Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-312023-12-31false82023-01-013truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00744551 2023-01-01 2023-12-31 00744551 2022-01-01 2022-12-31 00744551 2023-12-31 00744551 2022-12-31 00744551 2022-01-01 00744551 c:Director1 2023-01-01 2023-12-31 00744551 d:PlantMachinery 2023-01-01 2023-12-31 00744551 d:PlantMachinery 2023-12-31 00744551 d:PlantMachinery 2022-12-31 00744551 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00744551 d:MotorVehicles 2023-01-01 2023-12-31 00744551 d:MotorVehicles 2023-12-31 00744551 d:MotorVehicles 2022-12-31 00744551 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00744551 d:FurnitureFittings 2023-01-01 2023-12-31 00744551 d:FurnitureFittings 2023-12-31 00744551 d:FurnitureFittings 2022-12-31 00744551 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00744551 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00744551 d:CurrentFinancialInstruments 2023-12-31 00744551 d:CurrentFinancialInstruments 2022-12-31 00744551 d:Non-currentFinancialInstruments 2023-12-31 00744551 d:Non-currentFinancialInstruments 2022-12-31 00744551 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00744551 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00744551 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 00744551 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 00744551 d:ShareCapital 2023-01-01 2023-12-31 00744551 d:ShareCapital 2023-12-31 00744551 d:ShareCapital 2022-01-01 2022-12-31 00744551 d:ShareCapital 2022-12-31 00744551 d:ShareCapital 2022-01-01 00744551 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 00744551 d:OtherMiscellaneousReserve 2023-12-31 00744551 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 00744551 d:OtherMiscellaneousReserve 2022-12-31 00744551 d:OtherMiscellaneousReserve 2022-01-01 00744551 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00744551 d:RetainedEarningsAccumulatedLosses 2023-12-31 00744551 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00744551 d:RetainedEarningsAccumulatedLosses 2022-12-31 00744551 d:RetainedEarningsAccumulatedLosses 2022-01-01 00744551 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00744551 c:OrdinaryShareClass1 2023-12-31 00744551 c:OrdinaryShareClass1 2022-12-31 00744551 c:OrdinaryShareClass2 2023-01-01 2023-12-31 00744551 c:OrdinaryShareClass2 2023-12-31 00744551 c:OrdinaryShareClass2 2022-12-31 00744551 c:OrdinaryShareClass3 2023-01-01 2023-12-31 00744551 c:OrdinaryShareClass3 2023-12-31 00744551 c:OrdinaryShareClass3 2022-12-31 00744551 c:OrdinaryShareClass4 2023-01-01 2023-12-31 00744551 c:OrdinaryShareClass4 2023-12-31 00744551 c:OrdinaryShareClass4 2022-12-31 00744551 c:FRS102 2023-01-01 2023-12-31 00744551 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00744551 c:FullAccounts 2023-01-01 2023-12-31 00744551 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00744551 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 00744551 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 00744551 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 00744551 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 00744551 2 2023-01-01 2023-12-31 00744551 6 2023-01-01 2023-12-31 00744551 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00744551 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00744551










RYESTEAD ESTATES LIMITED

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
RYESTEAD ESTATES LIMITED
REGISTERED NUMBER: 00744551

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
109,964
79,137

Fixed asset investments
 6 
33,642,851
34,988,709

  
33,752,815
35,067,846

Current assets
  

Debtors: amounts falling due within one year
 7 
76,579
26,084

Cash at bank and in hand
  
1,891,804
2,714,790

Current liabilities
  
1,968,383
2,740,874

Creditors: amounts falling due within one year
 8 
(6,254,213)
(7,460,469)

Net current liabilities
  
 
 
(4,285,830)
 
 
(4,719,595)

Total assets less current liabilities
  
29,466,985
30,348,251

Creditors: amounts falling due after more than one year
 9 
(36,465)
(43,036)

Provisions for liabilities
  

Deferred tax
 11 
(3,265,634)
(4,656,519)

  
 
 
(3,265,634)
 
 
(4,656,519)

Net assets
  
26,164,886
25,648,696


Capital and reserves
  

Called up share capital 
 12 
100,000
100,000

Fair value reserve
 13 
16,253,659
16,059,899

Profit and loss account
 13 
9,811,227
9,488,797

Shareholders' funds
  
26,164,886
25,648,696


Page 1

 
RYESTEAD ESTATES LIMITED
REGISTERED NUMBER: 00744551

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider 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 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 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 by: 




Mr N R Cherriman
Director

Date: 27 March 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
RYESTEAD ESTATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100,000
20,166,916
8,703,002
28,969,918


Comprehensive income for the year

Loss for the year
-
-
(2,083,219)
(2,083,219)
Total comprehensive income for the year
-
-
(2,083,219)
(2,083,219)

Dividends: Equity capital
-
-
(1,238,003)
(1,238,003)

Transfer to/from profit and loss account
-
(4,107,017)
4,107,017
-


Total transactions with owners
-
(4,107,017)
2,869,014
(1,238,003)



At 1 January 2023
100,000
16,059,899
9,488,797
25,648,696


Comprehensive income for the year

Profit for the year
-
-
1,731,154
1,731,154
Total comprehensive income for the year
-
-
1,731,154
1,731,154

Dividends: Equity capital
-
-
(1,214,964)
(1,214,964)

Transfer to/from profit and loss account
-
193,760
(193,760)
-


Total transactions with owners
-
193,760
(1,408,724)
(1,214,964)


At 31 December 2023
100,000
16,253,659
9,811,227
26,164,886


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ryestead Estates Limited is a private company, limited by shares, incorporated in England and Wales registered number 00744551. The registered office address is The Estate Office Bethwins Farm, Chiddingfold, Surrey, United Kingdom, GU8 4SL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The revenue shown in the profit and loss account represents rent receivable during the year. Rent is recognised over the contract period. Where rental income is invoiced in advance the proportion of rent relating to the period after the balance sheet date is included as deferred income in other creditors.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income

 
2.10

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 7

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The following are the Company's key sources of estimation uncertainty:
Fair value of investment properties
The fair value of the investment properties is calculated by management in line with the accounting policy stated in note 2.9. In calculating the fair value management make judgements regarding the applicable discount rate, market rent levels and forecast future cashflows.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 8).


5.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,317
82,526
41,544
128,387


Additions
765
81,626
22,861
105,252


Disposals
-
(82,526)
(67)
(82,593)



At 31 December 2023

5,082
81,626
64,338
151,046



Depreciation


At 1 January 2023
2,062
24,500
22,687
49,249


Charge for the year on owned assets
638
16,881
7,874
25,393


Disposals
-
(33,506)
(54)
(33,560)



At 31 December 2023

2,700
7,875
30,507
41,082



Net book value



At 31 December 2023
2,382
73,751
33,831
109,964



At 31 December 2022
2,255
58,026
18,857
79,138

The net book value of assets held under finance leases amounted to £50,126 (2022 - £58,026) at the balance sheet date.

Page 9

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investment properties
Quoted investments
Unquoted investments
Investment cash
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
28,934,796
5,708,755
75,008
270,150
34,988,709


Additions
476
798,365
-
1,069,518
1,868,359


Disposals
(72,969)
(860,387)
-
(1,083,736)
(2,017,092)


Revaluations
(1,617,303)
420,177
-
-
(1,197,126)



At 31 December 2023
27,245,000
6,066,910
75,008
255,932
33,642,850




The investment properties were valued by the Director, Mr J C N Cherriman, at their open market value at the balance sheet date.
Quoted and unquoted investments were valued by the Company's asset managers at the balance sheet date.

Page 10

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
5,085
603

Other debtors
1,056
3,056

Prepayments and accrued income
70,438
22,425

76,579
26,084



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,047
10,304

Amounts owed to group undertakings
5,967,145
7,089,900

Corporation tax
239,217
325,939

Other taxation and social security
5,095
7,293

Obligations under finance lease and hire purchase contracts
5,860
16,341

Other creditors
9,051
399

Accruals and deferred income
9,798
10,293

6,254,213
7,460,469


Amounts owed to group undertakings have arisen following the transfer of investment properties at fair value to the Company from its parent undertaking during the financial year.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
36,465
43,036



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,361
16,340

Between 1-5 years
32,964
43,036

42,325
59,376

Page 11

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(4,656,519)
(3,245,799)


Charged to profit or loss
1,390,885
(1,410,720)



At end of year
(3,265,634)
(4,656,519)

The deferred tax balance is made up as follows:

2023
2022
£
£


Deferred tax
(3,265,634)
(4,656,519)

Comprising:

Liability
(3,265,634)
(4,656,519)



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



97,000 (2022 - 97,000) Ordinary shares of £1.00 each
97,000
97,000
1,000 (2022 - 1,000) A Ordinary shares of £1.00 each
1,000
1,000
1,000 (2022 - 1,000) B Ordinary shares of £1.00 each
1,000
1,000
1,000 (2022 - 1,000) C Ordinary shares of £1.00 each
1,000
1,000

100,000

100,000

The Ordinary non-alphabet shares rank pari passu with the alphabet shares and, should a dividend be declared on the Ordinary non-alphabet shares, a dividend at an equal rate must also be declared to the Ordinary alphabet shares.
The Ordinary alphabet classes of shares above rank pari passu with each other except that dividends can be declared on one class of alphabet share without having to be declared on the other.


Page 12

 
RYESTEAD ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Fair value reserve

The fair value reserve represents the cumulative unrealised profit on the revaluation of investment  properties and listed investments, less a provision for deferred tax liability estimated if the properties were sold at market value, which is non distributable.

Profit & loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


14.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the groups that the Company is wholly owned within the Group.


15.


Controlling party

The Company's ultimate parent undertaking and controlling party is Rye Properties LLP, a limited liability partnership incorporated in England and Wales. The registered office address is The Estate Office Bethwins Farm, Chiddingfold, Surrey, GU8 4SL.


Page 13