Company Registration No. 01476675 (England and Wales)
RAVENSALE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
RAVENSALE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
RAVENSALE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
40,757,430
40,757,430
Investments
2
2,525,736
1,515,205
43,283,166
42,272,635
Current assets
Debtors
3
923,440
926,999
Cash at bank and in hand
5,825,305
4,154,342
6,748,745
5,081,341
Creditors: amounts falling due within one year
(3,332,899)
(2,966,285)
Net current assets
3,415,846
2,115,056
Total assets less current liabilities
46,699,012
44,387,691
Creditors: amounts falling due after more than one year
4
(14,990,992)
(13,847,864)
Provisions for liabilities
(13,882)
-
31,694,138
30,539,827
Capital and reserves
Called up share capital
5
50,000
50,000
Revaluation reserve
23,773,868
23,773,868
Profit and loss account
7,870,270
6,715,959
Shareholders' funds
31,694,138
30,539,827
RAVENSALE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 March 2017
B D G Jarvis
Director
Company Registration No. 01476675
RAVENSALE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover is the revenue arising from the sales of goods and services, including property sales, property rents and management charges receivable. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts. Turnover and profit on sales of properties are brought into account when the sales have been legally completed. Where the company retains substantially all the risks and rewards of ownership of a property subject to a lease, the property is shown within tangible fixed assets as an investment property. Rental income from these operating leases is recognised on a receivable basis over the period of the lease.
and
management charges receivable. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts. Turnover and profit on sales of properties are brought into account when the sales have been legally completed. Where the company retains substantially all the risks and rewards of ownership of a property subject to a lease, the property is shown within tangible fixed assets as an investment property. Rental income from these operating leases is recognised on a receivable basis over the period of the lease.
1.4
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions of events that give the company an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially enacted by the balance sheet date.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
RAVENSALE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 July 2015
40,757,430
3,943,137
44,700,567
Additions
-
1,010,531
1,010,531
At 30 June 2016
40,757,430
4,953,668
45,711,098
Depreciation
At 1 July 2015 & at 30 June 2016
-
2,427,932
2,427,932
Net book value
At 30 June 2016
40,757,430
2,525,736
43,283,166
At 30 June 2015
40,757,430
1,515,205
42,272,635
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Copartnership Developments Limited
England & Wales
Ordinary
100.00
JGR Enterprises, Ltd.
United States
Common stock
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Copartnership Developments Limited
Property development
3,313,629
85,818
JGR Enterprises, Ltd.
Manufacturing
520,237
(328,595)
RAVENSALE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
3
Debtors
Debtors include an amount of £0 (2015 - £55,640) which is due after more than one year.
4
Creditors: amounts falling due after more than one year
The amount due is wholly repayable within 5 years.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
5,000,000 Ordinary shares of 1p each
50,000
50,000