Ringley Park Properties Limited Company Accounts

Ringley Park Properties Limited Company Accounts

RINGLEY PARK PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08657072
Ringley Park Properties Limited
Filleted Unaudited Financial Statements
30 June 2017
Ringley Park Properties Limited
Financial Statements
Year ended 30 June 2017
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Statement of changes in equity
4
Notes to the financial statements
5
Ringley Park Properties Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ringley Park Properties Limited
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ringley Park Properties Limited for the year ended 30 June 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Ringley Park Properties Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Ringley Park Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ringley Park Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ringley Park Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ringley Park Properties Limited. You consider that Ringley Park Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ringley Park Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
28 March 2018
Ringley Park Properties Limited
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
2,278,500
1,344,876
Current assets
Debtors
6
22,382
218,431
Cash at bank and in hand
114,503
1,873
---------
---------
136,885
220,304
Creditors: amounts falling due within one year
7
885,822
895,909
---------
---------
Net current liabilities
748,937
675,605
------------
------------
Total assets less current liabilities
1,529,563
669,271
Creditors: amounts falling due after more than one year
8
1,118,709
391,365
------------
---------
Net assets
410,854
277,906
------------
---------
Capital and reserves
Called up share capital
1
1
Non-distributable reserves
405,318
237,145
Profit and loss account
5,535
40,760
---------
---------
Shareholders funds
410,854
277,906
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ringley Park Properties Limited
Statement of Financial Position (continued)
30 June 2017
These financial statements were approved by the board of directors and authorised for issue on 28 March 2018 , and are signed on behalf of the board by:
Mr R A Caplan
Director
Company registration number: 08657072
Ringley Park Properties Limited
Statement of Changes in Equity
Year ended 30 June 2017
Called up share capital
Non-distributable reserves
Profit and loss account
Total
£
£
£
£
At 1 July 2015
1
203,525
36,419
239,945
Profit for the year
37,961
37,961
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
–
33,620
(33,620)
–
----
---------
--------
---------
Total comprehensive income for the year
–
33,620
4,341
37,961
At 30 June 2016
1
237,145
40,760
277,906
Profit for the year
132,948
132,948
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
–
168,173
(168,173)
–
----
---------
---------
---------
Total comprehensive income for the year
–
168,173
( 35,225)
132,948
----
---------
---------
---------
At 30 June 2017
1
405,318
5,535
410,854
----
---------
---------
---------
Ringley Park Properties Limited
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, Elizabeth House, 13-19 Queen Street, Leeds, West Yorkshire, LS1 2TW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2016: Nil).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 July 2016
1,344,876
Additions
802,183
Disposals
( 36,732)
Revaluations
168,173
------------
At 30 June 2017
2,278,500
------------
Depreciation
At 1 July 2016 and 30 June 2017
–
------------
Carrying amount
At 30 June 2017
2,278,500
------------
At 30 June 2016
1,344,876
------------
Included within the above is investment property as follows:
£
At 1 July 2016
1,344,876
Additions
802,183
Fair value adjustments
168,173
Disposals
36,732
------------
At 30 June 2017
2,351,964
------------
The company's investment properties were valued by the directors at £2,278,500 at 30th June 2017, after taking appropriate professional advice. If they had not been revalued they would have been stated at historic cost of £1,815,932. In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015), investment properties are revalued annually on this basis, any surplus or deficit being transferred to revaluation reserve. Accordingly, such assets are not depreciated as this would conflict in the Directors' opinion, with the requirement to give a true and fair view, (see note 1). It is not possible to quantify the depreciation which would otherwise have been charged.
6. Debtors
2017
2016
£
£
Trade debtors
( 319)
2,347
Other debtors
22,701
216,084
--------
---------
22,382
218,431
--------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
25,032
47,569
Trade creditors
9,057
2,349
Corporation tax
4,826
15,601
Other creditors
7,150
19,392
Other creditors
839,757
810,998
---------
---------
885,822
895,909
---------
---------
Bank of Scotland Plc has been granted standard securities over the property portfolio in respect of term loan borrowings.
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,118,709
391,365
------------
---------
Included within creditors: amounts falling due after more than one year is an amount of £1,016,000 (2016: £201,089) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors' advances, credits and guarantees
The company was under the control of Mr R A Caplan and Mrs A T Caplan, directors, during the current period. During the year Mr & Mrs Caplan provided loan funding to the company and at the 30th June 2017 the company owed £833,367 (2016: £804,852). This amount is interest free and has no fixed date for repayment. At the 30th June 2017 an amount of £560 (2016: £14,129) was due to PPP (Scotland) Limited, a company in which Mrs A T Caplan has an interest. At the 30th June 2017 an amount of £453 (2016: £453) was due to A Need to Sell, a partnership in which Mr R A Caplan has an interest. At the 30th June 2017 an amount of £1,035 (2016: £35) was due to Ecosse Estates Limited, a company in which Mrs A T Caplan has an interest. At the 30th June 2017 an amount of £542 (2016: £Nil) was due to RIMO Properties Limited. a company in which Mr R A Caplan has an interest. The amounts mentioned above are interest free and have no fixed date for repayment.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.