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COMPANY REGISTRATION NUMBER: 06214551
Ripondean Properties Limited
Filleted Unaudited Financial Statements
31 July 2024
Ripondean Properties Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
245,000
245,000
Current assets
Debtors
6
1,370
1,561
Creditors: amounts falling due within one year
7
108,843
123,207
---------
---------
Net current liabilities
107,473
121,646
---------
---------
Total assets less current liabilities
137,527
123,354
---------
---------
Net assets
137,527
123,354
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
137,525
123,352
---------
---------
Shareholders funds
137,527
123,354
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 3 February 2025 , and are signed on behalf of the board by:
Mr S W Buxton
Director
Company registration number: 06214551
Ripondean Properties Limited
Notes to the Financial Statements
Year ended 31 July 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 8 Gleneagles Court, Brighton Road, Crawley, West Sussex, RH10 6AD.
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.
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Financial support
The company had net liabilities at 31 July 2024 totalling £107,473 (2023: £121,646). W & R Buxton Holdings Limited, the ultimate parent company, has committed to providing the company with the necessary financial support in order to ensure the company can continue in operation for a period of not less than one year from the date of approval of these financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of W&R Buxton Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental charges to external customers, stated net of discounts and of Value Added Tax. Rental charges invoiced in advance are treated as deferred income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
4,724
3,991
-------
-------
Tax on profit
4,724
3,991
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
£
£
Profit on ordinary activities before taxation
18,897
19,000
--------
--------
Profit on ordinary activities by rate of tax
4,724
3,991
--------
--------
5. Tangible assets
Freehold property
£
Cost
At 1 August 2023 and 31 July 2024
245,000
---------
Depreciation
At 1 August 2023 and 31 July 2024
---------
Carrying amount
At 31 July 2024
245,000
---------
At 31 July 2023
245,000
---------
Tangible assets held at valuation
The investment property is stated at a revalued amount based on the directors assessment of fair value as at 31 July 2024. No independent valuer was involved in ths assessment. The directors have reviewed both rental yields and local sales data in arriving at this figure. On a historical cost basis these would have been included at an original cost of £212,500.
6. Debtors
2024
2023
£
£
Other debtors
1,370
1,561
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
101,279
116,376
Corporation tax
4,724
3,991
Other creditors
2,840
2,840
---------
---------
108,843
123,207
---------
---------
8. Contingencies
The company is party to guarantees provided to Bank Of Ireland in respect of borrowings within the parent company, Buxton Homes (BRRG) Limited.
9. Related party transactions
The company is a wholly owned subsidiary of W & R Buxton Holdings Limited and has taken advantage of the exemption available in accordance with FRS102 not to disclose transactions with W & R Buxton Holdings Limited or other wholly owned subsidiaries within the group.
10. Controlling party
The company is a subsidiary of Buxton Homes (BRRG) Limited which is the immediate parent company incorporated in England and Wales. The ultimate parent company is W & R Buxton Holdings Limited , a company incorporated in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by W & R Buxton Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company. In the opinion of the directors there is no ultimate controlling party.