Ringside Developments Limited - Period Ending 2014-09-30

Registration number: 02638769

Ringside Developments Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Ringside Developments Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Ringside Developments Limited
(Registration number: 02638769)
Abbreviated Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			3,693,073			3,693,073
Investments		2			2			2
					3,693,075			3,693,075
Current assets
Debtors					2,881,539			2,828,654
Cash at bank and in hand					18,162			1,212
					2,899,701			2,829,866
Creditors: Amounts falling due within one year					(1,891,647)			(1,631,707)
Net current assets					1,008,054			1,198,159
Total assets less current liabilities					4,701,129			4,891,234
Creditors: Amounts falling due after more than one year					(3,794,242)			(4,021,809)
Net assets					906,887			869,425
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					906,787			869,325
Shareholders' funds					906,887			869,425

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2015 and signed on its behalf by:

.........................................
Mr G N Williams
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Ringside Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Any work completed but no invoiced at the balance sheet date, along with associated profit element, is provided for in the accounts as trade debtors in accordance with UITF 40's requirements for revenue recognition.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Investment properties	Depreciation is not provided on the investment properties held by the company

Investment properties

Any changes in the open market value of investment properties are shown as movements on the investment revaluation reserve unless a deficit is expected to be permanent. In accordance with SSAP 19 investment properties are not depreciated. This is a departure from the requirement of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for comsumption but for investment and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation of properties and accordingly the amount of depreciation, which might have otherwise been charged, cannot be separately identified or quantified. The directors consider that this policy assists in the accounts giving a true and fair view.

Fixed asset investments

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

  Work in progressWork in progress is valued at purchase price, plus development and interest costs prior to being made available for income to be received, and inclusive of any profit element considered relevant at the balance sheet date.
 

Page 2

Ringside Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 October 2013		3,693,073			2			3,693,075
At 30 September 2014		3,693,073			2			3,693,075
Depreciation
At 30 September 2014		-			-			-
Net book value
At 30 September 2014		3,693,073			2			3,693,075
At 30 September 2013		3,693,073			2			3,693,075

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Charnwood Navigation Limited	Ordinary shares	100%	Dormant company

Page 3

Ringside Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		217,582			207,945
Amounts falling due after more than one year		3,794,242			4,021,809
Total secured creditors		4,011,824			4,229,754

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		2,704,981			2,982,087

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4