Ridown Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09556734 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Ridown Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Ridge

A M Brown

REGISTERED OFFICE:

Ridown Building, Fulcrum 2

Solent Way

Fareham

Hampshire

PO15 7FN

REGISTERED NUMBER:

09556734 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

13,776

16,943

Investment property

5

3,160,348

3,160,348

3,174,124

3,177,291

CURRENT ASSETS

Debtors

6

740,616

498,058

Investments

7

16,579

16,579

Cash at bank

11,579

194,328

768,774

708,965

CREDITORS

Amounts falling due within one year

8

85,524

140,614

NET CURRENT ASSETS

683,250

568,351

TOTAL ASSETS LESS CURRENT LIABILITIES

3,857,374

3,745,642

CREDITORS

Amounts falling due after more than one year

9

(1,228,000

)

(1,275,000

)

PROVISIONS FOR LIABILITIES

(263,750

)

(200,450

)

NET ASSETS

2,365,624

2,270,192

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

854,550

854,550

Retained earnings

1,510,974

1,415,542

SHAREHOLDERS' FUNDS

2,365,624

2,270,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:

A M Brown - Director

1.	STATUTORY INFORMATION

Ridown Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

Turnover

Turnover represents net invoiced sales of services excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Computer equipment

-

33% on cost

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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Functional and presentational currencies

The financial statements are presented in sterling which is also the functional currency of the Company.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

and 31 December 2022

20,653

81,289

6,991

108,933

DEPRECIATION

At 1 January 2022

10,019

74,980

6,991

91,990

Charge for year

1,064

2,103

-

3,167

At 31 December 2022

11,083

77,083

6,991

95,157

NET BOOK VALUE

At 31 December 2022

9,570

4,206

-

13,776

At 31 December 2021

10,634

6,309

-

16,943

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

3,160,348

NET BOOK VALUE

At 31 December 2022

3,160,348

At 31 December 2021

3,160,348

Fair value at 31 December 2022 is represented by:

£

Valuation in 2020

3,160,348

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

124,308

68,626

Amounts owed by group undertakings

150,000

-

Other debtors

466,308

429,432

740,616

498,058

7.	CURRENT ASSET INVESTMENTS

31.12.22

31.12.21

£

£

Other

16,579

16,579

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

47,000

47,000

Trade creditors

1,704

-

Taxation and social security

36,820

39,907

Other creditors

-

53,707

85,524

140,614

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

1,228,000

1,275,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

1,275,000

1,322,000

The bank loan is secured by way of fixed and floating charges, over the leasehold property known as Unit 2, Fulcrum 4, Solent Way, Whiteley, in favour of Svenska Handelsbanken Ab (Publ).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Revaluation

reserve

£

At 1 January 2022

and 31 December 2022

854,550