Registered number: 11048988
RIB Ltd
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 September 2024
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RIB Ltd
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of RIB Ltd for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RIB Ltd for the year ended 30 September 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of RIB Ltd, as a body, in accordance with the terms of our engagement letter dated 17 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of RIB Ltd and state those matters that we have agreed to state to the Board of Directors of RIB Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RIB Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that RIB Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of RIB Ltd. You consider that RIB Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of RIB Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
11 February 2025
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RIB Ltd
Registered number: 11048988
Balance Sheet
As at 30 September 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 2
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RIB Ltd
Registered number: 11048988
Balance Sheet (continued)
As at 30 September 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
O Dorman
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The notes on pages 4 to 11 form part of these financial statements.
Page 3
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
RIB Ltd is a private company, limited by share capital, incorporated in England and Wales. The registration number of the company is 11048988.
The registered office is 30 The Waterfront, Brighton Marina Village, Brighton, BN2 5WA.
These financial statements are presented in £ Sterling and are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 5
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 6
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Investments in subsidiary companies
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Investments in associates
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Page 7
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Freehold investment property
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The 2024 valuations were made by management, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Due after more than one year
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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Page 8
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Creditors: Amounts falling due within one year
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Amounts owed to related undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Included within creditors is £1,766,250 (2023: £1,766,250) which is secured by way of a legal mortgage, provided by United Trust Bank Limited, over investment properties held by the company. The value of these properties at the end of the period was £3,100,001 (2023: £2,355,001).
Page 9
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Allotted, called up and fully paid
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9,350 (2023 - 9,350) A shares of £0.01 each
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4,345 (2023 - 4,345) B shares of £0.01 each
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825 (2023 - 825) C shares of £0.01 each
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825 (2023 - 825) D shares of £0.01 each
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4,675 (2023 - 4,675) E shares of £0.01 each
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4,675 (2023 - 4,675) F shares of £0.01 each
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825 (2023 - 825) G shares of £0.01 each
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825 (2023 - 825) H shares of £0.01 each
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The sum of the 'A', 'C', 'D', 'E', 'F', 'G' and 'H' shares have 50% of the vote on a poll and on a show of hands or a written resolution. The 'B' shares have the remaining 50% of the vote. Dividends are payable in line with voting rights on all classes of shares.
All shares rank pari passu in the event of a distribution on winding up.
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Page 10
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RIB Ltd
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Related party transactions
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Rivers Birtwell Construction Limited
(common directors)
During the year costs totalling £2,633 (2023: £7,581) were recharged by Rivers Birtwell Construction Limited. At the balance sheet date the amount owed to Rivers Birtwell Construction Limited was £Nil (2023: £Nil).
Rivers Birtwell Limited
(common directors)
During the year Rivers Birtwell Ltd charged RIB Ltd management fees totalling £Nil (2023: £9,740). At the balance sheet date the amount due to Rivers Birtwell Limited was £Nil (2023: £9,740).
Iculous Ltd
(subsidiary undertaking)
During the year RIB Ltd received interest income of £41,646 (2023: £70,491) from Iculous Limited. During the year RIB Ltd charged a management fee of £Nil (2023: £Nil) to Iculous Ltd. At the balance sheet date the amount due from Iculous Ltd was £168,240 (2023: £391,592).
Amply Ltd
(subsidiary undertaking)
During the year Amply Ltd provided a loan to RIB Ltd. At the balance sheet date the amount due to Amply Ltd was £Nil (2023: £15,600).
Big Student House Ltd
(common directors)
During the year Big Student House Ltd charged RIB Ltd agents and management fees totalling of £22,246 (2023: £9,219). At the balance sheet date the amount due to Big Student House Limited was £Nil (2023: £Nil).
Modial Ltd
(common directors)
During the year Modial Ltd recharged expenses totalling £Nil (2023: £305) to RIB Limited. At the balance sheet date, the amount due to Modial Ltd was £Nil (2023: £Nil).
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The company is controlled by the directors.
The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.
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