Company registration number 04880920 (England and Wales)
RIDING HOUSE PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RIDING HOUSE PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
RIDING HOUSE PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,500,000
3,055,000
Current assets
Debtors
4
2,487,843
2,100,441
Cash at bank and in hand
966
1,210
2,488,809
2,101,651
Creditors: amounts falling due within one year
5
(1,510,591)
(3,002,719)
Net current assets/(liabilities)
978,218
(901,068)
Total assets less current liabilities
3,478,218
2,153,932
Creditors: amounts falling due after more than one year
6
(1,874,547)
-
0
Provisions for liabilities
7
(234,566)
(373,316)
Net assets
1,369,105
1,780,616
Capital and reserves
Called up share capital
8
102
102
Investment property revaluation reserve
900,279
1,316,529
Profit and loss reserves
468,724
463,985
Total equity
1,369,105
1,780,616

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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.

RIDING HOUSE PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
A S Coffer
Director
Company Registration No. 04880920
RIDING HOUSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Riding House Property Investments Limited is a private company limited by shares incorporated and domiciled in England and Wales. The company's principal place of business is 52 Portland Place, London, W1B 1NH. The registered office is 30 City Road, London, EC1Y 2AB.

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £896,329.

 

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from fellow group companies and if required from other connected companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover represents rent receivable for letting of investment propertiess net of VAT. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease.

1.4
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 end date. The surplus or deficit on revaluation is recognised in the income statement.

 

The fair value model is determined by the directors with the benefit of professional external valuers and derived by reference to market evidence of transaction prices for similar properties in their locations together with a review of property rental yields.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

RIDING HOUSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow connected companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

RIDING HOUSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023:2)

3
Investment property
2024
£
Fair value
At 1 April 2023
3,055,000
Revaluations
(555,000)
At 31 March 2024
2,500,000

No depreciation is provided in respect of these properties.


On a historical cost basis the investment property would have been included at an original cost of £1,365,155 (2023: £1,365,155).

RIDING HOUSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,457
1,337
Other debtors
2,486,386
2,099,104
2,487,843
2,100,441
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
1,521,052
Trade creditors
-
0
62,400
Taxation and social security
8,459
-
0
Other creditors
1,502,132
1,419,267
1,510,591
3,002,719

The bank loan is charged at 10% compounded and services quarterly in arrears. The loan is repayable in full including any outstanding interest, costs and expenses on the date which all become due and payable being the earlier of 36 months from the date of advance of funds or date lender gives notification of an event or default.

 

The bank loan is secured by fixed and floating charges over the investment property of the company and a cross-guarantee with connected entities.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,874,547
-
0
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
234,566
373,316
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
102 Ordinary shares of £1 each
102
102
102
102
RIDING HOUSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Financial commitments, guarantees and contingent liabilities

The company is a party to a cross guarantee and has given a legal charge over its freehold properties to Westbrook Alternative Asset Management UK Limited (as security agent for the finance parties) to secure loan advances to the company and other related companies. As at 31 March 2024, the amount owed by all the borrowers amounted to £12,510,000.

 

In earlier years the company is a party to a cross guarantee and has given a legal charge over its freehold properties to Mount Street Mortgage Service Limited (as security agent for the finance parties) to secure loan advances to the company and other related companies. As at 31 March 2023, the amount owed by all the borrowers amounted to £10,986,109.

 

10
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
1,451,669
1,347,669

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
2,424,535
2,096,579
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