Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseThe principal activity of the company under review was that of property investment and letting.2023-10-0122truetruefalse 11048988 2023-10-01 2024-09-30 11048988 2022-10-01 2023-09-30 11048988 2024-09-30 11048988 2023-09-30 11048988 c:Director2 2023-10-01 2024-09-30 11048988 d:ComputerEquipment 2023-10-01 2024-09-30 11048988 d:ComputerEquipment 2024-09-30 11048988 d:ComputerEquipment 2023-09-30 11048988 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 11048988 d:FreeholdInvestmentProperty 2024-09-30 11048988 d:FreeholdInvestmentProperty 2023-09-30 11048988 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 11048988 d:CurrentFinancialInstruments 2024-09-30 11048988 d:CurrentFinancialInstruments 2023-09-30 11048988 d:Non-currentFinancialInstruments 2024-09-30 11048988 d:Non-currentFinancialInstruments 2023-09-30 11048988 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 11048988 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11048988 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 11048988 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 11048988 d:ShareCapital 2024-09-30 11048988 d:ShareCapital 2023-09-30 11048988 d:RevaluationReserve 2024-09-30 11048988 d:RevaluationReserve 2023-09-30 11048988 d:RetainedEarningsAccumulatedLosses 2024-09-30 11048988 d:RetainedEarningsAccumulatedLosses 2023-09-30 11048988 c:OrdinaryShareClass1 2023-10-01 2024-09-30 11048988 c:OrdinaryShareClass1 2024-09-30 11048988 c:OrdinaryShareClass1 2023-09-30 11048988 c:OrdinaryShareClass2 2023-10-01 2024-09-30 11048988 c:OrdinaryShareClass2 2024-09-30 11048988 c:OrdinaryShareClass2 2023-09-30 11048988 c:OrdinaryShareClass3 2023-10-01 2024-09-30 11048988 c:OrdinaryShareClass3 2024-09-30 11048988 c:OrdinaryShareClass3 2023-09-30 11048988 c:OrdinaryShareClass4 2023-10-01 2024-09-30 11048988 c:OrdinaryShareClass4 2024-09-30 11048988 c:OrdinaryShareClass4 2023-09-30 11048988 c:OrdinaryShareClass5 2023-10-01 2024-09-30 11048988 c:OrdinaryShareClass5 2024-09-30 11048988 c:OrdinaryShareClass5 2023-09-30 11048988 c:FRS102 2023-10-01 2024-09-30 11048988 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 11048988 c:FullAccounts 2023-10-01 2024-09-30 11048988 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11048988 d:RetirementBenefitObligationsDeferredTax 2024-09-30 11048988 d:RetirementBenefitObligationsDeferredTax 2023-09-30 11048988 2 2023-10-01 2024-09-30 11048988 6 2023-10-01 2024-09-30 11048988 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11048988










RIB Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
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 2024Our 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
Page 1

 
RIB Ltd
Registered number: 11048988

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
  
301,405
301,405

Investment property
  
3,100,001
2,530,001

  
3,401,406
2,831,406

Current assets
  

Debtors: amounts falling due after more than one year
 7 
168,240
391,592

Debtors: amounts falling due within one year
 7 
9,110
6,999

Bank and cash balances
  
2,081
5,452

  
179,431
404,043

Creditors: amounts falling due within one year
 8 
(67,710)
(136,623)

Net current assets
  
 
 
111,721
 
 
267,420

Total assets less current liabilities
  
3,513,127
3,098,826

Creditors: amounts falling due after more than one year
 9 
(1,942,366)
(1,948,442)

Provisions for liabilities
  

Deferred tax
 10 
(369,491)
(266,329)

  
 
 
(369,491)
 
 
(266,329)

Net assets
  
1,201,270
884,055


Capital and reserves
  

Called up share capital 
 11 
263
263

Revaluation reserve
  
1,108,411
798,925

Profit and loss account
  
92,596
84,867

  
1,201,270
884,055


Page 2

 
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
Director
Date: 10 February 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

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.

 
2.3

Tangible fixed assets

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

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Computer equipment
-
33%
straight line

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.

 
2.4

Investment property

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

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.

 
2.9

Creditors

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.

 
2.10

Finance costs

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

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.11

Dividends

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.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.14

Provisions for liabilities

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.

 
2.15

Current and deferred taxation

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

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 October 2023
500



At 30 September 2024

500



Depreciation


At 1 October 2023
500



At 30 September 2024

500



Net book value



At 30 September 2024
-



At 30 September 2023
-


5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 October 2023
1,405
300,000
301,405



At 30 September 2024
1,405
300,000
301,405




Page 7

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
2,530,001


Additions at cost
157,353


Surplus on revaluation
412,647



At 30 September 2024
3,100,001

The 2024 valuations were made by management, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,622,035
1,464,683

1,622,035
1,464,683


7.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
168,240
391,592

168,240
391,592


2024
2023
£
£

Due within one year

Trade debtors
9,000
-

Called up share capital not paid
110
110

Prepayments and accrued income
-
6,889

9,110
6,999


Page 8

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,051
6,051

Other loans
-
55,708

Trade creditors
2,503
6,103

Amounts owed to related undertakings
-
25,340

Corporation tax
22,576
-

Other creditors
29,676
41,621

Accruals and deferred income
6,904
1,800

67,710
136,623



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
1,942,366
1,948,442

1,942,366
1,948,442


The following liabilities were secured:

2024
2023
£
£



Other loans
1,766,250
1,766,250

1,766,250
1,766,250

Details of security provided:

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

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

10.


Deferred taxation




2024


£






At beginning of year
(266,329)


Charged to profit or loss
(103,162)



At end of year
(369,491)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
(369,491)
(266,329)

(369,491)
(266,329)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,350 (2023 - 9,350) A shares of £0.01 each
94
94
4,345 (2023 - 4,345) B shares of £0.01 each
43
43
825 (2023 - 825) C shares of £0.01 each
8
8
825 (2023 - 825) D shares of £0.01 each
8
8
4,675 (2023 - 4,675) E shares of £0.01 each
47
47
4,675 (2023 - 4,675) F shares of £0.01 each
47
47
825 (2023 - 825) G shares of £0.01 each
8
8
825 (2023 - 825) H shares of £0.01 each
8
8

263

263

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.


Page 10

 
RIB Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

12.


Related party transactions

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). 


13.


Controlling party

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.


Page 11