Rags Properties Limited - Period Ending 2016-04-30

Registration number: 09530079

Rags Properties Limited

Unaudited Abbreviated Accounts

for the Period from 8 April 2015 to 30 April 2016

 

Rags Properties Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Rags Properties Limited
(Registration number: 09530079)
Abbreviated Balance Sheet at 30 April 2016

		Note			30 April 2016 £
Fixed assets
Tangible fixed assets					929,743
Current assets
Debtors					15,703
Creditors: Amounts falling due within one year					(84,747)
Net current liabilities					(69,044)
Total assets less current liabilities					860,699
Creditors: Amounts falling due after more than one year					(818,928)
Net assets					41,771
Capital and reserves
Called up share capital		4			4
Profit and loss account					41,767
Shareholders' funds					41,771

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 6 February 2017 and signed on its behalf by:

.........................................
Mr S B Bass
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Rags Properties Limited
Notes to the Abbreviated Accounts for the Period from 8 April 2015 to 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents rental income, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land & buildings	Straight-line over the life of the lease

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Rags Properties Limited
Notes to the Abbreviated Accounts for the Period from 8 April 2015 to 30 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		1,102,667			1,102,667
Disposals		(172,924)			(172,924)
At 30 April 2016		929,743			929,743
Depreciation
At 30 April 2016		-			-
Net book value
At 30 April 2016		929,743			929,743

Revaluation of fixed assets
The directors have reviewed the valuation of the properties and consider them to be materially correct. Therefore no adjustment has been made in the year.

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		30 April 2016 £
After more than five years by instalments		580,292

4	Share capital

Allotted, called up and fully paid shares

	30 April 2016
		No.			£
Ordinary A share of £1 each		1			1
Ordinary B share of £1 each		1			1
Ordinary C share of £1 each		1			1
Ordinary D share of £1 each		1			1
		4			4

Page 3

Rags Properties Limited
Notes to the Abbreviated Accounts for the Period from 8 April 2015 to 30 April 2016
......... continued

New shares allotted

During the period 1 Ordinary A share having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1. The share was issued on incorporation.

During the period 1 Ordinary B share having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1. The share was issued on incorporation.

During the period 1 Ordinary C share having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1. The share was issued on incorporation.

During the period 1 Ordinary D share having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1. The share was issued on incorporation.

Page 4