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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Ritecrown Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Ritecrown Limited |
Ritecrown Limited (Registered number: 03359380) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Ritecrown Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Ritecrown Limited (Registered number: 03359380) |
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Statement of Financial Position |
31 March 2021 |
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31/3/21 | 31/3/20 |
Notes | £ | £ |
FIXED ASSETS |
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 LIABILITIES | ( |
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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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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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. |
Ritecrown Limited (Registered number: 03359380) |
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Statement of Financial Position - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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Ritecrown Limited (Registered number: 03359380) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Ritecrown Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In assessing the ability of the Company to continue to trade as a going concern, the directors have considered the Company's deficiency of net current assets. Included within current liabilities is a loan of £1,374,433 (2020 - £1,340,910) owed to a related party, LAC Holdings Limited. Although due on demand, the directors are of the view that the demand fro repayment of this amount will not be made whilst the Company is in need of the funds to meet with its obligations as they fall due. The directors therefore consider it appropriate to prepare the financial statements one going concern basis. |
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Turnover |
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
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Investment property |
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit or loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Ritecrown Limited (Registered number: 03359380) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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5. | INVESTMENT PROPERTY |
Total |
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Fair value |
At 1 April 2020 |
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Revaluations | (255,000 | ) |
At 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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Fair value at 31 March 2021 is represented by: |
£ |
Valuation in 2007 | 619,950 |
Valuation in 2008 | (7,975 | ) |
Valuation in 2016 | 870,865 |
Valuation in 2017 | (1,019,000 | ) |
Valuation in 2019 | 836,938 |
Valuation in 2021 | (255,000 | ) |
Cost | 1,654,222 |
2,700,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31/3/21 | 31/3/20 |
£ | £ |
Cost | 1,654,222 | 1,654,222 |
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The investment property was valued on an open market basis on 31 August 2021 by Davis Coffer Lyons . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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Ritecrown Limited (Registered number: 03359380) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to associates | 1,615,867 | 1,428,190 |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 96,846 | 153,344 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/21 | 31/3/20 |
£ | £ |
Bank loans |
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The bank loans are secured by first charges over the long leasehold and debentures over all of the assets of the company. |
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10. | CAPITAL COMMITMENTS |
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On 31 January 2020, the company exchanged contracts for the purchase of a commercial property. The company is anticipating completing the purchase on 31 August 2021. The balance due to be paid on completion is £2,700,000. |