Registration number:
New Reality Property Limited
for the Year Ended 30 September 2023
New Reality Property Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Taxation |
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Defined contribution plans |
New Reality Property Limited
(Registration number: 07767449)
Statement of Financial Position as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
62,541 |
40,838 |
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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:
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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
New Reality Property Limited
(Registration number: 07767449)
Statement of Financial Position as at 30 September 2023 (continued)
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New Reality Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is management of real estate
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
New Reality Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Intangible assets |
Share investment |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 September 2023 |
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Amortisation |
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Carrying amount |
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At 30 September 2023 |
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Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
( |
( |
At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Debtors |
New Reality Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
6 |
Debtors (continued) |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
New Reality Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Related party transactions |
Transactions with the director |
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
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( |
- |
( |
( |
2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
At 30 September 2022 |
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( |
( |