RAGI_PROPERTIES_LIMITED - Accounts
RAGI_PROPERTIES_LIMITED - Accounts
Company Registration No. 03335897 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Investments
2
-
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(311,010 )
(321,694 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
3
(3,344,415 )
(3,344,274 )
Provisions for liabilities
(342 )
(511 )
5,554,510
5,362,817
Capital and reserves
Called up share capital
4
Revaluation reserve
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 21 October 2014
Director
Company Registration No. 03335897
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
1
Accounting policies
1.1
Accounting convention
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
1.4
Tangible fixed assets and depreciation
Fixtures, fittings & equipment
Motor vehicles
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
Investment properties are included at open market value and are not depreciated, in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
In stating investment properties at open market value and thus not subjecting to periodic charges for depreciation results in a departure from usual accounting principles. The usual requirement according to company legislation is to provide depreciation on any fixed assets which have a limited useful economic life. However, in this case the directors believe that writing down such assets will not show a true and fair view as the residual values of such properties are expected to remain high. The subsequent non-charge of depreciation (based on a 1/3 land split and 2% charge) amounts to £113,224 (2013 - £111,385).
In stating investment properties at open market value and thus not subjecting to periodic charges for depreciation results in a departure from usual accounting principles. The usual requirement according to company legislation is to provide depreciation on any fixed assets which have a limited useful economic life. However, in this case the directors believe that writing down such assets will not show a true and fair view as the residual values of such properties are expected to remain high. The subsequent non-charge of depreciation (based on a 1/3 land split and 2% charge) amounts to £113,224 (2013 - £111,385).
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. Deferred tax is not provided on the revaluation surplus unless there is a binding commitment to sell a property at the year end.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 April 2013
8,595,559
-
8,595,559
Additions
159,413
50,000
209,413
At 31 March 2014
8,754,972
50,000
8,804,972
Depreciation
At 1 April 2013
115,669
-
115,669
Charge for the year
22,674
-
22,674
At 31 March 2014
138,343
-
138,343
Net book value
At 31 March 2014
8,616,629
8,666,629
At 31 March 2013
8,479,890
-
8,479,890
3
Creditors: amounts falling due after more than one year
2014
2013
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
3,344,415
3,344,274
The aggregate amount of creditors for which security has been given amounted to £3,344,415 (2013 - £3,344,274).
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid