REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 31 March 2023 |
for |
George Riley Estates Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 31 March 2023 |
for |
George Riley Estates Limited |
George Riley Estates Limited (Registered number: 00541459) |
Contents of the Financial Statements |
For The Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
George Riley Estates Limited |
Company Information |
For The Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
7 Billing Road |
Northampton |
NORTHAMPTONSHIRE |
NN1 5AN |
BANKERS: |
10 Waterside Way |
Northampton |
NN4 7XD |
George Riley Estates Limited (Registered number: 00541459) |
Chairman's Report |
For The Year Ended 31 March 2023 |
On behalf of the Board, I enclose the 2023 financial statements. I am pleased to report that the company has refurbished and successfully let the Market Harborough property. We have also negotiated lease renewals on the Deal and Grays properties. This means all of the company's properties were occupied and were generating rental income at our year end. |
Our turnover and profit has been reduced this year, due to the costs of refurbishment and lease renewals together with a rent void on the Market Harborough property and a rent rebate on the Deal property. |
Despite their decline, after tax and payment of increased dividends the company has retained a healthy profit of £46,120 for the year. |
I can confirm the planning application for four residential properties at the rear of the Market Harborough property has been successful and that work on this development has just commenced. |
At the year end the Directors have reviewed the valuation of the company's investment properties. The portfolio is now valued at £6,041,000. The surplus of £103,800 arising is shown in the profit and loss for the year but is treated as a non-distributable item in the financial statements. |
I would like to thank my fellow Directors for their support over the past year and look forward to continuing success in a difficult property market. |
TF May |
Chairman |
June 2023 |
George Riley Estates Limited (Registered number: 00541459) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
George Riley Estates Limited (Registered number: 00541459) |
Balance Sheet - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
George Riley Estates Limited (Registered number: 00541459) |
Notes to the Financial Statements |
For The Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
George Riley Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net rents receivable, excluding VAT. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at open market value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and investments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
George Riley Estates Limited (Registered number: 00541459) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The fixed asset investment represents the cost of the investment in Barwood Residential Investment Fund. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | 103,800 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
If investment property had not been revalued it would have been included at the historical cost of £4,277,140. |
Each investment property has been valued by the directors as at 31 March 2023 using the investment method.. |
George Riley Estates Limited (Registered number: 00541459) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Corporation tax |
Social security and other taxes |
VAT | 19,106 | 15,728 |
Accruals and deferred income |
9. | ULTIMATE CONTROLLING PARTY |
The directors and their extended family members own 100% of the shareholding. |
There is no ultimate controlling party. |