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REEF AGENCY LIMITED

Registered Number
07522271
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

REEF AGENCY LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

THOMAS, Doug
THOMAS, Lisa

Registered Address

1 Gemini Court
42a Throwley Way,
Sutton
SM1 4AF

Registered Number

07522271 (England and Wales)
REEF AGENCY LIMITED
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets55878
Investment property6843,000843,000
843,058843,078
Current assets
Debtors690259
Cash at bank and on hand63,83192,645
64,52192,904
Creditors amounts falling due within one year9(4,108)(4,176)
Net current assets (liabilities)60,41388,728
Total assets less current liabilities903,471931,806
Creditors amounts falling due after one year10(387,889)(429,723)
Provisions for liabilities11(74,312)(74,316)
Net assets441,270427,767
Capital and reserves
Called up share capital100100
Revaluation reserve316,767316,767
Profit and loss account124,403110,900
Shareholders' funds7441,270427,767
The financial statements were approved and authorised for issue by the Board of Directors on 7 November 2023, and are signed on its behalf by:
THOMAS, Doug
Director
THOMAS, Lisa
Director

Registered Company No. 07522271
REEF AGENCY LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover represents the value of rental income due under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Investment property policy
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognized in profit or loss.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Fixtures & fittings

Total

££
Cost or valuation
At 01 March 22989989
At 28 February 23989989
Depreciation and impairment
At 01 March 22911911
Charge for year2020
At 28 February 23931931
Net book value
At 28 February 235858
At 28 February 227878
6.Investment property
The fixed asset investment properties are included at open market value and these are deemed by the directors at 28 February 2023 to be represented by the value as disclosed, with all properties being valued professionally within the last five years.

£
Fair value at 01 March 22843,000
At 28 February 23843,000
7.Fair value reserve

£
Fair value reserve at 01 March 22316,767
At 28 February 23316,767
8.Debtors within one year

2023

2022

££
Prepayments and accrued income690259
Total690259
9.Creditors within one year

2023

2022

££
Taxation and social security3,1712,822
Accrued liabilities and deferred income9371,354
Total4,1084,176
10.Creditors after one year

2023

2022

££
Other creditors387,889429,723
Total387,889429,723
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)74,31274,316
Total74,31274,316