(607,000)
(612)
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