RAGI_PROPERTIES_LIMITED - Accounts


Company Registration No. 03335897 (England and Wales)
RAGI PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
RAGI PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr B Singh
Mr S Ragi
Mrs J Kaur
Mr D Ragi
Secretary
Mr S Ragi
Company number
03335897
Registered office
Prebend House
72 London Road
Leicester
LE2 0QR
Accountants
BPC Chandarana+Co Limited
Chartered Accountants
Prebend House
72 London Road
Leicester
LE2 0QR
Business address
16 The Broadway
Oadby
Leicester
LE2 2HE
Bankers
HSBC Bank PLC
Leicester
RAGI PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RAGI PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
132,441
134,924
Investment properties
4
10,990,483
10,691,903
Investments
5
-
50,000
11,122,924
10,876,827
Current assets
Debtors
6
12,978
10,519
Cash at bank and in hand
413,154
220,969
426,132
231,488
Creditors: amounts falling due within one year
7
(277,439)
(261,520)
Net current assets/(liabilities)
148,693
(30,032)
Total assets less current liabilities
11,271,617
10,846,795
Creditors: amounts falling due after more than one year
8
(3,292,977)
(3,293,306)
Provisions for liabilities
(643,598)
(642,972)
Net assets
7,335,042
6,910,517
Capital and reserves
Called up share capital
9
3,000
3,000
Non-distributable reserves
4,462,657
4,295,949
Profit and loss reserves
2,869,385
2,611,568
Total equity
7,335,042
6,910,517

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
Mr B Singh
Director
Company Registration No. 03335897
RAGI PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
Share capital
Revaluation reserve
Non-distributable reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2015
3,000
4,766,184
-
2,437,042
7,206,226
Effect of transition to FRS 102
-
(4,766,184)
4,375,362
-
(390,822)
As restated
3,000
-
4,375,362
2,437,042
6,815,404
Year ended 31 March 2016:
Profit and total comprehensive income for the year
-
-
-
143,113
143,113
Dividends
-
-
-
(48,000)
(48,000)
Transfers
-
-
(79,413)
79,413
-
Balance at 31 March 2016
3,000
-
4,295,949
2,611,568
6,910,517
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
-
-
472,525
472,525
Dividends
-
-
-
(48,000)
(48,000)
Transfers
-
-
166,708
(166,708)
-
Balance at 31 March 2017
3,000
-
4,462,657
2,869,385
7,335,042
RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Ragi Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.

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 amounts 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 31 March 2017 are the first financial statements of Ragi Properties 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 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.

1.2
Turnover

Turnover represents amounts receivable by the company in respect of rental income from the letting of commercial and furnished residential.

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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% per annum on reducing balance basis.
Motor vehicles
25% per annum on reducing balance basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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 AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 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.
1.8
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).

RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2016
307,736
13,000
320,736
Additions
21,162
-
21,162
At 31 March 2017
328,898
13,000
341,898
Depreciation
At 1 April 2016
175,126
10,686
185,812
Depreciation charged in the year
23,066
579
23,645
At 31 March 2017
198,192
11,265
209,457
Carrying amount
At 31 March 2017
130,706
1,735
132,441
At 31 March 2016
132,610
2,314
134,924
4
Investment property
2017
£
Fair value
At 1 April 2016
10,691,903
Additions
134,602
Revaluations
163,978
At 31 March 2017
10,990,483

The investment properties are stated at the directors' own valuation, using open market value basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
5,887,724
5,753,122
Accumulated depreciation
-
-
Carrying amount
5,887,724
5,753,122
RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Fixed asset investments
2017
2016
£
£
Investments
-
50,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
50,000
Disposals
(50,000)
At 31 March 2017
-
Carrying amount
At 31 March 2017
-
At 31 March 2016
50,000
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
7,792
5,638
Other debtors
5,186
4,881
12,978
10,519
7
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
77,839
48,157
Other creditors
199,600
213,363
277,439
261,520
RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans
3,292,977
3,293,306

The bank loans are secured on the respective freehold investment properties and by directors' personal guarantees.

9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
3,000 Ordinary shares of £1 each
3,000
3,000
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
7,206,226
7,553,349
Adjustments arising from transition to FRS 102:
Deferred taxation on revaluation
1
(390,822)
(642,832)
Equity reported under FRS 102
6,815,404
6,910,517
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
222,526
Adjustments arising from transition to FRS 102:
Deferred taxation on revaluation
1
(252,010)
Investment property revaluation
2
172,597
Profit reported under FRS 102
143,113
Notes to reconciliations on adoption of FRS 102
(1) Deferred taxation on revaluation

The deferred taxation arising on the investment property valuation.

RAGI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
10
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
(2) Investment property on revaluation

The revaluation reserve as reported under previous UK GAAP was transferred to the profit and loss reserve and then further transferred to a non-distributable reserve.

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