Rippon Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03465004 (England and Wales)

RIPPON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Investment property

4

1,349,274

1,349,274

Current assets

Debtors

5

218,981

219,414

Cash at bank

108,579

14,927

327,560

234,341

Creditors

Amounts falling due within one year

6

(177,681

)

(253,293

)

Net current assets/(liabilities)

149,879

(18,952

)

Total assets less current liabilities

1,499,153

1,330,322

Creditors

Amounts falling due after more than one year

7

(28,750

)

-

Net assets

1,470,403

1,330,322

Capital and reserves

Called up share capital

100

100

Retained earnings

1,470,303

1,330,222

1,470,403

1,330,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2021 and were signed by:

Faruk Essap - Director

1.	Statutory information

Rippon Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03465004

Registered office:

Riley House

183-185 North Road

Preston

Lancashire

PR1 1YQ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Grants are credited to deferred revenue. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment

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.

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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.	Employees and directors

The average number of employees during the year was 1 (2019 - 1 ) .

4.	Investment property

Total

£

Cost or valuation

At 1 December 2019

and 30 November 2020

1,349,274

Net book value

At 30 November 2020

1,349,274

At 30 November 2019

1,349,274

Cost or valuation at 30 November 2020 is represented by:

£

Cost

1,349,274

If investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

1,349,274

1,349,274

Investment properties were valued on an open market basis on 30 November 2020 by the director .

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

2,789

2,789

Other debtors

216,192

216,625

218,981

219,414

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

-

150

Taxation and social security

69,198

33,565

Other creditors

108,483

219,578

177,681

253,293

7.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Bank loans

28,750

-

8.	Related party disclosures

At 30 November 2020 company owed £40,941 to the director (2019: £85,941). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.

Included within other debtors is an amount of £210,000 (2019: £210,000) due from Limeoak Properties Limited in which Faruk Essap is a director and shareholder. The loan is interest free, unsecured and repayable on demand.