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Registration number: 07767449

New Reality Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

New Reality Property Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

Taxation

3

Defined contribution plans

4

 

New Reality Property Limited

(Registration number: 07767449)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

200

-

Tangible assets

5

3,359

3,443

 

3,559

3,443

Current assets

 

Debtors

6

18,010

16,522

Cash at bank and in hand

 

77,001

54,502

 

95,011

71,024

Creditors: Amounts falling due within one year

7

(35,253)

(32,973)

Net current assets

 

59,758

38,051

Total assets less current liabilities

 

63,317

41,494

Provisions for liabilities

(774)

(654)

Net assets

 

62,543

40,840

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

62,541

40,838

Shareholders' funds

 

62,543

40,840

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 March 2024
 

 

New Reality Property Limited

(Registration number: 07767449)
Statement of Financial Position as at 30 September 2023 (continued)

.........................................
Mr C Maxlow-Tomlinson
Director

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 More London Riverside
London
SE1 2AU
United Kingdom

Principal activity

The principal activity of the company is management of real estate

2

Accounting policies

Statement of compliance

These financial statements were prepared in compliance with the provisions of Financial Reporting Standard 102, Section 1A, 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

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

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

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

25% reducing balance

Share investment

3 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Share investment
 £

Total
£

Cost or valuation

Additions acquired separately

200

200

At 30 September 2023

200

200

Amortisation

Carrying amount

At 30 September 2023

200

200

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2022

9,772

9,772

Additions

1,320

1,320

Disposals

(1,651)

(1,651)

At 30 September 2023

9,441

9,441

Depreciation

At 1 October 2022

6,329

6,329

Charge for the year

1,119

1,119

Eliminated on disposal

(1,366)

(1,366)

At 30 September 2023

6,082

6,082

Carrying amount

At 30 September 2023

3,359

3,359

At 30 September 2022

3,443

3,443

6

Debtors

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors (continued)

2023
£

2022
£

Trade debtors

11,888

10,732

Prepayments

4,208

-

Other debtors

1,914

5,790

18,010

16,522

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

30,918

29,970

Accruals and deferred income

3,240

2,220

Other creditors

1,095

783

35,253

32,973

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

11,275

-

Later than one year and not later than five years

24,429

-

35,704

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,396 (2022 - £Nil).

 

New Reality Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

10

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

(782)

-

(312)

(1,094)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

1,198

20,203

(22,183)

(782)