Ringham Properties Limited - Period Ending 2021-03-29

Ringham Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Ringham Properties Limited

Company Information

Directors

Mr J Arkwright Miss T A Clarke Mrs A R Eyston Miss G A Winfrey Miss H E Winfrey Mr T F A Winfrey

Registered office

115 Mount Street London W1K 3NQ

Accountants

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

Ringham Properties Limited

Balance Sheet

29 March 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	2,775,000	2,775,000
Investments	5	114,187	114,187
		2,889,187	2,889,187
Current assets
Debtors	6	55,763	82,262
Cash at bank and in hand		170,672	145,950
		226,435	228,212
Creditors: Amounts falling due within one year	7	(339,772)	(371,725)
Net current liabilities		(113,337)	(143,513)
Total assets less current liabilities		2,775,850	2,745,674
Creditors: Amounts falling due after more than one year	7	(403,679)	(419,499)
Provisions for liabilities		(190,644)	(141,825)
Net assets		2,181,527	2,184,350
Capital and reserves
Called up share capital	9	8,000	8,000
Capital redemption reserve		2,000	2,000
Profit and loss account		2,171,527	2,174,350
Shareholders' funds		2,181,527	2,184,350

Ringham Properties Limited

Balance Sheet

29 March 2021

For the financial year ending 29 March 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2021 and signed on its behalf by:
 

......................................... Mr T F A Winfrey Director

Company Registration Number: 00879433

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 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:
115 Mount Street
London
W1K 3NQ
United Kingdom

These financial statements were authorised for issue by the Board on 20 December 2021.

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. There are no material departures from FRS102.

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.

Going concern

The financial statements have been prepared on a going concern basis.

COVID-19
The directors of Ringham Properties Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

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.

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 corporation 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.

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 properties are properties which are held either to earn rental income, capital appreciation, or for both.

Investment properties are measured at cost upon initial recognition. This initial cost of the property comprises of its purchase price and any directly attributable expenditure.

Subsequently, where the fair value can be measured reliably without undue cost or effort, investment property is measured at fair value at each reporting date with changes in fair value recognised in the income statement, in the period that they arise. No depreciation is provided in respect of the investment properties applying the fair value model.

If a reliable measure of fair value is not available without undue cost or effort for an item of investment property, the entity shall thereafter account for that item as a tangible fixed asset until a reliable measure of fair value becomes available.

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 7).

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

4	Investment properties

	2021 £
At 30 March 2020	2,775,000
At 29 March 2021	2,775,000

There has been no valuation of investment property by an independent valuer during the current year. The Directors have concluded that the values should remain the same as the prior year when an independent valuation was carried out.

The comparable historic cost values of the investment properties are:
		2021				2020
		£				£
Historical Cost		996,272				996,272

5	Investments

	2021 £	2020 £
Investments in joint ventures	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.
 

Joint ventures	£
Cost
At 30 March 2020	156,600
Provision
At 30 March 2020	42,413
Carrying amount
At 29 March 2021	114,187
At 29 March 2020	114,187

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.

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

6

Debtors

	2021 £	2020 £
Trade debtors	2,884	17,663
Prepayments	489	6,048
Other debtors	52,390	58,551
	55,763	82,262

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	29,407	42,573
Trade creditors		1,823	13,849
Taxation and social security		633	2,475
Accruals and deferred income		9,932	26,088
Other creditors		297,977	286,740
		339,772	371,725

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	403,679	419,499

8	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	403,679	419,499

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	29,407	42,573

Secured debts

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 £2,455,000 (2020 - £2,455,000)

Ringham Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 29 March 2021

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary Shares of £1 each	8,000	8,000	8,000	8,000

10

Reserves

Included within the company’s profit and loss account are non-distributable reserves which comprise of unrealised gains and losses on investments held at fair value, together with any deferred tax provided on these unrealised amounts. At 29th March 2021, the total amount included in the profit and loss account which was non-distributable equalled £1,006,743.

11	Related party transactions

Summary of transactions with all joint ventures

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