Company Registration No. 01476675 (England and Wales)
RAVENSALE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
RAVENSALE LIMITED
COMPANY INFORMATION
Directors
B D G Jarvis
J R Jarvis
S C Jarvis
(Appointed 10 October 2017)
Secretary
S C Jarvis
Company number
01476675
Registered office
115 Wembley Commercial Centre
East Lane
North Wembley
Middlesex
HA9 7UR
Accountants
Mark Hooton
Chartered Accountants
2 Butlers Close
Lockerley
Romsey
SO51 0LY
RAVENSALE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
RAVENSALE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,045
-
Investment properties
4
40,757,430
40,757,430
Investments
5
2,761,892
2,525,736
43,521,367
43,283,166
Current assets
Debtors
6
1,059,827
923,440
Cash at bank and in hand
8,583,594
5,825,305
9,643,421
6,748,745
Creditors: amounts falling due within one year
7
(3,704,182)
(3,332,899)
Net current assets
5,939,239
3,415,846
Total assets less current liabilities
49,460,606
46,699,012
Creditors: amounts falling due after more than one year
8
(16,224,977)
(14,990,992)
Provisions for liabilities
9
(975,538)
(978,037)
Net assets
32,260,091
30,729,983
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss reserves
32,210,091
30,679,983
Total equity
32,260,091
30,729,983
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
RAVENSALE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 March 2018 and are signed on its behalf by:
B D G Jarvis
Director
Company Registration No. 01476675
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information
Ravensale Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
115 Wembley Commercial Centre, East Lane, North Wembley, Middlesex, HA9 7UR.
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.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Ravensale Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Turnover
Turnover is the
fair value of 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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture & equipment
25% per annum
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.5
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 6 -
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.
Deferred tax
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.15
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2016 - 7).
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
3
Tangible fixed assets
Furniture and equipment
£
Cost
At 1 July 2016
-
Additions
2,727
At 30 June 2017
2,727
Depreciation and impairment
At 1 July 2016
-
Depreciation charged in the year
682
At 30 June 2017
682
Carrying amount
At 30 June 2017
2,045
At 30 June 2016
-
4
Investment property
2017
£
Fair value
At 1 July 2016 and 30 June 2017
40,757,430
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2017 by the directors. The valuation was made on an open market value basis by reference to rental income streams and market evidence yields for similar properties.
5
Fixed asset investments
2017
2016
£
£
Investments
2,761,892
2,525,736
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2016
1,306,928
1,218,808
2,525,736
Additions
-
236,156
236,156
At 30 June 2017
1,306,928
1,454,964
2,761,892
Carrying amount
At 30 June 2017
1,306,928
1,454,964
2,761,892
At 30 June 2016
1,306,928
1,218,808
2,525,736
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
268,886
122,073
Amounts owed by group undertakings
391,194
542,478
Other debtors
399,747
258,889
1,059,827
923,440
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
497,839
142,915
Amounts due to group undertakings
1,696,465
1,712,632
Corporation tax
368,394
214,543
Other taxation and social security
316,573
285,133
Other creditors
824,911
977,676
3,704,182
3,332,899
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other borrowings
16,224,977
14,990,992
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 9 -
9
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
975,538
978,037
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
5,000,000 Ordinary shares of 1p each
50,000
50,000
50,000
50,000
11
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
1 July
30 June
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
30,539,828
31,694,138
Adjustments arising from transition to FRS 102:
Deferred tax on revalued investment properties
(ii)
(964,155)
(964,155)
Equity reported under FRS 102
29,575,673
30,729,983
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
1,154,310
Notes to reconciliations on adoption of FRS 102
(i) Revaluations
The company now posts movements in the fair value of investment properties to the Income Statement in accordance with FRS 102.
RAVENSALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
11
Reconciliations on adoption of FRS 102
(Continued)
- 10 -
(ii) Deferred tax
The company now provides for deferred tax on revaluation of investment properties in accordance with FRS 102.
(iii) Revaluation reserve
On the date of transition to FRS 102, 1 July 2015, the balance of £23,773,868 on the revaluation reserve was transferred to profit and loss reserves.
2017-06-30
2016-07-01
false
CCH Software
CCH Accounts Production 2017.410
No description of principal activity
10 March 2018
01476675
2016-07-01
2017-06-30
01476675
bus:Director1
2016-07-01
2017-06-30
01476675
bus:Director2
2016-07-01
2017-06-30
01476675
bus:CompanySecretaryDirector1
2016-07-01
2017-06-30
01476675
bus:CompanySecretary1
2016-07-01
2017-06-30
01476675
bus:RegisteredOffice
2016-07-01
2017-06-30
01476675
2017-06-30
01476675
core:OtherPropertyPlantEquipment
2017-06-30
01476675
2016-06-30
01476675
core:CurrentFinancialInstruments
2017-06-30
01476675
core:CurrentFinancialInstruments
2016-06-30
01476675
core:Non-currentFinancialInstruments
2017-06-30
01476675
core:Non-currentFinancialInstruments
2016-06-30
01476675
core:ShareCapital
2017-06-30
01476675
core:ShareCapital
2016-06-30
01476675
core:ShareCapitalOrdinaryShares
2017-06-30
01476675
core:ShareCapitalOrdinaryShares
2016-06-30
01476675
core:FurnitureFittings
2016-07-01
2017-06-30
01476675
core:OtherPropertyPlantEquipment
2016-07-01
2017-06-30
01476675
bus:OrdinaryShareClass1
2016-07-01
2017-06-30
01476675
bus:OrdinaryShareClass1
2017-06-30
01476675
bus:PrivateLimitedCompanyLtd
2016-07-01
2017-06-30
01476675
bus:FRS102
2016-07-01
2017-06-30
01476675
bus:AuditExemptWithAccountantsReport
2016-07-01
2017-06-30
01476675
bus:SmallCompaniesRegimeForAccounts
2016-07-01
2017-06-30
01476675
bus:FullAccounts
2016-07-01
2017-06-30
xbrli:pure
xbrli:shares
iso4217:GBP