2024-01-012024-12-312024-12-31false14532801RIGS PROPERTIES 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RIGS PROPERTIES LTD

Registered Number
14532801
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

RIGS PROPERTIES LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

SELVANATHAR, Rachel Dianka
SELVANATHAR, Zita Irene

Registered Address

7 Link Lane
Wallington
SM6 9EA

Registered Number

14532801 (England and Wales)
RIGS PROPERTIES LTD
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3787-
Investment property4466,481466,481
467,268466,481
Current assets
Cash at bank and on hand14,1647,875
14,1647,875
Creditors amounts falling due within one year5(269,616)(267,705)
Net current assets (liabilities)(255,452)(259,830)
Total assets less current liabilities211,816206,651
Creditors amounts falling due after one year6(263,119)(263,119)
Net assets(51,303)(56,468)
Capital and reserves
Called up share capital22
Profit and loss account(51,305)(56,470)
Shareholders' funds(51,303)(56,468)
The financial statements were approved and authorised for issue by the Board of Directors on 26 May 2025, and are signed on its behalf by:
SELVANATHAR, Rachel Dianka
Director
SELVANATHAR, Zita Irene
Director

Registered Company No. 14532801
RIGS PROPERTIES LTD
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis. Investment properties, which comprises properties held for rental, are revalue annually and aggregate surplus or deficit transferred to the revaluation reserve except where any deficit is deemed permanent when it is taken to the profit and loss account. No provision is made for depreciation of investment properties. This is a departure from the requirement of the Regulations, which require all properties to be depreciated, is in the opinion of the Director, necessary for financial statement to show a true and fair view in accordance with applicable accounting standards. If this departure had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions1,1811,181
At 31 December 241,1811,181
Depreciation and impairment
Charge for year394394
At 31 December 24394394
Net book value
At 31 December 24787787
At 31 December 23--
4.Investment property

£
Fair value at 01 January 24466,481
At 31 December 24466,481
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables7,0003,925
Other creditors261,816262,780
Accrued liabilities and deferred income8001,000
Total269,616267,705
Included in other creditors is amount owe to the directors.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts263,119263,119
Total263,119263,119
7.Controlling party
During the current period, the company was control by the directors, Zita Selvanathar and Rachel Selvanathar by virtue of ownership of the entire share capital.