| Ridgemount Limited |
| Notes to the Accounts |
| for the year ended 30 September 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with Section 1A of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover represents rent received and receivable from the company's investment property. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
nil (long leases) |
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Investments |
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Investment properties are initially recorded at cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value. The gain or loss on revaluation is recognised in the Statement of Comprehensive Income in the period in which it arises. Such gains or losses are shown in a non-distributable fair value reserve net of any related deferred taxation. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2022 |
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2021 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Debtors |
2022 |
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2021 |
| £ |
£ |
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Other debtors |
1,650 |
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915 |
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| 4 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
| £ |
£ |
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Other creditors |
309,189 |
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308,976 |
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| 5 |
Related party transactions |
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Included in other creditors are the following:
Due to Torgate Limited, a company with common shareholding. £99,668 (2021: £99,668).
Due to Shiram Properties Limited, a company with common shareholding. £185,243 (2021: £185,351).
Interest free loan provided by the director. Amount outstanding at the year end £23,458 (2021: £23,458). |
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| 6 |
Other information |
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Ridgemount Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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c/o Cowen Suite, Kinetic Centre |
|
Theobald Street |
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Borehamwood |
|
Herts |
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WD6 4PJ |
