Company registration number 11630356 (England and Wales)
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,115,000
1,390,000
Current assets
Debtors
4
3,457
500
Cash at bank and in hand
79,992
63,716
83,449
64,216
Creditors: amounts falling due within one year
5
(1,282,312)
(1,359,380)
Net current liabilities
(1,198,863)
(1,295,164)
Total assets less current liabilities
(83,863)
94,836
Creditors: amounts falling due after more than one year
6
(354,999)
(508,190)
Net liabilities
(438,862)
(413,354)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(438,962)
(413,454)
Total equity
(438,862)
(413,354)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 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 Companies Act 2006 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 16 October 2023 and are signed on its behalf by:
D F Reeves
Director
Company registration number 11630356 (England and Wales)
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Douglas and Jennifer Reeves Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's net liabilities wastrue £438,862 (2022: £413,354).

 

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.

 

If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise.

1.3
Turnover

Turnover represents amounts receivable for property rental income and is recognised in the period to which

it relates.

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. Changes in fair value are recognised in profit or loss.

DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 balance sheet 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

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction

price including transaction costs. Financial assets classified as receivable within one year are not

amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 April 2022
1,390,000
Disposals
(255,000)
Revaluations
(20,000)
At 31 March 2023
1,115,000

The investment properties have been revalued, based on the directors' valuation, to reflect their open market value as at the balance sheet date. The valuations were made by reference to market evidence of transaction prices for similar properties.

 

The historical cost of the properties included in the valuation above is £1,270,000 (2022: £1,620,000).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,841
-
0
Other debtors
1,616
500
3,457
500
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
3,415
Other creditors
1,282,312
1,355,965
1,282,312
1,359,380
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
354,999
508,190

The bank loans are secured on the properties to which they relate to.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
235,705
388,890
DOUGLAS AND JENNIFER REEVES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions

Included within other creditors is £1,278,868 (2022: £1,353,205) owed to the directors as at the balance sheet date.

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