Company No:
Contents
DIRECTOR | Philip Albert John Reyland |
SECRETARY | Rosalind Clare Reyland |
REGISTERED OFFICE | Rock House |
5 Palmer Street | |
South Petherton | |
TA13 5DB | |
United Kingdom |
COMPANY NUMBER | 03318244 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,161,000 | 2,227,895 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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899,429 | 828,889 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 832,679 | 783,711 | ||
Total assets less current liabilities | 2,993,679 | 3,011,606 | ||
Provision 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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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of P Reyland Properties Limited (registered number:
Philip Albert John Reyland
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
P Reyland Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rock House, 5 Palmer Street, South Petherton, TA13 5DB, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
The fair value is determined annually by the director, on an open market value for existing use basis.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2021 |
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Fair value movement | (66,895) |
As at 31 March 2022 |
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Historic cost
If the investment properties had been accounted for using cost accounting rules, the properties would have been measured at a cost of £1,899,448 (2021 - £1,899,448).
2022 | 2021 | ||
£ | £ | ||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Transactions with the entity's director
Advances
At 1 April 2020, the balance was £292,638. During the year, £5,143 was advanced to the director, and £297,781 was repaid by the director.