Ridge View Holdings Ltd - Period Ending 2021-07-31

Ridge View Holdings Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Ridge View Holdings Ltd

Company Information

Directors

M J Squires D A Mitten

Registered office

Bath Street Business Hub 22 Bath Street FROME Somerset BA11 1DJ

Accountants

Burton Sweet Limited Chartered Accountants & Business Advisers Cooper House Lower Charlton Shepton Mallet Somerset BA4 5QE

Ridge View Holdings Ltd

(Registration number: 10290890)
Balance Sheet
31 July 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	3,145,000	3,120,000
Current assets
Debtors	5	26,601	144,561
Investments	6	25,000	-
Cash at bank and in hand		14,251	85,192
		65,852	229,753
Creditors: Amounts falling due within one year	7	(293,009)	(145,875)
Net current (liabilities)/assets		(227,157)	83,878
Total assets less current liabilities		2,917,843	3,203,878
Creditors: Amounts falling due after more than one year	7	(1,658,104)	(1,954,786)
Net assets		1,259,739	1,249,092
Capital and reserves
Called up share capital		102	102
Revaluation reserve		1,349,237	1,349,237
Profit and loss account		(89,600)	(100,247)
Total equity		1,259,739	1,249,092

Ridge View Holdings Ltd

(Registration number: 10290890)
Balance Sheet
31 July 2021

For the financial year ending 31 July 2021 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 April 2022 and signed on its behalf by:
 

M J Squires
Director

Ridge View Holdings Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

1	General information

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

The address of its registered office is:
Bath Street Business Hub
22 Bath Street
FROME
Somerset
BA11 1DJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 fair value of the consideration received or receivable for the provision of rental services in the ordinary course of the company’s activities.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The directors 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.

Ridge View Holdings Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4	Investment properties

	2021 £
At 1 August	3,120,000
Fair value adjustments	25,000
At 31 July	3,145,000

Investment properties have been valued at fair values by the directors.

There has been no valuation of investment property by an independent valuer.

Ridge View Holdings Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

5

Debtors

	2021 £	2020 £
Trade debtors	6,601	4,561
Other debtors	20,000	140,000
	26,601	144,561

Ridge View Holdings Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

6	Current asset investments

	2021 £	2020 £
Other investments	25,000	-

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Bank loans and overdrafts	8	286,775	-
Accruals and deferred income		1,590	1,230
Other creditors		4,644	144,645
		293,009	145,875

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	1,658,104	1,954,786

	2021 £	2020 £
Due after more than five years
After more than five years by instalments	1,438,755	1,700,422

	-	-

The borrowing are secured by fixed and floating charges over the assets of the company.

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	1,616,437	1,752,738
Other borrowings	41,667	202,048
	1,658,104	1,954,786

Ridge View Holdings Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	278,441	-
Other borrowings	8,334	-
	286,775	-

Included in the loans and borrowings are the following amounts due after more than five years: