Registered number: 00435309
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Reial Property Investments Limited
Financial statements
Information for filing with the registrar
31 May 2023
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Reial Property Investments Limited
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Balance sheet
At 31 May 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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Reial Property Investments Limited
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Balance sheet (continued)
At 31 May 2023
The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2024.
Company registered number: 00435309
The notes on pages 3 to 6 form part of these financial statements.
2
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Reial Property Investments Limited
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Notes to the financial statements
Year ended 31 May 2023
Reial Property Investments Limited ("the company") is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is 3rd Floor, Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE.
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
3.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound.
Turnover comprises gross rental income receivable from tenants during the year, plus insurance recharges to tenants. Invoiced turnover that relates to future periods is held on the balance sheet as deferred income. Rent increases arising from rent reviews are taken into account as they fall due.
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of fixed assets over their expected useful lives as follows:
Fixtures and fittings - 4 years straight line
Investment properties are measured at fair value at each reporting date, with any changes in fair value recognised in the profit and loss account. Investment properties are not depreciated.
Bank loans are measured initially at the transaction price and thereafter at amortised cost using the effective interest method.
All other debt financial instruments, including trade creditors, accruals and bank current account balances are measured initially and subsequently at the transaction price.
3
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Reial Property Investments Limited
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Notes to the financial statements
Year ended 31 May 2023
3.Accounting policies (continued)
The taxation expense for the year comprises current and deferred tax and 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, in which case the tax expense is also recognised in other comprehensive income or directly in equity.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods, and arises from ‘timing differences’ (where transactions or events are included in the financial statements in periods different from those in which they are assessed for tax). Deferred tax is recognised in respect of all timing differences, except that 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 balance sheet date that are expected to apply to the reversal of the timing differences.
Dividends and other distributions to the company’s members are recognised when they become legally payable.
The company had no employees, other than the director, during the current or prior year.
4
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Reial Property Investments Limited
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Notes to the financial statements
Year ended 31 May 2023
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Freehold investment property
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The 2023 valuations were made by the director, on an open market for existing use basis.
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5
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Reial Property Investments Limited
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Notes to the financial statements
Year ended 31 May 2023
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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The bank loans are secured by fixed charges over the company's investment properties. One bank loan is repayable by quarterly installments over 7 years, commencing October 2015, the other by monthly installments over 7 years, commencing October 2015.
During prior periods the company was granted capital repayment holidays for each of the bank loans. Repayment for one loan recommenced in January 2021 and the other in July 2021.
6
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