Company Registration Number 10097860 (England and Wales)
REYNOLDS PROPERTY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
REYNOLDS PROPERTY LIMITED
COMPANY INFORMATION
Directors
JM Reynolds
Mrs L Reynolds
Company number
10097860
Registered office
9 Quorn Business Quarter
Loughborough Road
Mountsorrel
Loughborough
Leicestershire
LE12 7XF
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
9 Quorn Business Quarter
Loughborough Road
Mountsorrel
Loughborough
Leicestershire
LE12 7XF
REYNOLDS PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
REYNOLDS PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
379,372
387,181
Investment properties
4
508,545
508,545
887,917
895,726
Current assets
Stocks
2,290,251
3,626,115
Debtors
5
3,870
25,971
Cash at bank and in hand
1,942,401
98,783
4,236,522
3,750,869
Creditors: amounts falling due within one year
6
(3,992,182)
(3,967,494)
Net current assets/(liabilities)
244,340
(216,625)
Total assets less current liabilities
1,132,257
679,101
Provisions for liabilities
(30,678)
Net assets
1,101,579
679,101
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,101,479
679,001
Total equity
1,101,579
679,101
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 25 October 2023 and are signed on its behalf by:
JM Reynolds
Mrs L Reynolds
Director
Director
Company Registration No. 10097860
REYNOLDS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Reynolds Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Quorn Business Quarter, Loughborough Road, Mountsorrel, Loughborough, Leicestershire, LE12 7XF.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% of cost per annum
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.
1.5
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs and other attributable overheads which have been incurred in the construction of residential buildings.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Taxation
The tax expense represents the sum of the tax currently payable. This is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
REYNOLDS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
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
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
390,435
Depreciation and impairment
At 1 April 2022
3,254
Depreciation charged in the year
7,809
At 31 March 2023
11,063
Carrying amount
At 31 March 2023
379,372
At 31 March 2022
387,181
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
508,545
The fair value of the investment property is stated at the director's valuation. The investment property was acquired during the year; therefore, the directors consider that the year end valuation is not materially different to the original cost.
REYNOLDS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year
£
£
Trade debtors
1,114
24,277
Other debtors
1,647
892
Prepayments and accrued income
1,109
802
3,870
25,971
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,737
179,741
Corporation tax
82,028
5,279
Other creditors
3,842,799
3,772,799
Accruals and deferred income
13,618
9,675
3,992,182
3,967,494
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