Company No: 00879433 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr J R C Arkwright
	Miss T A Clark
	Mrs A R Eyston
	Mr T F A Winfrey
	Miss H E Winfrey
	Miss G A Winfrey

REGISTERED OFFICE	115 Mount Street
	London
	W1K 3NQ
	United Kingdom

COMPANY NUMBER

00879433 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2022		2021
		£		£
Fixed assets
Investment property	3	3,425,000		2,775,000
Investments	4	114,187		114,187
		3,539,187		2,889,187
Current assets
Debtors	5	34,887		55,763
Cash at bank and in hand		182,651		170,672
		217,538		226,435
Creditors
Amounts falling due within one year	6	( 310,254)		( 339,772)
Net current liabilities		(92,716)		(113,337)
Total assets less current liabilities		3,446,471		2,775,850
Creditors
Amounts falling due after more than one year	7	( 377,377)		( 403,679)
Provision for liabilities		( 515,000)		( 190,644)
Net assets		2,554,094		2,181,527
Capital and reserves
Called-up share capital	8	8,000		8,000
Capital redemption reserve		2,000		2,000
Profit and loss account	10	2,544,094		2,171,527
Total shareholders' funds		2,554,094		2,181,527

For the financial year ending 29 March 2022 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ringham Properties Limited (registered number: 00879433) were approved and authorised for issue by the Board of Directors on 13 December 2022. They were signed on its behalf by:

Mr T F A Winfrey Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ringham Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 115 Mount Street, London, W1K 3NQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable from the rental of investment property. Turnover is shown net of value added tax, returns, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Leasing incentives

The company may provide incentives to enter into new lease agreements. These incentives may take the form of an initial rent free or reduced rent period. In accordance with the accounting treatment for lease incentives, the rent free or reduced rent period is allocated on a straight line basis over the full lease term or where a lease commenced prior to the date of transition to Section 1A of FRS 102, up to the rent review date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		6

3. Investment property

	Investment property
	£
Valuation
As at 30 March 2021	2,775,000
Fair value movement	650,000
As at 29 March 2022	3,425,000

Valuation

Independent professional valuations of all investment properties, taking into account the open market conditions, were carried out as at 29 March 2022.

Historic cost

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

	2022		2021
	£		£
Historic cost	996,272		996,272

4. Fixed asset investments

	Investments in joint ventures		Total
	£		£
Carrying value before impairment
At 30 March 2021	156,600		156,600
At 29 March 2022	156,600		156,600
Provisions for impairment
At 30 March 2021	42,413		42,413
At 29 March 2022	42,413		42,413
Carrying value at 29 March 2022	114,187		114,187
Carrying value at 29 March 2021	114,187		114,187

Ringham Properties Limited holds a 65.25% stake in '10 Westgate, Guisborough' a Joint Venture with Parlington Properties Limited. The principal activity of the Joint Venture is the letting of an investment property. Ringham Properties Limited has exposure to the risk or reward of the Joint Venture equal to the percentage stake.

The investment in the Joint Venture is carried at fair value. No revaluation of the investment property held within the Joint Venture was undertaken during the year.

5. Debtors

	2022		2021
	£		£
Trade debtors	15,996		2,884
Short term loans to Group companies	1,901		31,811
Prepayments	513		489
Other debtors	16,477		20,579
	34,887		55,763

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans (secured)	30,397		29,407
Trade creditors	1,936		1,823
Amounts owed to Group undertakings	255,963		297,977
Accruals	17,580		9,932
Other taxation and social security	4,378		633
	310,254		339,772

At the statement of financial position date the company had a floating rate basis term loan. This debt is secured by way of legal charge against investment properties held in the company. The market value of these secured properties at the date of the Statement of Financial Position were as follows £3,105,000 (2021 - £2,455,000)

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans (secured)	377,377		403,679

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
8,000 Ordinary shares of £ 1.00 each	8,000		8,000

9. Related party transactions

A joint venture existed during the year between Ringham Properties Limited and Parlington Properties Limited , a company under common control. Investments in joint ventures are measured at cost less accumulated impairment losses.

10. Reserves

Non Distributable Reserves

	2022		2021
	£		£
Unrealised gain	2,428,727		1,778,727
Less: Deferred tax on gain	(569,384)		(406,884)
	1,859,343		1,371,843