Company Registration No. 03484352 (England and Wales)
RIDGELAND PROPERTIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
RIDGELAND PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
RIDGELAND PROPERTIES LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Investments
2
16,558,509
16,558,509
Current assets
Stocks
33,992,863
33,744,007
Debtors
3
27,632,831
22,128,288
Cash at bank and in hand
245,894
745,121
61,871,588
56,617,416
Creditors: amounts falling due within one year
4
(6,438,796)
(3,973,205)
Net current assets
55,432,792
52,644,211
Total assets less current liabilities
71,991,301
69,202,720
Creditors: amounts falling due after more than one year
5
(36,266,402)
(36,868,802)
Provisions for liabilities
(6,877,828)
(6,954,606)
Net assets
28,847,071
25,379,312
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
28,847,069
25,379,310
Total equity
28,847,071
25,379,312

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2019 and are signed on its behalf by:
B M Comer
Director
Company Registration No. 03484352
RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information

Ridgeland Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hill House, Lowlands Road, Harrow, Middlesex, HA1 3EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .

1.3
Stocks

Stocks are valued at the lower of cost and net realisable value.

 

Cost represents the total purchase costs and other ancillary professional fees but does not include interest payable. Net realisable value is the amount at which property can be sold in the normal course of business after allowing for the costs of realisation.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value , the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
2
Fixed asset investments
2018
2017
£
£
Investments
16,558,509
16,558,509
Fixed asset investments not carried at market value

Fixed asset investments are stated at cost less provision for diminution in value.

Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 July 2017 & 30 June 2018
16,558,509
Carrying amount
At 30 June 2018
16,558,509
At 30 June 2017
16,558,509
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
3,615,007
3,886,549
Amounts falling due after more than one year:
Other debtors
24,017,824
18,241,739
Total debtors
27,632,831
22,128,288
4
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
602,399
602,399
Taxation and social security
620,384
-
Other creditors
5,216,013
3,370,806
6,438,796
3,973,205
RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
36,266,402
36,868,802

The bank loan is secured on property owned by the company. A right of set-off is incorporated within the terms of the loans. Of this loan £ 36,266,402 (2017 - £ 34,459,204 ) falls due for payment by instalments within two to five years.

6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

The senior statutory auditor was Simon Toghill.
The auditor was Evans Mockler Limited.
RIDGELAND PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
8
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2016
2017
Notes
£
£
Equity as previously reported
30,684,948
30,934,107
Adjustments to prior year
Provisions
1)
-
(5,554,795)
Equity as adjusted
30,684,948
25,379,312
Reconciliation of changes in profit/(loss) for the previous financial period
2017
Notes
£
Profit as previously reported
249,159
Adjustments to prior year
Site costs
1)
(5,554,795)
Loss as adjusted
(5,305,636)
Notes to reconciliation
1) Provisions

 

Following finalisation of the previous year's accounts, new information became apparent which led to the company making the decision that it should have provided for costs of remedial work on some of its properties. Not making this provision has led to a material inaccuracy in the previous year's accounts, hence the requirement to make a prior year adjustment. As a result of this adjustment, site costs in the profit and loss account have increased by £5,554,795 and a provision has also been created in the balance sheet of £5,554,795. This had no tax effect.

 

2018-06-30 2017-07-01 false CCH Software CCH Accounts Production 2018.300 No description of principal activity 27 March 2019 This audit opinion is unqualified B M Comer L A Comer Grosvenor Financial Nominees Limited 03484352 2017-07-01 2018-06-30 03484352 2018-06-30 03484352 2017-06-30 03484352 core:CurrentFinancialInstruments 2018-06-30 03484352 core:CurrentFinancialInstruments 2017-06-30 03484352 core:Non-currentFinancialInstruments 2018-06-30 03484352 core:Non-currentFinancialInstruments 2017-06-30 03484352 core:ShareCapital 2018-06-30 03484352 core:ShareCapital 2017-06-30 03484352 core:RetainedEarningsAccumulatedLosses 2018-06-30 03484352 core:RetainedEarningsAccumulatedLosses 2017-06-30 03484352 core:ShareCapitalOrdinaryShares 2018-06-30 03484352 core:ShareCapitalOrdinaryShares 2017-06-30 03484352 bus:Director1 2017-07-01 2018-06-30 03484352 bus:OrdinaryShareClass1 2017-07-01 2018-06-30 03484352 bus:OrdinaryShareClass1 2018-06-30 03484352 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 03484352 bus:FRS102 2017-07-01 2018-06-30 03484352 bus:Audited 2017-07-01 2018-06-30 03484352 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 03484352 bus:Director2 2017-07-01 2018-06-30 03484352 bus:CompanySecretary1 2017-07-01 2018-06-30 03484352 bus:FullAccounts 2017-07-01 2018-06-30 xbrli:pure xbrli:shares iso4217:GBP