Company Registration No. 03335897 (England and Wales)
RAGI PROPERTIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
RAGI PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
RAGI PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,826,827
10,090,170
Investments
2
50,000
50,000
10,876,827
10,140,170
Current assets
Debtors
10,519
11,679
Cash at bank and in hand
220,969
637,673
231,488
649,352
Creditors: amounts falling due within one year
(261,520)
(289,359)
Net current liabilities/(assets)
(30,032)
359,993
Total assets less current liabilities
10,846,795
10,500,163
Creditors: amounts falling due after more than one year
3
(3,293,306)
(3,293,714)
Provisions for liabilities
(140)
(223)
7,553,349
7,206,226
Capital and reserves
Called up share capital
4
3,000
3,000
Revaluation reserve
4,938,781
4,766,184
Profit and loss account
2,611,568
2,437,042
Shareholders' funds
7,553,349
7,206,226
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 October 2016
Mr B Singh
Director
Company Registration No. 03335897
RAGI PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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
Turnover represents amounts receivable by the company in respect of rental income from the letting of commercial and furnished residential.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation 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 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 January 2015).
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 £142,559 (2015 - £132,812).
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.
RAGI PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 April 2015
10,251,809
50,000
10,301,809
Additions
588,233
-
588,233
Revaluation
172,597
-
172,597
At 31 March 2016
11,012,639
50,000
11,062,639
Depreciation
At 1 April 2015
161,639
-
161,639
Charge for the year
24,173
-
24,173
At 31 March 2016
185,812
-
185,812
Net book value
At 31 March 2016
10,826,827
50,000
10,876,827
At 31 March 2015
10,090,170
50,000
10,140,170
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
3,293,306
3,293,714
The aggregate amount of creditors for which security has been given amounted to £3,293,306 (2015 - £3,293,714).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
3,000 Ordinary shares of £1 each
3,000
3,000