R.A.G. Properties Limited 04821234 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is renting residential property Digita Accounts Production Advanced 6.30.9574.0 true 04821234 2023-08-01 2024-07-31 04821234 2024-07-31 04821234 bus:OrdinaryShareClass1 2024-07-31 04821234 core:CurrentFinancialInstruments 2024-07-31 04821234 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 04821234 core:Non-currentFinancialInstruments 2024-07-31 04821234 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 04821234 bus:SmallEntities 2023-08-01 2024-07-31 04821234 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04821234 bus:FilletedAccounts 2023-08-01 2024-07-31 04821234 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04821234 bus:RegisteredOffice 2023-08-01 2024-07-31 04821234 bus:CompanySecretary1 2023-08-01 2024-07-31 04821234 bus:Director1 2023-08-01 2024-07-31 04821234 bus:Director2 2023-08-01 2024-07-31 04821234 bus:Director4 2023-08-01 2024-07-31 04821234 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 04821234 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04821234 bus:Agent1 2023-08-01 2024-07-31 04821234 countries:England 2023-08-01 2024-07-31 04821234 2023-07-31 04821234 2022-08-01 2023-07-31 04821234 2023-07-31 04821234 bus:OrdinaryShareClass1 2023-07-31 04821234 core:CurrentFinancialInstruments 2023-07-31 04821234 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04821234 core:Non-currentFinancialInstruments 2023-07-31 04821234 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04821234

R.A.G. Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

R.A.G. Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

R.A.G. Properties Limited

Company Information

Directors

AD Hayes

GS Parker

RC Parker

Company secretary

DE Parker

Registered office

108 Grove Road
Bladon
Woodstock
Oxfordshire
OX20 1RA

Accountants

Lucas Accountancy Limited 198 Woodstock Road
Yarnton
Kidlington
Oxfordshire
OX5 1PP

 

R.A.G. Properties Limited

(Registration number: 04821234)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

675,000

730,000

Current assets

 

Debtors

5

90

644

Cash at bank and in hand

 

26,866

41,346

 

26,956

41,990

Creditors: Amounts falling due within one year

6

(3,917)

(4,294)

Net current assets

 

23,039

37,696

Total assets less current liabilities

 

698,039

767,696

Creditors: Amounts falling due after more than one year

6

(191,381)

(191,381)

Provisions for liabilities

(75,512)

(76,448)

Net assets

 

431,146

499,867

Capital and reserves

 

Called up share capital

7

89

90

Capital redemption reserve

1

-

Other reserves

363,191

417,255

Retained earnings

67,865

82,522

Shareholders' funds

 

431,146

499,867

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
RC Parker
Director

 

R.A.G. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
108 Grove Road
Bladon
Woodstock
Oxfordshire
OX20 1RA

These financial statements were authorised for issue by the Board on 25 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the gross rental income from let residential properties.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R.A.G. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

R.A.G. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 August

730,000

Fair value adjustments

(55,000)

At 31 July

675,000

In July 2024, the directors reviewed the fair value of the properties. The fair value of the properties have been decreased in these accounts as a conseqnece of that review.

5

Debtors

Current

2024
£

2023
£

Other debtors

90

644

 

90

644

 

R.A.G. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

99

99

Taxation and social security

3,184

3,749

Accruals and deferred income

634

446

3,917

4,294

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

191,381

191,381

Creditors include a bank loan which is secured on the investment properties of £191,381 (2023 - £191,381).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Voting of £1 each

89

89

90

90

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Other reserves
£

Retained earnings
£

Other comprehensive income

(54,064)

54,064

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Other reserves
£

Retained earnings
£

Other comprehensive income

57,701

(57,701)

 

R.A.G. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investments
2024
£

Total amount of revalued assets

675,000

Amount of revaluation brought forward

493,703

Amount of revaluation for the year

(55,000)

Total carrying amount of assets had they not been revalued

236,297

Other reserves in the balance sheet is a non-distributable fair value reserve and represents the revaluation less the provision for deferred tax.

The deferred tax is provided for on the fair value of the properties amount to £75,512 (2023: £76,448)

The net movement on reserves is £(54,064) (2023: £57,701). Revaluation reduction £55,000 less reduction in deferred tax £936)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

191,381

191,381

10

Dividends

2024

2023

£

£

Interim dividend of £22,799.00 (2023 - £13,800.00) per ordinary share

22,799

13,800