Ritchie Realisation Ltd - Accounts to registrar - small 17.2
Ritchie Realisation Ltd - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2017 |
| for |
| Ritchie Realisation Limited |
| Ritchie Realisation Limited (Registered number: SC085698) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Ritchie Realisation Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 53 Huntly Street |
| Aberdeen |
| AB10 1TH |
| Ritchie Realisation Limited (Registered number: SC085698) |
| Balance Sheet |
| 31 March 2017 |
| 31.3.17 | 31.3.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Ritchie Realisation Limited (Registered number: SC085698) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Ritchie Realisation Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Tangible fixed assets |
| Investment Property Equipment | - |
| Investment property |
| The investment properties were previously accounted for under the FRSSE (effective January 2015), which |
| required gains and losses on the property's open market value to be taken to a revaluation reserve in equity. The |
| properties are being measured at fair value under FRS 102 at deemed cost and depreciated at 2% per annum on |
| the buildings element (no depreciation on the land element). |
| 3. | TANGIBLE FIXED ASSETS |
| Investment |
| Property | Computer |
| Equipment | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 | 18,587 |
| Charge for year | 18,587 |
| At 31 March 2017 | 37,174 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Ritchie Realisation Limited (Registered number: SC085698) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | INVESTMENT PROPERTY - continued |
| Included in cost of investment property is freehold land of £ 103,263 (2016 - £ 103,263 ) which is not |
| depreciated. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| Positioning Resources Limited was formed to acquire the trade and related assets of Ritchie Realisation Limited. |
| Mr Ritchie is a common director. As part of the sorting out of their mutual affairs there is a creditor of £6,323 |
| (2016 £6,323) due to Ritchie Realisation Limited. This creditor is interest free with no fixed terms of repayment. |
| Mr & Mrs Ritchie lent the company loans, balance £235,000 (2016 £235,000). The loans are interest free with no |
| fixed terms of repayment. |
| 8. | ULTIMATE CONTROLLING PARTY |
| The controlling party is G F Ritchie. |
| 9. | FIRST YEAR ADOPTION |
| The investment properties were previously accounted for under the FRSSE (effective January 2015), which |
| required gains and losses on the property's open market value to be taken to a revaluation reserve in equity. The |
| properties are being measured at fair value under FRS 102 at deemed cost and depreciated at 2% per annum on |
| the buildings element (no depreciation on the land element). FRS 102 also requires deferred tax to be accounted |
| for on assets that are subject to revaluation. Consequently, additional deferred tax of £102,515 was recognised at |
| 1 April 2015 to reflect the provisions of FRS 102. As the properties are depreciated on the deemed cost, there will |
| be an annual clawback of the deferred tax provision of £3,717. |
| Transitional relief |
| On transition to FRS 102, the company has taken advantage of the following transitional relief: |
| • | to measure fair value at date of transition to FRS 102 and use as deemed cost on an investment property. |