REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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RAVENSBROOK PROPERTIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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FOR |
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RAVENSBROOK PROPERTIES LIMITED |
RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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Statement of Financial Position | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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STATEMENT OF FINANCIAL POSITION |
31 JULY 2020 |
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31.7.20 | 31.7.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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The directors acknowledge their 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. |
RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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1. | STATUTORY INFORMATION |
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RAVENSBROOK PROPERTIES LIMITED is a
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Registered number: | 07922370 |
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Registered office: | C/o DPC |
Stone House, Stone Road Business Park |
Stone Road |
Stoke on Trent |
Staffordshire |
ST4 6SR |
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The principal activity of the company during the year was that of a property investment company. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Significant judgements |
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The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
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Investment properties |
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The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties. |
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Revenue recognition |
The turnover shown in the profit and loss account represents rental income received or receivable for the period. Income is recognised in the period of rental. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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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. |
RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
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Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
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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. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, animpairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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Corporation tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 August 2019 |
and 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
and 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 August 2019 |
and 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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The properties were valued by Louis Taylor LLP at incorporation. The directors consider the current value to be a fair reflection of the current market value. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Other debtors |
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Directors' loan accounts | 2,919 | 44,579 |
Prepayments |
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RAVENSBROOK PROPERTIES LIMITED (REGISTERED NUMBER: 07922370) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Bank loans |
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The bank loan is secured by legal charges created on 14 September 2012 over the properties at 6 and 8 Marsh Parade, Newcastle; 45 West Street, Newcastle; 8-9 St James Court, Derby; land on the north side of Larges Street, Derby. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 July 2020 and 31 July 2019: |
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31.7.20 | 31.7.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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By virtue of the outstanding loan account, a liability to taxation exists under Section 455 of CTA 2010 in the sum of £949 which will be repaid or discharged when the loan is repaid. It is anticipated that the loan will be repaid within nine months of the year end and, as such, no provision for the taxation has been made. |
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10. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
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There were no significant events up to the date of approval of the financial statements by the Board. |