Ripley Properties Limited - Period Ending 2022-12-31
Ripley Properties Limited - Period Ending 2022-12-31
Registration number:
Ripley Properties Limited
for the Year Ended 31 December 2022
Ripley Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ripley Properties Limited
Company Information
Directors |
T. F. Mulligan E. H. Mulligan |
Registered office |
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Accountants |
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Ripley Properties Limited
(Registration number: 09441386)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
99 |
99 |
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Revaluation reserve |
911,547 |
981,505 |
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Retained earnings |
1,109,499 |
922,324 |
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Shareholders' funds |
2,021,145 |
1,903,928 |
Ripley Properties Limited
(Registration number: 09441386)
Balance Sheet as at 31 December 2022
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Ripley Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 rents received in the ordinary course of the company’s activities. Turnover is shown net of refunds, rebates and discounts.
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit and loss account, 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.
Ripley Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
The current income 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Ripley Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2022 |
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At 1 January 2022 |
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At 31 December 2022 |
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The fair value of the company's investment properties were revalued on 5 January 2022 by an independent valuer.
The investment properties were revalued by Innes England, Chartered Surveyors. The valuation was carried out using a fair value basis.
The directors are of the opinion that there has been no material change in value since that date.
Ripley Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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- |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Amounts owed to related parties |
- |
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Taxation and social security |
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Accruals and deferred income |
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Creditors include bank loans which are secured of £208,000 (2021 - £208,000).
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans which are secured of £1,275,884 (2021 - £1,479,521).
Ripley Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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30 |
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30 |
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30 |
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30 |
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30 |
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30 |
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3 |
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3 |
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3 |
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3 |
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3 |
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3 |
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Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
During the year the company received rent of £300,000 from a company under common control.
At the year end a company under common control owed £96,267 (2021 - was owed £79,733) to the company.
During the year parties closely related to the directors received dividends of £6,000.